Investing is often described as a game of numbers—but that’s only half the truth. While spreadsheets and charts are foundational, the human element—the ability to interpret nuance, timing, and psychology—is equally vital. Jignesh Desai calls this “the balance between art and science in equity strategy.”
With more than 25 years in market research and equity strategy, Jignesh has seen investors swing between two extremes: over-quantification on one end, and blind intuition on the other. He believes the most resilient strategies arise when both are respected.
The science of equity investing lies in modeling, financial analysis, and statistical confidence. It’s what allows analysts to compare companies objectively, assess risk premiums, and test valuation ranges. However, markets aren’t math problems—they’re reflections of human behavior. That’s where the “art” comes in.
“Art,” in Jignesh’s framework, includes understanding investor sentiment, reading between the lines of management commentary, and recognizing when narratives change before the numbers do. It also means knowing when not to act—when markets are driven more by noise than by logic.
At Centrum Broking, Jignesh has instilled a process that balances both forces. Analysts build robust models, but also question assumptions. Sector calls are made not only on earnings potential but on behavioral shifts. For instance, a structurally undervalued sector may still lag due to timing issues—and recognizing those dynamics is the strategist’s edge.
Jignesh’s approach is especially helpful in times of volatility. While markets may react erratically to short-term events, a well-grounded strategy—rooted in numbers but guided by experience—can hold firm. This allows clients to stay confident in their asset allocation and not overreact.
In his words: “You don’t win by knowing more. You win by knowing when to apply what you know.” That’s what separates reactive investors from strategic ones—and that’s the heart of the art/science equilibrium.