- 5 days ago
At the India Today Conclave Mumbai 2025, experts discussed how AI is changing stock market investing, whether it can replace traditional methods, and what role human judgement will continue to play.
Category
🗞
NewsTranscript
00:00Madhusudhan Kela, promoter of MK Ventures, one of the most well-known faces in the Indian market.
00:08We are also joined by Nilesh Shah, the managing director of Kotak Mahindra Asset Management Company.
00:14Again, someone who is seen on television channels, all over the media,
00:19not just for his views on the market, but the broader economy and India's growth story.
00:23And also, Pramod Gubbi, the co-founder of Marsalis.
00:26Three of the best market gurus that India has produced.
00:33And thank you very much for your time with us today.
00:35I was wondering when this session was going on,
00:39whether defense talks would be reacting to points like Atmanirwar Navy as far as production is concerned,
00:4654 ships on order and perhaps many more to go.
00:50We are also seeing news items as we practically walked in of more orders being placed
00:56as far as fighter aircraft is concerned and we know what's happening in the defense space.
01:00But before I dive into this session, ladies and gentlemen,
01:04just some data points for all of you to appreciate.
01:07Why this session and why is it significant?
01:10The National Stock Exchange has just put out some data
01:12which says that there are 120 million unique investor accounts.
01:19So, their total number is around 235 million.
01:24120 million are unique.
01:26One in every four women of these investors are women.
01:3499.85% of India's PIN codes are covered.
01:38These investors are present across 99.85% of India's PIN codes.
01:43And the three states with the highest.
01:46And this might surprise some of you.
01:48It may not surprise some of you.
01:50So, Maharashtra is obviously leading with 19 million investors, Madhubai.
01:56But UP comes second with 14 million and Gujarat with 10.3 million.
02:03So, you know, this is a bit of how India has changed,
02:05particularly in the last four years.
02:07And I want to get these three experts here to talk about why it has changed,
02:13what is the current phase and where do we go from here.
02:17Madhu, I am coming to you.
02:19Explain for the lay viewer, to the public,
02:23why is this happening in the last four years, this huge increase?
02:27Is this people being greedy?
02:29Or is there a new investment, save, invest, prosper culture
02:33that is now happening in India?
02:35First of all, thank you for having me.
02:41I've interacted many times with you in the past.
02:44So, great to catch up again.
02:47So, I would say the latter is true.
02:53I don't think it is purely driven by greed.
02:58Investing in equities, at least over the last five years,
03:02looks like a culture.
03:04And equity, today, in my understanding,
03:09is an accepted asset class among investors.
03:14So, all of these numbers which you said,
03:18obviously, a lot has changed in the last five years.
03:22Let me give you a five-year back picture.
03:24So, that 12 crore investor you said,
03:27maybe was less than 2 crores, five years back.
03:30The market capitalization was $1.2 trillion in COVID lows.
03:37Today, it is $5.5 trillion.
03:40Right?
03:40And let's not forget the gold prices, which have gone up three and a half times.
03:48So, as per earlier estimate, five years back, India had $1.5 to $2 trillion worth of gold.
03:56So, that number would be maybe $5 to $6 trillion.
04:00However, there is no real data officially available on the gold holding.
04:08At least, I don't know half, right?
04:10So, there is a tremendous wealth effect which has happened in India.
04:15100% of gold appreciation belongs to India.
04:19And 85% of the stock market appreciation actually belongs to India.
04:24Only 15% of our market is owned by foreign institutional investors.
04:30So, whether they are promoter or retail investors.
04:33So, people have actually made a lot of money, right, in the last five years.
04:42Now, the question is, has everyone participated into this?
04:47So, the answer is a clear no.
04:50That, you know, not everyone has participated.
04:51People who are left out, they are beginning, they are starting somewhere.
04:57So, when you go to tier 2, tier 3, tier 4 cities, you can clearly see it.
05:03That, you know, there is a lot of also left out feeling among the broader investor investing group.
05:13And mutual fund investing, specifically the SIP, has generated consistently over the last 20 years,
05:20superior returns, than bank deposits.
05:24So, maybe that fact is also catching up.
05:28Absolutely.
05:28Nileji, in fact, this bit about bank deposits is a macro factor and a worry in some quarters,
05:35because the financialization of savings is happening.
05:38But the Atmanirbhar market point that Madhu made,
05:43and Uttar Pradesh having the second largest number,
05:45this was unimaginable 20 years ago.
05:47So, what is behind this?
05:50So, thank you Sitarth Bhai for having me over here.
05:54I'll attribute this to Kal, Aaj or Kal phenomena.
06:00So, Kal tha, wo grandfather ke jamaane ke tha.
06:03They invested in EPFO, Provident Fund.
06:06Today, Provident Fund corpus is about 25 lakh crores,
06:11as on March 24, March 25, it will be 30 lakh crores.
06:16And there are more than 7 crores subscribers.
06:20So, on an average, after investing for so many years,
06:24subscriber is making about 3 lakh rupee.
06:28Fast forward to NPS.
06:29It was introduced only in 2004.
06:34Total corpus is now about 14 lakh crores.
06:38And number of real subscribers,
06:40excluding the NPS Vatsalia scheme and stuff like that,
06:44is about 1.2 crore.
06:47Average subscriber wealth is about 11.24 lakh.
06:503.34 versus 11.24 kal ki generation ko samaj mein aagaya.
06:57Then, Aaj ki generation and the father generation,
07:01they went into PPF.
07:05And if they invested about 1.5 lakh rupee for 25 years,
07:12principal investment was 37.5 lakh rupee.
07:14It grew to about 1.1 crore tax-free.
07:19The same money invested in equity link saving scheme,
07:22average equity link saving scheme,
07:24not the best performing,
07:2637.5 lakh rupee would have gone to 4.4 crore taxable.
07:31Saadhe baara taka tax nikal,
07:32but still 1 crore versus 4 crore.
07:35Wo aaj ki generation ko samaj aagaya.
07:37Ab aane wali kal ki generation,
07:39which is the son and daughter,
07:41they have seen benefit of start-up investing.
07:45Their dreams are getting wings with the start-up investing.
07:50So this phenomena is the kal,
07:52aaj or kal realizing
07:54that real wealth is made
07:56by partnering with India's best entrepreneurs.
08:00Okay.
08:00Real wealth is made by partnering
08:02with India's best entrepreneurs.
08:03And this is a very important point
08:04because we are here at the India Today conclave
08:07and we discussed the broader economy,
08:09the political economy and general politics.
08:12In many years ago,
08:14I would say entrepreneurship
08:15and private sector capital
08:17was a vilified term.
08:19And it was believed that
08:20all companies are robber barons.
08:23And this was alleged.
08:24But Pramod, coming to you,
08:25is there a downside to this?
08:27Because if we were to go into that data,
08:29the median age of the investor,
08:31particularly ones who have come in now,
08:33the point that Nilesh also made,
08:35is just 33 years.
08:36So let's imagine somebody
08:37enters the workforce at 23.
08:40He has just 10 years
08:41and he is putting in far higher amounts
08:43of his surplus capital
08:44into the markets, Pramod.
08:47Yeah, thank you.
08:48Thanks for having me here.
08:49I think the answer is in your question itself.
08:51And like Nilesh Pais said,
08:53we are an extremely young country
08:54from a demographic perspective.
08:57And given that equity
08:57is a long-term asset class,
08:59the fact that our average
09:01or median investor is young
09:02means that he has a long runway
09:04to deal with short-term volatility.
09:06And I think Nilesh
09:07and the mutual fund industry
09:09have done a phenomenal job
09:10in terms of creating this awareness
09:12that you are not here for a quick buck.
09:15There are ills on the FNO end of the spectrum,
09:17which I think the government
09:18has recognized this fulfilling.
09:19But long-term investing in equities
09:21through mutual funds
09:22in a systematic way through SIPs
09:25is tailor-made for India's demographics.
09:28Because these kids at 30, 33,
09:30they still have 30 years to go
09:32before fulfilling their retirement goals.
09:34If not India,
09:35who else would take this longer-term risk?
09:37Having said that,
09:39yes, there are shorter-term risks
09:41which will play out.
09:43You know, we've had five quarters
09:45of single-digit earnings growth.
09:47Valuations are high.
09:48There are plenty of risks
09:49on the geopolitical side,
09:51trade and so on.
09:52But as long as we create this awareness
09:54that the real risk
09:56is not about losing your money.
09:57If you're talking about risk
10:00of going through temporary slowdowns,
10:03I think the onus is on us,
10:05all three of us
10:06in the rest of the industry
10:07to educate
10:07and ensure the investor stays invested.
10:11And as Madhu,
10:12I was saying outside
10:14that if you look at people
10:16who've invested 20 years ago,
10:17we've been through several downturns, right?
10:20I mean, the GFC,
10:21Lehman crisis,
10:22was a 60% drawdown for the market.
10:24Despite that,
10:25people who had invested prior to that
10:27are sitting on significant wealth creation.
10:29So the onus is on us
10:31and luckily I think
10:32the spread of social media,
10:34I mean, it has its downsides,
10:35but it gives a platform
10:38for all of us
10:39to communicate effectively
10:41to the end investor
10:42that this is the real benefit
10:44rather than trying to get swayed away
10:47by instant gratification.
10:49If you focus on your financial aspirations
10:52for a young country,
10:53it's all long term
10:54and build a portfolio
10:56to stay invested for the long run,
10:58the outcomes will be good
10:59provided you have the emotional bandwidth
11:04to go through the shorter term,
11:05inevitable short term downturns.
11:08Madhu, why will the outcome
11:09be good for all investors?
11:11Because this is also a learning
11:13particularly in derivatives
11:14that perhaps nine and a half
11:17out of ten people
11:18actually lose money in that.
11:20But will the outcome be good
11:21for all investors?
11:23Because I see it
11:24as a business journalist myself,
11:26everyone
11:26and their auntie and uncle
11:28is investing in the markets now.
11:31But the people
11:32who are speculating in derivatives,
11:34you don't call them investors.
11:36They are traders.
11:37They are speculators.
11:38They are traders, right?
11:39So,
11:40I don't know
11:41because I don't speculate
11:42in the FNO market,
11:44so I don't know
11:44the outcome about that.
11:45But I have been
11:48in the mutual fund industry
11:49for 15, 17 years.
11:51So, Siddharth,
11:52just to give you a context,
11:54the Reliant Growth Fund scheme
11:56which we started,
11:58we started at 10 rupees.
12:00When I left,
12:01it was 1150 rupees.
12:04That was 2016.
12:06Today we are in 2026.
12:08It is 4000 rupees.
12:10And has it gone through
12:16ups and downs?
12:17Of course.
12:17Of course it has gone through
12:18ups and downs.
12:19There are various instances
12:21wherein
12:2225%,
12:2430%,
12:2435%
12:25corrections
12:26would have happened
12:27in NAV
12:27over the last
12:29maybe 25 years.
12:30Maybe 5,
12:317,
12:3110 times.
12:33Right?
12:34But
12:34all investors,
12:36I repeat again,
12:37all investors
12:37who have had
12:38faith in India
12:39and have
12:41a long-term view
12:42have actually
12:44ended up
12:44making money.
12:46See,
12:47the risk,
12:47Siddharth,
12:48is,
12:48what is the risk
12:49in the market,
12:50biggest risk?
12:51As Pramod was saying,
12:53the risk is not
12:54of losing.
12:55The risk is
12:56of time frame.
12:58So,
12:58if you want to
12:59make money
12:59in 6 months,
13:01you say that
13:02I have 1 lakh rupee
13:03because
13:03my,
13:03my parents
13:04have
13:041,5 lakh
13:05to 1,5 lakh
13:06to take
13:06some individual
13:07share.
13:08And I am
13:09trying to
13:09replicate that
13:10and I want
13:11to do it
13:12in the 6 months
13:13without understanding,
13:14without knowledge,
13:15based on some tip.
13:17So,
13:17that is the risk
13:18of losing money.
13:20But if you have
13:20the time frame
13:21and if you are
13:22not leveraging
13:23and if you are
13:24doing the asset
13:25allocation properly
13:26in a sensible
13:27manner,
13:28you will continue
13:29to generate,
13:30I think,
13:31superior returns
13:33than
13:34bank deposits
13:35or any other
13:37form of investment
13:38which I know
13:39of,
13:39which is liquid,
13:40like,
13:41whether it is
13:42debt,
13:43bonds,
13:44fixed income
13:45of any form,
13:46you will continue
13:47to generate
13:47that return.
13:49I think over
13:50the next 10 years.
13:50Now,
13:51let me warn you
13:52again,
13:53the last 4-5 years
13:54have been exceptional
13:55in terms of return,
13:57except last one year
13:58because in COVID
14:00we made a very,
14:02you know,
14:02like a
14:03unreal bottom.
14:05because of the
14:06events,
14:07right?
14:07So the prices
14:08are very,
14:09very low.
14:10So from there
14:11the returns,
14:12obviously markets
14:13have come to
14:13average or
14:14gone above average.
14:16So returns
14:16have been exceptional
14:17between 2021
14:19and 2025 period.
14:22Last year
14:23is kind of
14:24little lull.
14:25So people,
14:26if you are
14:26extrapolating again
14:28that because I
14:29made,
14:29let's say,
14:3030% CAGAR
14:31return
14:31for the last
14:33preceding 4 or 5
14:34years,
14:35I will continue
14:36to make that.
14:37That is again
14:37a fallacy.
14:38Because in the
14:39long run,
14:40you will only
14:40get your equity
14:41premium,
14:42which is,
14:42if a fixed income
14:43is 7%,
14:45so you may get
14:465, 6,
14:467% higher
14:47than the equity,
14:50than the
14:50bank rate.
14:51Nilesh Bhai,
14:52the point that
15:02Madhu makes
15:03that you should
15:04not become
15:05very greedy
15:05or expects
15:06outside returns
15:07because the
15:07one-off
15:08phenomenal events
15:09have happened.
15:09So returns
15:12will come
15:12with your
15:13risk-taking
15:14ability.
15:16Someone
15:16who wants
15:18to take
15:18high risk
15:19should expect
15:19higher return.
15:21Someone
15:21who doesn't
15:22want to take
15:23should expect
15:24lower return.
15:26But you
15:26will grow
15:27and prosper.
15:28Sorry to
15:28interrupt you.
15:29Is the trader
15:30a higher risk
15:31person?
15:31Are they
15:31those who
15:32are tolerant
15:33of higher risk?
15:34or are they
15:34just being
15:35too greedy?
15:36So most
15:37traders are
15:38greedy.
15:39And few
15:40successful
15:40traders are
15:41higher risk
15:42takers.
15:44If you are
15:45trading against
15:46a person who
15:47has better
15:48connectivity
15:48through
15:49co-location,
15:51better algos,
15:53and better
15:53computing power,
15:55how are you
15:56going to win
15:56against them?
15:58That guy
15:59has ability
15:59to take
16:00risk.
16:00He has
16:01access to
16:01infinite amount
16:02of capital.
16:04Against
16:04that,
16:06a greedy
16:06person doesn't
16:07stand a chance.
16:09There is a
16:09very good
16:10saying in
16:10the market,
16:12people with
16:12money come,
16:13lose money,
16:14get experience.
16:16So there
16:17is greedy
16:17people,
16:18there is
16:18smart people.
16:19We should
16:20not fight
16:20smart people.
16:22But risk
16:22and return
16:23will go
16:23hand in
16:24hand.
16:25You take
16:25higher risk
16:26in let's
16:26say small
16:27and mid
16:27cap,
16:27micro
16:28caps,
16:29volatility
16:29will be
16:30high,
16:30but your
16:30returns
16:31could be
16:31good.
16:32If you
16:32are
16:32conservative,
16:33you go
16:34for large
16:34caps,
16:35your
16:35volatility
16:35will be
16:36less,
16:37you will
16:37make less
16:38return.
16:39The most
16:40important
16:40thing which
16:40an investor
16:41should focus
16:42upon is
16:43asset
16:43allocation.
16:45There are
16:46opportunities
16:46in precious
16:47metal,
16:48there is
16:48opportunity
16:49in performing
16:50credit,
16:51there is
16:51opportunity
16:52in venture
16:52capital,
16:53startup
16:53investing,
16:54unlisted
16:54segment.
16:56So please
16:56diversify your
16:57portfolio so
16:58that you have
16:59a better
16:59ability to
17:00withstand
17:00volatility.
17:02Mutual
17:02fund or
17:03investment
17:03is not
17:04just
17:04equity.
17:05There is
17:05equally
17:06other
17:07components
17:07like
17:07performing
17:08credit,
17:09precious
17:09metal,
17:10reet
17:11invet,
17:11and so
17:12on and
17:12so
17:12forth.
17:13So
17:13since you
17:14said
17:14precious
17:15metal,
17:15one quick
17:16quote before
17:16I go to
17:16promote,
17:17what is
17:18going to be
17:18going to be
17:18to be
17:19to be
17:19to be
17:20So as
17:21long as
17:21global
17:22central bankers
17:23behave like
17:24Indian
17:24housewife,
17:26one time
17:26will
17:27continue to
17:30rise.
17:31But one
17:32point of
17:33caution,
17:34like
17:34lab-grown
17:35diamond
17:35came and
17:36crashed
17:36natural
17:37diamond
17:37prices,
17:39please put
17:39a Google
17:40alert on
17:40lab-grown
17:41gold.
17:41There are
17:42two instances
17:43of manufactured
17:45gold or
17:45lab-grown
17:46gold.
17:47One in
17:48CERN,
17:48large
17:49quadrant
17:49halider,
17:51where for
17:51a few
17:52nanoseconds
17:53lead was
17:55converted
17:55into gold
17:56in few
17:57nanograms.
17:58It didn't
17:58stay there,
17:59it disappeared.
18:01And the
18:01cost was
18:01prohibitive,
18:02so they
18:02haven't
18:03repeated that
18:03experience
18:04again.
18:05Second,
18:06in
18:07US,
18:09a startup
18:10has converted
18:10mercury
18:11into gold
18:12through
18:12nuclear
18:12fusion.
18:14Again,
18:15this is
18:16very costly
18:17today and
18:18it's not
18:19stable,
18:20but keep a
18:21Google alert
18:21on lab-grown
18:22gold.
18:23Till such
18:24time lab-grown
18:25gold comes,
18:26I think
18:26central bankers
18:27will ensure
18:28gold prices
18:28remain higher.
18:30Pramod,
18:31I want to
18:31ask you,
18:32on the bit
18:32about advice,
18:33who is
18:34tomorrow's
18:35successful
18:36investor going
18:36to be?
18:37Someone who
18:37does old
18:38style research,
18:39follows experts
18:40and market
18:41masters like
18:41you,
18:42or goes to
18:43an artificial
18:43intelligence
18:44tool,
18:45how will
18:46technology,
18:47along with
18:47other market
18:48forces,
18:49influence the
18:51investor's
18:52experience in
18:52the years
18:53ahead?
18:54When it
18:56comes to
18:56fulfilling your
18:57long-term
18:58financial
18:58aspirations,
18:59I think,
19:01like Nilesh said,
19:01asset allocation
19:02is the best
19:03way.
19:03And today,
19:05there are
19:05plenty of
19:06tools available
19:06which can
19:07give you,
19:08based on
19:08your risk
19:09appetite,
19:10allocations to
19:11different asset
19:11classes like
19:12equity,
19:13fixed income,
19:13real estate.
19:14And like
19:15Nilesh said,
19:16at the end
19:16of the day,
19:17the diversification
19:18helps reduce
19:19the volatility.
19:20And this is a
19:20very important
19:21aspect.
19:21While we can
19:22all wax
19:23eloquent about
19:24long-term
19:24investing,
19:25go through
19:26downturns,
19:27what Daniel
19:27Kahneman has
19:28taught us is
19:29evolution has
19:30made the
19:31human mind
19:32averse to
19:32losses.
19:33And that's
19:34a reality we
19:34need to
19:35expect.
19:36And as a
19:36result, if
19:37you can't
19:37diversify across
19:38asset classes,
19:39you will
19:39eventually take
19:40the wrong
19:40decision,
19:41which is
19:41getting out
19:42of the
19:42bottom of
19:42the market
19:43or coming
19:43in after
19:44a euphoria.
19:46With respect
19:47to stock
19:48market investing,
19:49I think we
19:49ourselves are
19:50realizing some
19:50of the
19:51benefits.
19:52Within
19:52Marsilis,
19:53we've tried
19:53to implement
19:54notebook LLM
19:55as our
19:55default choice
19:56for first
19:57cut research.
19:58For example,
20:00for a first
20:00cut research
20:01on a new
20:01company would
20:02take an
20:03analyst about
20:0415 days.
20:05Today we can
20:05get there in
20:0615 minutes.
20:07It's not 100%
20:08accurate, so it
20:09doesn't mean that
20:10AI will get you
20:11the insight.
20:13At best, AI is
20:14a productivity
20:14booster.
20:15So instead of
20:16having a 10
20:17member research
20:17team covering
20:18500 stocks,
20:20today we can
20:20potentially do
20:212,000 stocks
20:22with the same
20:22bandwidth
20:23capability.
20:24So at the
20:25end of the
20:26day, AI can
20:27only be a
20:27tool.
20:28It's not
20:28going to give
20:29you a blinding
20:29insight which a
20:30human being
20:31couldn't have
20:31arrived at.
20:32How you use
20:33those tools is
20:35up to people.
20:36For the retail
20:36investor, I
20:37still think that
20:39you're better off
20:40investing in
20:41mutual funds
20:42where there is a
20:42professional
20:43manager.
20:44Not because any
20:45of us professional
20:46managers have any
20:47better skill, it's
20:48just that it's
20:49what we do for a
20:51living.
20:52So it's the
20:53hours of the
20:53day which is
20:54spent in
20:54researching,
20:55analyzing, and
20:55understanding which
20:56gives us an
20:57edge.
20:57perhaps we've
20:58all made our
20:59mistakes, so
21:00you sort of
21:00pay back on
21:01our mistakes
21:02rather than
21:02you trying to
21:03make those
21:03mistakes.
21:05But there are
21:06startups which
21:07are trying to
21:08democratize
21:08investing.
21:10Like I said,
21:11AI tools being
21:12available to the
21:13retail investor.
21:14Suddenly, like a
21:16professional fund
21:16manager with a
21:1720-man research
21:18team, a retail
21:19investor could
21:20potentially have a
21:22research team at
21:23its beck and
21:23call, but it's
21:24not human
21:25beings, but
21:26AI.
21:26But very early
21:27science, we're
21:28watching this
21:28space because it
21:29puts us at
21:30risk because it
21:31democratizes
21:32stock market
21:34investing.
21:35Nilesh, I'll
21:36come to you
21:36quickly before I
21:37go to Madhu for
21:39the last point on
21:40this.
21:40This mutual fund
21:41sahih hai is a
21:43very popular line
21:44that everyone
21:45understands, but
21:46we are planning
21:48our next annual
21:49mutual fund issue
21:50and one of the
21:50research points that
21:51we got was that
21:53there is just too
21:54much of choice in
21:55mutual funds.
21:56There are like
21:56hundreds and
21:57thousands of
21:58schemes and it
21:59confuses people.
22:00At the industry
22:01level, are you
22:02thinking about this
22:03for the general
22:04population, not the
22:05very aware
22:05investors, to make
22:07mutual fund
22:07asaan along with
22:09sahih?
22:10Very fair point.
22:12But pehle toh
22:13Siddhat bhai,
22:13muche mutual fund
22:14sahih hai, prove
22:15karna hai loko
22:16ko.
22:18Yeh sabke paas
22:19currency note
22:20ghar pe pade hai,
22:21jeb mein pade hai.
22:22The total
22:23currency note
22:24in India is
22:2538 lakh crore.
22:27The total
22:28investment made
22:29by people
22:30after seeing
22:31Madhupai's
22:31performance of
22:3210 to 1100
22:33and there are
22:34many such
22:35schemes, is
22:36less than that.
22:38I am yet not
22:38able to convince
22:39the crowd that
22:40ghar pe pè
22:41paasoh ke
22:41jhaad nahi
22:42hugenge.
22:43Apki
22:43currency note
22:44har roch
22:45depreciate
22:46hogi.
22:47Mere mutual
22:47fund mein
22:48aaja jee,
22:48thodi pita
22:49hi jarur
22:49hogi.
22:50Lekin
22:51eventually
22:51apko paasa
22:52bana ke
22:52denge.
22:53Toh pehle
22:54toh mujhe
22:54mutual fund
22:55sahih hai,
22:55prove karna
22:56in logo ko jo currency note pe behtha
22:58yeh ummeed mein ki paeso ke
23:00jaad ho gaenge
23:01asaan bhi karenge
23:03there are total about 1800 schemes
23:06I will say just one
23:08scheme for an average investor
23:10multi asset allocation fund
23:12today if you are rich
23:14you will get private banking service
23:16mutual funds have created a
23:18product which gives
23:20India's best fund manager
23:22to allocate into debt equity
23:24and precious metal
23:25ek hi fund me invest kar yeh
23:27if I take average of multi asset allocation
23:30funds return it has outperformed
23:3299% of investors
23:33aap chijo ko
23:36muskil mat banaye
23:37asaan chije asaanhi se accept kar li chije
23:40acceptance is key
23:42Madhu as we come to the end of the session
23:44I am reminded of many years ago when
23:45you had mentioned that
23:48you had given a call for the sensex at
23:5230,000 and many people at that
23:54stage at 3,000 and many people
23:58didn't believe you and they said
24:00what is this you know
24:01he is driving up the market
24:03but I have to ask you this question
24:05today what is your call
24:07for the nifty and for the sensex
24:10so
24:12Siddharth I vividly remember
24:14the sensex was 3,000 and you interviewed me
24:17and we discussed can it go to 30,000
24:20and you asked me three times I still had that clip
24:23I said yes it can go to 30,000
24:26rather I said it will go to 30,000
24:28I don't know when
24:29so not only it has gone to 30,000
24:32it has come to 85,000 now
24:34Siddharth it will continue to grow
24:37it will go to 1,000,000
24:39it may go to even 2,000,000
24:40right
24:41but we don't know the time frame
24:43right
24:44the time frame is uncertain
24:46the trajectory is clear
24:48that we are an upward trend
24:50in India the trajectory is clear
24:52and I would say
24:53let me just sum up again
24:55I don't think we could comprehend
24:58what I was saying
24:59in the first instance
25:01that we have had
25:038 trillion dollar worth
25:05of wealth effect in India
25:07in the last
25:094-5 years
25:11this to my mind
25:13is the biggest bonanza
25:15given by the government
25:17to Indian public
25:19you know because
25:22this is clearly
25:23as I said
25:2485% of equity
25:26wealth creation is owned by
25:27Indian people
25:29or Indian companies
25:30Indian entrepreneurs
25:31100% of gold appreciation
25:33is owned by the retail public
25:35so
25:36this
25:37kind of money
25:39which is being made
25:40will pursue
25:41a lot of people
25:42who are spending cash
25:44and who don't
25:46yet have not
25:47appreciating
25:47the power of compounding
25:49and the power of
25:50returns
25:51on the equity side
25:54they will come
25:55absolutely
25:56viewers
25:57and
25:58the audience
25:59here
25:59take those words
26:01greed doesn't work
26:02in the markets
26:03patience
26:03and understanding
26:05and believing
26:05in the power
26:06of compounding
26:07Madhu Kela
26:08Nilesha
26:08and Pramod
26:09thank you very much
26:10for your time
26:10with us today
26:11thank you very much
26:12thank you very much
26:13you
Recommended
21:16
|
Up next
30:32
2:38
0:56
30:32
2:00
Be the first to comment