India s Investment Titans See Opportunity

Published on
June 27th, 2018
36 minutes

India s Investment Titans See Opportunity

The Exchange ·
Featuring Navneet Munot & Saurabh Mukherjea

Published on: June 27th, 2018 • Duration: 36 minutes

What does the future hold for India – and where are the most compelling opportunities for investors now? Real Vision's Alex Rosenberg sits down with two giants of the Indian investment industry to find out. Navneet Munot is CIO of SBI Funds Management, which is a joint venture of the State Bank of India. As such, he oversees more than $30 billion in investments, and runs India's largest investment team. Saurabh Mukherjea is the CEO of Ambit Capital, which has consistently been rated India's "most independen" brokerage, and is a prominent strategist and investment writer. In this conversation, the two experts touch on India's economic future and the state of its markets. Filmed at CFA Society New York on June 7, 2018.


  • GD
    Gaurang D.
    4 August 2018 @ 12:58
    useless interview
  • KS
    Kashyap S.
    3 July 2018 @ 16:01
    Their true colours came out in the end when they mentioned that it is getting harder to hide your savings from the taxman. The current government wants to link your biometric data to your flight/train tickets, to your rental car booking, your mutual fund and life insurance policies, your bank account, your mobile phone, and to every purchase of gold over $800. They have also given out a surveillance contract to track photos posted on FB and instagram and compare it to your tax returns. The end goal is to confiscate people's wealth under the guise of cracking down on black money, and to pen the sheep in for the shearing with capital controls (hence the recent ban on bitcoin transactions) so that they can maximise their take. Instead of doing a Cyprus-style bail-in using depositor funds, the government is using policy premium funds from the state-owned insurance company to do the same, changing the law using executive orders. The end game is near. Only a fool will see the writing on the wall and still invest in India with a 10-year horizon. You might make 10x your money, but that money will be worth as much as a Continental dollar. The smart people and their capital have already left the country.
    • AG
      Andrew G.
      5 July 2018 @ 22:46
      Thanks @Kashyap S. really interesting clear points you made which definitely seem to corroborate the ban on crypto. I'm not seeing the full picture though of the end game you speak of though, could you point me to some further reading? much obliged!
    • KS
      Kashyap S.
      19 July 2018 @ 09:22
      Ray Dalio nailed it in his piece on populism and the rise of the strong man. Witness Xi in China - he is now effectively dictator for life. Modi in India is trying the same playbook. What do strongmen want? Control.
  • SH
    Steve H.
    4 July 2018 @ 00:34
    Shocked that two guys representing financial industry pooh-poohed gold. 🙄
    • AE
      Alex E.
      12 July 2018 @ 02:07
      If your livelihood depended on a source of income, would you recommend an asset that, while a store of value, does not pay anything other than when it's market value goes up?
  • CM
    C M.
    28 June 2018 @ 02:38
    Excellent interview. Curious on viewers' recommendations to invest in India. I am tracking Matthews India, Wasatch Emerging India Investor, Columbia India Consumer, iShares Small Cap India, and the India Fund. Some of these funds have high fees but perform well. Would love any other recommendations.
    • AE
      Alex E.
      12 July 2018 @ 02:01
      Have a look at what the whales are investing in, i.e. Soros, Klarman, et al. I have some cash in Fairfax Financial's India Fund. It's doing quite well since inception...
  • KN
    Ken N.
    3 July 2018 @ 03:42
    Please do not use this interviewer again.
  • LT
    Lucas T.
    29 June 2018 @ 23:42
    oh man! Subtitles would have been so helpful for this one!
  • KC
    Kenneth C.
    29 June 2018 @ 19:48
    Good Job Alex.
  • DM
    Daniel M.
    28 June 2018 @ 10:31
    Was ok but kind of a superficial. For the early RV subscribers there is no added value. We already know about the macro story: demographics, digitization, pro business government, "financialization", tada tada. They just picked 3 (obvious) sectors but no name given on those industry leaders that you can ride over 10 years. Typical CEO discussion. Good story teller but lack substance.
    • JO
      JOHN O.
      29 June 2018 @ 00:28
      If you want names, look at what they own. Here is SBI's Pharma fund Their other funds' holding are on the same site. Its a pretty concentrated fund so it shows some heavy conviction.
    • DM
      Daniel M.
      29 June 2018 @ 06:43
      Thanks John.
  • NI
    Nate I.
    29 June 2018 @ 04:44
    Fabulous demographic story indeed, but completely sidestepped the losses that can emerge in a culture of lethargy and corruption.
  • RS
    Rajesh S.
    29 June 2018 @ 00:50
    Did not talk about the bad debts that the banks are holding nor the ease with which huge frauds have been committed. Demographics also brings social challenges of employment for 450 Million people.
  • JO
    JOHN O.
    29 June 2018 @ 00:20
    This was a good interview. I would be a bit suspect of a PM that came out and named names. It might compromise their implied credibility and would definitely require disclaimers. These guys are both representing registered entities and their compliance departments probably keep a tight reign on public discussions like this. A lot of the folks we enjoy on RV that give specific trading ideas are not registered with FINRA, the SEC or a foreign regulatory authority. Another 2 thumbs on this interview.
  • Jc
    Justin c.
    28 June 2018 @ 18:05
    I'm happy with the video. Build on strength and if that happens to be India then keep the updates on India coming. These guys had some good energy and seemed to have good insight. I liked the interviewer, which is always a hot button issue for so many. I can't wait to see how India plays out thru QT and global recessions.
  • TJ
    Terry J.
    28 June 2018 @ 17:15
    Loved this round table discussion. India is such an exciting market and I totally agree with Navneet and Saurabh about the potential of this vibrant young economy over the next five to ten years. I have learnt from every video RVTV has done on India and can't wait for the next one! Thank you.
  • JG
    John G.
    28 June 2018 @ 12:34
    nothing really new here and a very long winded session. Charts suggest a topping out process in what is an expensive market. Worries on oil and currency should be of concern. Jonners
  • PJ
    Peter J.
    28 June 2018 @ 08:01
    Excellent discussion. The Exchange Forum will be a great success if they all achieve the quality levels of these first trailblazers
  • MS
    Mr S.
    28 June 2018 @ 05:43
    seems like what they are saying is that it is wrong for their country men/women to buy and hold gold and property, it is instead absolutely correct to buy paper assets and leverage up. good to hear that view from paper asset managers.
  • KW
    Ken W.
    27 June 2018 @ 16:02
    The interviewer is so bad
    • CL
      Chris L.
      27 June 2018 @ 22:19
      Use to be a writer. So, there's that.
    • CT
      Christopher T.
      27 June 2018 @ 23:40
      Better than Tommy Thornton
  • DR
    David R.
    27 June 2018 @ 21:40
    Once EM's are done bleeding from rates attempting to normalize and capital flight to safety, I will come back to this. Thanks
  • YB
    Yuriy B.
    27 June 2018 @ 17:34
    Would have loved to see Alex put these guys on the spot and ask each of them for their highest conviction investment pick!
  • AY
    Abhimanyu Y.
    27 June 2018 @ 13:27
    good to hear more on the top down story in india, which is phenomenal and becoming more so, from two people who live it and articulate it well...
  • SH
    Steve H.
    27 June 2018 @ 12:09
    Thoughtful and articulate analyses. Much better than most coverage of India from outside the country.
  • SS
    S S.
    27 June 2018 @ 11:56
    The opportunities in India in the long term, no-one questions is great. But the fact is, the Indian stock market is very over-valued. Also the currency is one of the worst performing currencies in Asia against the dollar. I would rather wait for a correction before diving in. Sidenote - Saurabh, resigned from Ambit in April. He has been wrongly bearish on Indian stock market since 2016.
  • JF
    Josh F.
    27 June 2018 @ 11:11
    pretty sure someone from Harry Potter would top Sherlock