One of the central tenets of modern macroeconomic thinking has been the emphasis on following a counter-cyclical policy — raise interest rates during the boom phase and lower them during a slowdown. This counter-intuitive idea lies at the heart of Sailesh Raj Bhan’s investment strategy. Bhan vividly recalls, how his ability to spot sharp distortions in relative sectoral valuations across different business cycles since 2004 enabled him to spot the right opportunities and earn a 10-year return of 10.79% compared with the Nifty’s 5.54%. Bhan ranks ninth in our survey, based on his past 10-year performance and currently manages assets worth over Rs.16,000 crore.