S Naren says, “while macro is good, increasingly to what extent you will pay what valuation because if you look at many parts of the economy, there are many sectors in the economy which are growing much slower than before but while those sectors are growing slower, you are giving higher valuations now.
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S Naren says: “We love a company where there is a profitable business along with that there is an unprofitable EV business and that unprofitable EV business is also given price to earnings on the loss so that at some point of time, when that EV business turns around, you get a big kicker and that is the framework which we enjoy.”
S Naren says: “Old investors can stay invested but new money coming in should be spread across asset class. We are much more focussed on the fact that new money should be invested more carefully than taking out old money. Old money can just stay invested. I do not think we are going to see 2020 markets or 2021 market levels easily.”
"Investing in mid and small cap segments may be a risky proposition given the elevated valuations. Therefore, from an investment perspective, one can look for names/ assets which are relatively cheap or fairly valued in this market," says S Naren, ED & CIO, ICICI Prudential AMC.