S Naren’s 36 Years of Investing Wisdom in 45 Minutes | The Legend Speaks | Rahul Jain

What does it take to survive and succeed in the stock market for more than 35 years? In this episode , We sat down with Sankaran Naren, ( Executive Director & CIO , ICICI Prudential AMC) for a deep conversation on how experienced investors think about markets, cycles and risk. From his first 30x stock and his journey from momentum investing to contrarian investing, to understanding asset allocation, market cycles, valuation, sentiment and triggers, Mr. Naren shares the frameworks that have shaped his investing philosophy. We also discuss a question every investor eventually struggles with: When should you sell or switch from an investment? Mr. Naren explains why he prefers thinking in terms of buying, sizing and switching rather than simply buying and selling. The conversation also covers contrarian opportunities, FMCG, small & midcaps, US AI stocks, SIFs, top-down vs bottom-up investing, portfolio sizing, asset allocation and the biggest mistakes retail investors make. Chapters: 00:00 Teaser 00:35 Intro – 35+ Years in the Stock Market 01:57 What Brought Sankaran Naren to the Stock Market? 03:17 What Was His First Stock? 05:10 How Do You Hold a Stock That Becomes 30x? 06:11 From Momentum to Contrarian Investing 07:52 Handling Bull Runs as a Contrarian Investor 09:29 What Is Still Challenging After 35+ Years? 10:57 What Should Investors Do When Returns Are Poor? 12:17 What Still Makes the Stock Market Interesting? 13:29 How Does He Analyse Different Asset Classes? 16:31 Do Valuation, Cycle, Sentiment & Trigger All Need to Align? 18:13 Where Are the Opportunities in the Current Market? 19:38 Top-Down vs Bottom-Up Investing 21:40 The Secret Behind Hybrid Strategy & Asset Allocation 24:03 Value Investor vs Contrarian Investor 26:27 Is FMCG a Contrarian Opportunity? 28:24 How Does an AMC React to Bad News or Fraud? 30:06 What Is SIF & Who Is It Suitable For? 31:04 SIF vs Mutual Funds – What's the Difference? 32:10 When Should You Sell or Switch a Stock? 35:25 How Should Investors Decide When to Switch? 37:02 What Has Been His Biggest Investing Success? 37:52 What Would He Have Done Better? 38:29 One Rule Every Retail Investor Should Follow 38:44 Lessons From His Investment Gurus 39:17 Rapid Fire Towards the end, Mr. Naren shares his thoughts on the next market cycle, bubbles and crashes, investing lessons from his mentors, books that influenced him, and what investors should stop doing immediately. A conversation packed with investing lessons from more than three decades in the market. ----- SUBSCRIBE ---------------------------------- Join my YouTube Community: 👉    / @torahulj   ---------------------------------- Follow me here: 👉 English Youtube Channel:   / @torahulj   👉 Hindi Youtube Channel:   / @rahuljainhindi   👉 My Podcast Channel:    / @rahuljainpodcast   👉 Spotify: https://open.spotify.com/show/0d4qRSR... 👉 Instagram:   / torahulj   👉 LinkedIn:   / connectwithrahuljain   👉 Twitter:   / torahulj   👉 Facebook:   / rahuljainfinance   ** Disclaimer: 1. Rahul Jain is registered with SEBI as Individual Research Analyst vide Registration number INH000023287 dated September 15, 2025 pursuant to which it provides Research Analyst services to its clients. 2. Any matter displayed in this content are purely for Knowledge purpose and shall not be treated as an advice or opinion of any kind. Neither Rahul Jain nor the marketing agents related to the firm shall be held liable/responsible in any manner whatsoever for any losses the viewers may incur due to acting upon this content. 3. Investment in securities market is subject to market risks. Read all the related documents carefully before investing. 4. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. 5. Any opinion on a specific position, such suggestion/view under any circumstances shall not be considered as an advice. I am not liable for any losses whatsoever the client may incur in accepting this opinion. 6. Rahul Jain does not make any representation, warranty or guarantee as to the accuracy, completeness or timeliness of the information (including news, prices, statistics, analysis and the like) provided through this platform. In no event shall I be liable to any person for any decision made or action taken in reliance upon the information provided by me. 7. The securities quoted are for illustration only and are not recommendatory. #contrarianinvesting #ValueInvesting #investmentstrategy #stockmarketlessons #SankaranNaren