Sankaran Naren on Market Cycles, Common Sense, and Art of Being a Contrarian Investor

I talk to Sankaran Naren, the Chief Investment Officer at ICICI Prudential AMC, and among the most respected names in the Indian fund management industry. We talk about how global central banks are inflating asset prices, market cycles, developing common sense, art of being a contrarian investor, and much more.

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0:00 Introduction
2:29 Early life and investing lessons
5:00 The Chennai Club
10:35 Naren’s key investment principles and biggest learning
17:42 How to practice value investing in a world of free money
22:11 Conservatism and investing
25:22 Essence of contrarian investing
30:44 Changing one’s mind when the facts change
33:47 Biggest risk for investors now
38:15 Dealing with overvaluation in quality
39:58 Naren’s biggest weakness as an investor
43:21 Qualities of businesses that create and destroy value
47:07 Average way of investing is good enough for 99% investors
52:04 Developing investing common sense
53:56 Lessons from the 3 Ms – Marks, Mauboussin, Montier
56:53 India of 2050
1:00:41 Separating signal from noise in a world awash with information
1:02:30 Advice for new fund managers
1:03:29 Advice to young adults to do well in this century
1:06:01 Commonly accepted investment wisdom Naren disagrees with
1:08:11 Naren’s typical day, and life with a special child
1:11:21 Single best piece of advice Naren ever got
1:12:09 Single worst piece of advice
1:13:07 Best books and reading resources