Mahesh Sethuraman started his career when the world was falling apart. The 2008 crisis shaped him. He learned to stare down chaos and stay steady, even when others ran for the exits. Today, as Singapore CEO of Saxo, he shows us how hard times can shape not just survivors, but leaders.
His first rule? Never fear wild markets — be ready for them. Mahesh built a habit: save cash when times are good, so you have firepower when they aren’t. He never waits for the perfect moment. When prices drop, he acts while others freeze.
Liquidity is his secret weapon. When everyone else spends, he saves. When others panic, he buys with calm hands.
But Mahesh knows even the best plans can fail. He keeps his confidence in check and always has a backup. He sizes his bets to match the risk, not his hopes.
His story is simple but powerful: strength comes from discipline, not luck. If you build habits like Mahesh, you won’t just survive storms — you’ll thrive in them.
Core Investment Philosophy Analysis
1. Crisis-Forged Discipline
Key Insight: Starting during the 2008 crisis created unshakeable discipline around risk management.
Lesson: Market volatility isn’t something to fear—it’s something to prepare for and capitalize on.
Application:
- Build cash reserves during bull markets specifically for deployment during crashes
- Develop systematic approaches to market downturns rather than reactive strategies
- View market corrections as opportunities, not threats
2. Liquidity as Strategic Weapon
Quote Analysis: “Build buffer liquidity when the market is going up and use it fully when the market is correcting”
Strategic Insight: Liquidity timing is more important than market timing.
Practical Framework:
- Bull Market Phase: Accumulate 20-30% cash position
- Correction Phase: Deploy systematically, don’t wait for “perfect bottom”
- Recovery Phase: Gradually rebuild liquidity buffer
3. Conviction vs. Humility Balance
Key Realization: “No matter how much conviction one can have, something completely unforeseen can happen”
Leadership Lesson: Strong convictions, loosely held. Prepare for being wrong even when you’re most confident.
Risk Management Application:

- Always maintain backup plans
- Size positions based on uncertainty, not confidence
- Build in margin of safety even for “sure things”
Decision-Making Framework Analysis
The Apple Stock Mistake: Learning from Profit-Taking Errors
What Happened: Sold Apple stock options at 50-70% profit, missing massive subsequent gains when Buffett invested.
Deeper Analysis: This wasn’t just about missing gains—it reveals a fundamental error in decision-making frameworks.
The Real Lesson:
- Don’t sell based on arbitrary profit targets
- Sell only when fundamental thesis changes
- Opportunity cost matters more than realized gains
Framework for Exit Decisions:
- Has the fundamental story changed?
- Is there a better opportunity elsewhere?
- Has the risk/reward profile shifted unfavorably?
- Am I selling due to fear or greed?
The 2020 COVID Play: Masterclass in Crisis Investing
Execution: “Went all in buying all the big tech names which were otherwise always too expensive”
Why This Worked:
- Preparation: Had liquidity ready (discipline from 2008 lesson)
- Recognition: Identified temporary dislocation vs. permanent impairment
- Execution: Acted decisively when others were paralyzed
Replicable Strategy:
- Maintain shopping list of quality companies “too expensive to buy”
- When crisis hits, focus on temporary vs. permanent damage assessment
- Deploy capital aggressively on quality assets during panic selling
Psychological & Behavioral Insights
1. Poverty Background as Advantage
Quote: “Too poor to even know that we lived a poor life”
Psychological Advantage:
- Low baseline for satisfaction reduces lifestyle inflation pressure
- Appreciation for basics creates natural frugality
- Comfort with uncertainty and discomfort
Application: Artificial creation of constraints can replicate this advantage even without poverty background.
2. “More Life Per Life” Philosophy
This motto reveals key leadership traits:
- Intensity: Maximum engagement in all activities
- Optimization: Constant search for efficiency
- Presence: Full commitment to current moment/task
Leadership Application: Leaders who embrace intensity while maintaining balance tend to achieve more sustainable high performance.
Investment Strategy Deconstruction
Portfolio Architecture
Foundation: Stocks (core holdings) Enhancement: Options, futures, forex (tactical overlays) Avoidance: Gold (except inheritance)
Strategic Reasoning:
- Stocks provide long-term wealth building
- Derivatives provide income and hedging
- No gold suggests belief in productive assets over store-of-value assets
Sector/Geographic Focus
Evidence from 2020 play: “All the big tech names” Tesla timing: Bought on controversy (Musk tweet), sold on different controversy (Twitter acquisition)
Pattern Recognition: Comfortable with controversy when fundamentals remain strong.
Leadership Philosophy Extracted
1. Learning Over Earning Early Career
Quote: “Didn’t care as much about money as about learning and doing something cool”
Leadership Principle: Invest in experience and knowledge when young; they compound faster than money in early career stages.
2. Historical Perspective
Quote: “Felt like being part of history books in real time”
Strategic Advantage: Viewing current events through historical lens provides emotional distance and better decision-making.
3. Systematic Humility
Despite success, maintains renter status and uses public transport. This suggests:
- Resistance to lifestyle inflation
- Focus on substance over status
- Maintaining optionality and flexibility
Actionable Lessons for Different Audiences
For Investors:
- Build systematic liquidity accumulation during bull markets
- Develop written criteria for selling (beyond profit targets)
- Maintain shopping list of quality companies for crisis deployment
- Practice contrarian thinking during market extremes
For Leaders:
- Embrace early career challenges as competitive advantages
- Develop systems for remaining humble despite success
- Balance intensity with sustainable practices
- View setbacks through historical perspective
For Young Professionals:
- Prioritize learning over earning in early career
- Seek positions during challenging times for accelerated experience
- Develop comfort with uncertainty and volatility
- Build discipline before building wealth
Advanced Considerations
What the Interview Doesn’t Reveal:
- Specific position sizing methodologies
- Risk management beyond liquidity buffers
- Team building and organizational philosophy
- Detailed sector allocation strategies
Questions for Further Research:
- How does he balance concentration vs. diversification?
- What specific indicators trigger liquidity deployment?
- How does Singapore’s regulatory environment influence strategy?
- What role does Saxo’s platform play in his personal investment approach?
Conclusion: The Contrarian Advantage
Sethuraman’s success stems from a rare combination: the discipline of someone who lived through crisis, the humility of someone from humble origins, and the conviction of someone who understands that great opportunities emerge from great dislocations.
His story suggests that sustainable wealth building requires not just good investment decisions, but good decision-making frameworks—systems that work especially well during periods when most people’s decision-making breaks down.
The ultimate lesson: In finance and leadership, your competitive advantage often comes not from what you do when things are easy, but from how you prepare for and respond to when things get difficult.
Crisis Immunity: How Early Adversity Creates Competitive Advantage
The Crisis Immunity Phenomenon
Definition: Crisis Immunity is the psychological and strategic advantage gained by professionals who experience major market disruptions early in their careers, leading to superior decision-making during subsequent volatile periods.
Sethuraman’s Case Study: Starting his finance career during the 2008 financial crisis created a foundational mindset that treats volatility as opportunity rather than threat.
Psychological Mechanisms Behind Crisis Immunity
1. Recalibrated Risk Perception
Normal Career Start: Junior analyst experiences steady bull market → expects markets to generally go up → shocked by first major correction
Crisis Start: Junior analyst experiences historic collapse → learns markets can fall 50%+ → subsequent 20% corrections feel manageable
Neurological Basis: Early career experiences create baseline expectations. Crisis starters have lower baseline optimism but higher baseline resilience.
2. Experiential Learning vs. Theoretical Knowledge
Scenario A – Textbook Learning:
- Reads about 1929 crash, 2008 crisis in business school
- Understands intellectually that markets crash
- First real crash: emotional paralysis, sells at bottom
Scenario B – Crisis Learning:
- Lives through 2008 as junior employee
- Watches senior colleagues navigate uncertainty
- Sees recovery happen in real-time
- Next crisis: emotional familiarity, buys the dip
3. Stress Inoculation Effect
Similar to how vaccines work – controlled early exposure builds immunity to future threats.
Sethuraman Quote Analysis: “Seeing all the things I had learnt in books come to life in real life was an exciting journey”
Key Word: “Exciting” – while others found 2008 terrifying, he found it intellectually stimulating. This reframing is crucial to crisis immunity.
Scenario Analysis: Crisis Immunity in Action
Scenario 1: March 2020 COVID Market Crash
Crisis Immune Response (Sethuraman):
- Had liquidity prepared ✓
- Recognized temporary vs permanent disruption ✓
- “Went all in buying big tech names” ✓
- Outcome: Significant gains as markets recovered
Non-Crisis Immune Response (Typical Investor):
- Caught off guard by speed of decline
- Panic selling to “preserve capital”
- Waited for “clearer picture” before buying back
- Outcome: Missed the recovery, bought back higher
The Difference: Crisis immunity provided pattern recognition – “I’ve seen this movie before, I know how it ends.”
Scenario 2: Hypothetical 2026 Real Estate Crisis
Setup: Major real estate correction due to interest rate shock + overleveraged markets
Crisis Immune Investor Actions:
- Pre-Crisis (2025): Notices warning signs, reduces leverage, builds liquidity
- During Crisis: While others panic-sell properties, systematically acquires distressed assets
- Recovery (2027-2028): Benefits from both cash flow and appreciation as market recovers
Non-Immune Investor Actions:
- Pre-Crisis: Maximizes leverage to “not miss out”
- During Crisis: Forced liquidation due to margin calls
- Recovery: Watches from sidelines, priced out of recovery
Scenario 3: Career Decisions During Economic Uncertainty
2008-2009 Tech Layoffs Scenario:
Crisis Immune Professional:
- Views layoffs as opportunity to join better company at senior level
- Negotiates equity-heavy compensation packages when cash is scarce
- Takes calculated risks on startups with strong fundamentals but temporary funding issues
- 10-Year Outcome: Senior executive with significant equity value
Crisis Averse Professional:
- Prioritizes job security above all else
- Accepts pay cuts to stay in “safe” but declining company
- Avoids any risk-taking during uncertain period
- 10-Year Outcome: Same role, inflation-eroded compensation
The Development Process: How Crisis Immunity Forms
Stage 1: Initial Shock and Disorientation
Typical Experience: “Everything I learned is wrong” Sethuraman’s Experience: Mixed feelings but intellectual curiosity dominated fear
Critical Factor: How the individual frames the experience
- Growth Mindset: “I’m learning something valuable that others haven’t”
- Fixed Mindset: “I chose the wrong career at the wrong time”
Stage 2: Pattern Recognition Development
Key Learning: Crises follow predictable phases
- Denial (“it’s just a correction”)
- Panic (“everything is worthless”)
- Capitulation (“it will never recover”)
- Recovery (“wish I had bought more”)
Sethuraman’s Insight: “There is always light at the end of the tunnel, as resources can be pulled together to combat a crisis”
Stage 3: Behavioral Conditioning
Crisis Period Teaches:
- Cash is king during dislocations
- Quality assets become temporarily mispriced
- Crowd behavior is predictably irrational
- Recovery is eventual, not immediate
Stage 4: Crisis Immunity Achievement
Behavioral Markers:
- Comfortable holding contrarian positions
- Systematic approach to building crisis reserves
- Emotional equilibrium during volatility
- Opportunistic rather than defensive mindset
Practical Applications: Building Artificial Crisis Immunity
For Those Who Missed Early Crisis Experience
Method 1: Deliberate Historical Study
Process:
- Choose 3-4 major historical crises (1929, 1973, 1987, 2000, 2008)
- Study day-by-day market movements and news coverage
- Identify your likely emotional responses at each stage
- Practice decision-making frameworks using historical data
Exercise: Portfolio simulation through 2008-2009 crisis
- Start with $100K portfolio in September 2007
- Make monthly decisions based only on information available then
- Compare outcomes with buy-and-hold vs. market timing attempts
Method 2: Controlled Risk Exposure
Structure:
- Allocate 5-10% of portfolio to high-volatility investments
- Practice maintaining positions during drawdowns
- Document emotional responses and decision quality
- Gradually increase allocation as comfort builds
Method 3: Scenario Planning Practice
Monthly Exercise:
- Identify current market vulnerabilities
- Model portfolio impact of 20%, 40%, 60% market declines
- Develop action plans for each scenario
- Update monthly based on changing conditions
Advanced Analysis: The Limits of Crisis Immunity
Potential Downsides
1. Overconfidence Bias
Risk: Assuming all crises will resolve like previous ones Sethuraman’s Mitigation: “Something completely unforeseen can happen” – maintains humility despite experience
2. Recency Bias
Risk: Over-preparing for the last crisis instead of the next one Example: 2008 veterans may over-focus on banking/credit risks while missing technology or geopolitical disruptions
3. Survivorship Bias
Reality Check: We’re hearing from someone who succeeded. Many 2008 career starters didn’t develop crisis immunity and left finance entirely.
When Crisis Immunity Fails
Scenario: Structural vs. Cyclical Change
2008 Crisis: Cyclical – financial system stressed but fundamentally sound Hypothetical AI Revolution: Structural – entire job categories permanently eliminated
Crisis Immune Response: Buy the dip in traditional finance stocks Reality: Industry permanently disrupted, recovery never comes Lesson: Crisis immunity works for cyclical events, less effective for structural shifts
Organizational Applications: Building Crisis-Resilient Teams
Hiring Strategy: The Crisis Interview
Question Set:
- “Describe a time when your industry/role faced major uncertainty”
- “How did you adjust your strategy during the uncertainty?”
- “What opportunities did you identify that others missed?”
- “How do you distinguish between temporary setbacks and permanent changes?”
Evaluation Criteria:
- Evidence of contrarian thinking during difficult periods
- Systematic vs. emotional decision-making under stress
- Learning extraction from adverse experiences
- Risk assessment sophistication
Team Development: Crisis Simulation Exercises
Quarterly Exercise Structure:
- Scenario Introduction: Present realistic crisis scenario
- Individual Planning: Each team member develops response strategy
- Group Discussion: Compare approaches, identify blind spots
- Historical Analysis: Study how similar actual crises unfolded
- Strategy Refinement: Update crisis response protocols
Quantitative Analysis: The Crisis Immunity Advantage
Performance Metrics During Market Stress
Hypothetical Comparison (Based on Interview Evidence):
- Crisis Immune Portfolio (March 2020): -15% drawdown, +45% recovery
- Average Investor Portfolio (March 2020): -35% drawdown, +15% recovery
- Net Advantage: ~40 percentage points over crisis period
Key Drivers:
- Lower peak drawdown due to liquidity buffer
- More aggressive buying during dislocation
- Higher quality holdings that recover faster
- Reduced emotional trading costs
Career Trajectory Analysis
Crisis Immune Professional Path:
- Years 1-3: Below-average compensation due to crisis start
- Years 4-10: Above-average advancement due to crisis experience
- Years 10+: Significant outperformance in senior roles
Traditional Career Path:
- Years 1-3: Average compensation in stable environment
- Years 4-10: Average advancement with periodic setbacks during first crisis
- Years 10+: Average performance with occasional crisis-induced career damage
Strategic Recommendations by Career Stage
Early Career (Years 1-5)
If Crisis Occurs:
- Embrace the learning opportunity
- Focus on skill development over immediate compensation
- Build relationships with crisis-tested mentors
- Document lessons learned for future reference
If No Crisis:
- Actively seek stretch assignments in volatile areas
- Study historical crises extensively
- Build contrarian thinking skills
- Practice with small-scale risk-taking
Mid-Career (Years 6-15)
Development Focus:
- Translate crisis immunity into leadership advantages
- Mentor others through their first crisis experience
- Build systematic crisis response protocols
- Leverage pattern recognition for strategic planning
Senior Career (Years 15+)
Value Creation:
- Use crisis immunity for organizational resilience building
- Make contrarian strategic bets during industry disruptions
- Attract and develop other crisis-immune professionals
- Share knowledge through crisis leadership
Conclusion: The Compound Value of Crisis Immunity
Sethuraman’s story illustrates how early career adversity, when properly processed, creates compound advantages across multiple domains:
- Investment Performance: Superior returns during volatile periods
- Career Advancement: Unique value during organizational stress
- Leadership Effectiveness: Calm decision-making under pressure
- Strategic Thinking: Pattern recognition across market cycles
The meta-lesson: The quality of your thinking during crisis periods matters more than the quality of your thinking during calm periods, because crisis periods are when the most important decisions get made and when the greatest opportunities emerge.
Crisis immunity isn’t just about surviving difficult times – it’s about thriving during them while others struggle, creating sustainable competitive advantages that compound over decades.
The Vaccine Generation
Chapter 1: The Baptism
Maya Chen stepped off the elevator on the 47th floor of Goldman Sachs, her new employee badge still warm from the printer. September 15, 2008. She should have been excited—her dream job as a junior analyst finally realized. Instead, the trading floor looked like a war zone.
“Lehman’s gone,” someone shouted across the room. “Completely gone.”
Her supervisor, David Kim, appeared beside her, his usual composure cracked. “Maya, welcome to Wall Street. Sorry about the timing.”
She watched seasoned traders—men and women who’d made millions—staring at their screens in disbelief. Some were crying. Others were frantically making calls, trying to save positions that had evaporated overnight.
“Is this… normal?” Maya asked.
David let out a bitter laugh. “Kid, nothing about this is normal. We’re living through history right now. The question is whether you’ll survive it.”
Chapter 2: The Lesson
Three months later, Maya sat in a nearly empty conference room. Half her analyst class had been laid off. The other half looked shell-shocked, going through the motions of financial modeling while the world burned around them.
“Maya,” David called her over. “I want to show you something.”
He pulled up a chart spanning fifty years. “See these red lines? Every major crash. 1973, 1987, 2000, and now this. Notice something?”
She studied the patterns. “They all… recovered?”
“Eventually. But look closer. What happens to the people who buy during the red periods versus those who sell?”
The data was stark. Those who invested during the worst moments—when everyone else was fleeing—captured the greatest returns when markets inevitably recovered.
“Everyone else is learning to be afraid right now,” David said. “You’re learning something different. You’re learning that when everyone is terrified, that’s when the best opportunities appear. Most people will never have this advantage.”
Chapter 3: The Test
March 2020
Maya, now a portfolio manager, watched the COVID-19 market collapse from her home office. Her phone buzzed incessantly—clients panicking, colleagues selling everything.
But as the S&P 500 plummeted 30% in weeks, Maya felt something unexpected: excitement.
She called her assistant. “I want to deploy the entire liquidity buffer. Today.”
“Maya, are you sure? It could go lower—”
“Lisa, twelve years ago, I watched the world end. And then I watched it rebuild. This feels different, but the pattern is the same. We’re buying.”
She spent the day purchasing shares of companies she’d coveted for years but could never afford: Apple, Microsoft, Tesla—all suddenly trading at crisis discounts.
Her client calls that evening were brutal. “You bought MORE today?” one screamed. “Are you insane?”
Maya remained calm. “Mr. Patterson, I know this feels scary. But I’ve seen this movie before. Trust me.”
Chapter 4: The Reunion
Two years later
The Goldman Sachs alumni dinner buzzed with conversations about COVID returns. Maya found David at the bar, both of them successful beyond their 2008 selves’ wildest dreams.
“Remember what you told me about learning something different?” Maya asked.
David smiled. “The vaccine generation. That’s what I call you kids who started during ’08. You got inoculated against fear when everyone else was learning to be afraid.”
“I’ve been thinking about that. Sarah Martinez started the same week I did, but at a tech startup that went under. She never worked in finance again, became a teacher instead. Why did I develop the immunity and she didn’t?”
“Good question. What do you think?”
Maya considered. “I think it was you. And the context. I didn’t just live through the crisis—I had someone to interpret it for me. Someone who helped me see the patterns instead of just the chaos. Plus, I was in a place where I could observe how markets actually work, not just how they’re supposed to work.”
“And?”
“And I think that’s the real lesson. It’s not just about experiencing adversity early. It’s about having the right framework to process it. The right mentors. The right environment to turn trauma into wisdom instead of just… trauma.”
David raised his glass. “To the vaccine generation. May you never forget what fear looks like from the outside.”
Chapter 5: The Cycle
2025
Maya now ran her own investment firm. Her newest hire, Jason Wu, reminded her of herself seventeen years ago—eager, brilliant, and starting his career during a period of market turmoil as AI disrupted traditional finance.
“Ms. Chen,” Jason approached her desk nervously. “The markets are down 25% this month. Should we be defensive?”
Maya smiled, remembering asking David almost the exact same question. She pulled up the same fifty-year chart David had shown her, now including the 2008, 2020, and current corrections.
“Jason, I want to show you something. See these red lines?”
As she explained the patterns, she watched Jason’s eyes light up with the same realization she’d had years ago. She was passing on the vaccine—not just the knowledge, but the framework for processing fear and uncertainty.
“Everyone else is learning to be afraid right now,” she said, echoing David’s words. “You’re learning something different.”
Chapter 6: The Recognition
Later that year
At the industry conference, Maya was invited to speak on a panel about crisis investing. The moderator asked about her 2020 performance—returns that had made headlines.
“Ms. Chen, many attribute your success to luck, being in the right place at the right time. How do you respond?”
Maya thought about her journey—from that terrified first day in 2008 to becoming one of the most respected crisis investors on Wall Street.
“I think there’s a difference between luck and preparation meeting opportunity. Starting my career during 2008 wasn’t lucky—it was traumatic. But having the right mentors and framework to process that trauma? That turned adversity into advantage.”
She paused, looking out at the audience full of young professionals.
“The real insight isn’t that crises create opportunities—everyone knows that intellectually. The insight is that most people are psychologically incapable of acting on that knowledge when it matters most. Fear is a powerful emotion. But if you’ve been vaccinated against it early, when fear grips everyone else, you can think clearly. You can act decisively. You can compound wealth while others are just trying to survive.”
An audience member raised her hand. “But what about those who didn’t start during a crisis? How can they develop this… immunity?”
Maya smiled. “That’s the beautiful thing about markets. They give you multiple opportunities to learn. The key is recognizing that the classroom is most valuable when it feels most dangerous. And having someone to help you see the lessons in the chaos.”
Epilogue: The Letter
Ten years later
Maya found herself writing a letter to her younger self—the terrified 22-year-old stepping off the elevator that September morning:
Dear Maya,
Today feels like the end of the world. It’s not. It’s actually the beginning of your greatest advantage.
Everyone around you is learning that markets are dangerous, unpredictable, scary things to be avoided. You’re about to learn something different: that markets are cyclical, that fear creates opportunity, and that the crowd is usually wrong at extremes.
This experience—this baptism by fire—will give you a superpower. Not the ability to predict the future, but the ability to act rationally when irrationality reigns. To buy when others sell. To invest when others retreat. To see opportunity where others see only threat.
But remember: the experience alone isn’t enough. It’s how you process it that matters. Find mentors who can help you see the patterns in the chaos. Build frameworks for decision-making under uncertainty. And when you’ve learned to transform fear into opportunity, teach others to do the same.
The market will crash again. And again. And each time, while others panic, you’ll recognize the pattern. You’ll know that winter is followed by spring, that every crisis contains the seeds of the next expansion, and that the best investments are made when making investments feels impossible.
This isn’t luck, Maya. This is preparation. This is your competitive advantage. This is why starting your career during the worst financial crisis in generations will turn out to be the best thing that ever happened to you.
Use it wisely.
Your future self, Maya
She sealed the letter and placed it in her desk drawer, next to similar letters from David, from her other mentors, from all the members of the vaccine generation who had learned to see opportunity where others saw only chaos.
Outside her window, the markets were volatile again—another crisis, another opportunity, another chance for a new generation to develop their immunity.
The cycle continued.