44 episodes

Conversations about trading, investing, and personal finance with the smartest people in the industry.

Zerodha Educate Zerodha

    • Business
    • 4.5 • 102 Ratings

Conversations about trading, investing, and personal finance with the smartest people in the industry.

    Timeless principles of investing with Sankaran Naren

    Timeless principles of investing with Sankaran Naren

    What does it take to survive multiple market cycles and create wealth? 

    This week, we have a really, really special guest. I caught up with Sankaran Naren, one of India's most admired and well-known fund managers, and the chief investment officer (CIO) of ICICI Prudential AMC. In this conversation, we spoke about his 3-decade career in the Indian markets as an investor, broker, and fund manager. He's perhaps best known for his contrarian style of investing that has helped him create immense wealth for investors. This conversation was nothing short of a masterclass on investing, and I hope you enjoy listening to it as much as we did recording it.

    In this conversation, Naren speaks about:


    How he discovered the stock market.
    His thoughts on the current market cycle and the similarities if any between the 2008 crash and the 2000 dot-com burst. 
    What makes him optimistic about India.
    Contrarian investing and value investing. 
    The influence of central banks on the financial markets. 
    IPOs of new-age companies.
    Corporate governance in India. 
    Asset allocation and the role of gold, debt, and international stocks. 
    Asset management.
    How he invests personally and his investing philosophy.
    Career advice for people who want to enter finance. 
    Book recommendations. 

    If you have any questions about anything discussed in the episode or thoughts in general, do post them here on TradingQnA.

    • 1 hr 12 min
    Why are debt fund NAVs falling?

    Why are debt fund NAVs falling?

    One topic we keep talking about on the podcast is debt funds. As we've alluded to numerous times in the show, most investors focus too much on the equity part of their portfolio and ignore the debt part. They often take debt for granted and invest based on recommendations or based on whatever partial understanding they have. This often ends up backfiring whenever there are bad phases in the debt markets like the IL&FS, DHFL, and Franklin episodes. 

    The other risk that investors don't pay much attention to is the interest rate risk. Rising interest rates are bad for debt funds, and falling rates are good for debt funds. Given the strong inflationary pressures, RBI has hiked interest twice over the last month, and that has led to the debt fund NAVs falling. Predictably, over the last 3 odd months, the most common query from mutual fund investors was, “why are my debt fund NAVs falling?.”

    So we caught up with Mahendra Jajoo, the CIO of Fixed income Mirae Asset India. In this conversation, Mahendra talks about:


    What's happening in the debt markets
    Why are debt fund NAVs falling
    Why are interest rates rising
    What's causing inflation?
    Why have debt in your portfolio?
    How should investors invest in a rising rate environment
    Tips on building a debt portfolio and much more

    Hoep you find this useful. 

    • 1 hr
    What's your retirement plan?

    What's your retirement plan?

    Retirement is the ultimate goal for everyone. We work, save, and invest so that we can kick back and retire comfortably, but a vast majority of Indians aren't ready for their retirement. This is due to structural economic issues, lack of awareness about the need for retirement planning, the lack of quality advice, among other reasons. PGIM India Mutual releases an annual survey of retirement readiness among Indians, and the last one was in 2020. Given that we're living through this mega COVID shock that has disrupted the personal finances of pretty much everybody, we thought it would be the perfect time to talk about the importance of retirement. So Sahil caught up with Ajit Menon, the CEO of PGIM India Mutual. 

    In this conversation, Ajit talks about:


    What does retirement mean
    The good, bad, and the ugly from the PGIM India Mutual Fund Retirement Readiness Survey 2020
    Why are Indians saving less?
    How has COVID changed retirement planning
    Why should you think about retirement?
    Thinking about how to structure various aspects of your retirement
    How to build that mindset to think about retirement readiness
    Retirement readiness around the world
    Advice for someone starting to think about retirement today

    And a whole lot more. This conversation was absolutely brilliant and full of insights. We hope you enjoy it as much as we did recording it. 

    If you have any questions about anything discussed in the episode or thoughts in general, do post them here on TradingQnA.

    • 1 hr 29 min
    Navigating the madness in the markets with Kalpen and Sahil

    Navigating the madness in the markets with Kalpen and Sahil

    The way the markets have run up post the March 2020 crash have equally surprised and perplexed investors. Given the pace of the recent bull run, that's understandable. A lot of smart people are wondering what's happening in the markets. But that's how the markets work—they don't have to make sense and they rarely do. So, we caught up with Kalpen Parekh (MD & CEO, DSP Mutual Fund) and Sahil Kapoor (Head of Products & Market Strategist, DSP Mutual Fund) to get a sense of the madness in the markets and what you should do as investors: 

    In this conversation, Kalpen and Sahil talk about:


    Some key takeaways over the last 1-1.5 years
    How to make sense of inflation
    The disconnect between the real economy and the markets
    A bird's-eye view of the Indian and the global economy
    Are the markets in a bubble?
    Investing in the age of markets where central bank actions have a massive impact
    Why do investors stop investing in equities early? 
    What can be done to get people to stick with their investments
    How not to get carried away by all the madness around
    Asset allocation
    How to think about fixed income in a low-interest rate environment
    Keeping your behaviour in control and avoiding mistakes
    Can you pick the best fund or best fund manager in advance? Discussing Sahil's article on this. 
    International investing and the role of global funds in a portfolio
    The role of gold in a portfolio
    How the Indian mutual fund industry looks in the next 5-10 years
    Sahil and Kalpen's investment philosophies
    Book recommendations

    You can follow Sahil and Kalpen on Twitter for more of their perspectives. 

    If you have any questions about anything discussed in the episode or thoughts in general, do post them here on TradingQnA. 

    • 1 hr
    An investor’s guide to shareholder meetings in India

    An investor’s guide to shareholder meetings in India

    The CFA Society India recently published the second edition of The Investor’s Guide to Shareholder Meetings in India. As investors, even though we hold stocks of various companies, we rarely think about our rights. Investors also rarely realize that by virtue of the shares they hold, they are entitled to voting rights in a company. It's a chance for them to question the management and engage with them so that they aren't taken for granted as minority shareholders. 

    So we caught up with Sivananth Ramachandran, CFA, Director of Capital Markets Policy (India) and Amit Tandon, Founder and Managing Director, IiAS, who worked on the report to talk about: 


    The objective behind publishing the report
    Shareholder meetings post-COVID
    Basics of shareholder meetings
    Why don't retail investors attend these meetings
    Evolution of corporate governance in India
    Do the votes of retail investors count?
    Things to look for when analysing shareholder proposals put forth by companies
    ESG investing and the role of shareholders
    Shareholder activism and ESG
    Shareholder meetings in India vs other countries

    and a whole lot more. 

    Please enjoy this conversation with Sivananth and Amit. 

    Here's the link to the An Investor's Guide to Shareholder Meetings in India.
    If you have any questions about shareholder meetings and shareholder rights, do post them here on TradingQnA. 

    • 52 min
    Taking the long view with Prashant Jain

    Taking the long view with Prashant Jain

    In this episode, we have a really really special guest. We caught up with Prashant Jain, the chief investment officer (CIO) of HDFC Mutual Fund. Prashanth is a market veteran and the first India fund manager to manage a single mutual fund scheme for over 25 years. He manages some of the largest active mutual fund schemes in India. Over his nearly 25+ year career in the investment management industry, Prashant has pretty much seen all the cycles of the Indian markets. The experience and insights he shared in the conversation are all the more relevant to us given the euphoric mood in the Indian markets currently. 

    In this wide-ranging conversation, Prashant spoke about: 


    His journey into the markets
    The evolution of our economy and the Indian markets
    What does a good business look like to him
    His research process
    His thoughts on portfolio construction
    What does being wrong look like
    His thought on using macro inputs in an investing framework
    Whether the opportunity set of stocks in Indian markets is limited
    The road ahead for India
    His thoughts on quality at any price
    Active investing vs passive investing
    Indian valuations, global valuations, rates and inflation
    Advice for aspiring analysts and portfolio managers
    How he invests

    If you have any questions about this episode, you can post your queries here and we'll answer them.

    Disclaimer: Mutual fund investments are subject to market risks. Please read all scheme related documents carefully before investing. This show is for informational and educational purposes only and should not be construed as investment advice or a solicitation to invest. Please consult your financial advisor before making any investment decisions.

    • 55 min

Customer Reviews

4.5 out of 5
102 Ratings

102 Ratings

tharunkeepo ,

Discussion of diversified topics!!!

One of the best podcasts one can listen to!! A lot of takeaways.

gkk1991 ,

Improve audio quality

Many of the podcasts lack audio clarity, it may do well on earphones but in load speakers the quality is all over the place, feels like a web seminar versions.

girN17 ,

Exactly what retail investors in India need - kudos to the Zerodha team!

As always, great initiave on investor education and awareness - kudos to the Zerodha team!
Ps - would love to listen to a podcast on Monetary Policy and tools central banks can use

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