But Subra you were a Naren fan even before his funds performed….said Prem Khatri of Cafe Mutual….
Yes, that is right.
He is an awesome stock picker and I go back 19 years of knowing him. I have had many conversations with him and I can stand up for him and say the following:
a. Squeaky clean, clean as a whistle.
b. Awesome stock picker, and a real long term player
c. a deep value player
and anybody who knows him will tell you these things. He has ALWAYS behaved as a trustee with client money.
What are we saying now? We are saying he invested Rs.240 crores wrongly. Put things in perspective, Icici Pru Amc is the biggest fund house, and it manages Rs. 320,000 crores. Go and calculate 240/320000.
Now we can (and perhaps should) that if you are a trustee, every rupee is important. Sure. Lets leave out the significance question. Well is Rs. 240 crores lost? Hell, no, it is not lost.
Is Naren guilty of making this investment? who knows? we are still awaiting the SEBI ORDER, at least I have not seen any communication from SEBI on this regard. Nor have I seen Adil’s reply to the order. Hey, you can reply to the order, only after you receive it. We are guessing I feel.
So here is a fund manager with a super clean track record – I know him for 19 years – and I worship his stock picking skills. He also has tonnes of patience.
Is Icici securities a good company who will do well over long periods of time. Yes N could have got the price wrong. Maybe. Maybe not. Maybe he was not even asked.
It is too early to speculate what could have happened.
I personally like N’s process based investment. I put my daughter’s money in Icici Pru funds. Am I in a hurry to remove it? No. No I am not in a hurry to remove it.
20 years is enough to know, trust, and even judge Naren.
I would bet my life on his competence and honesty.
Let us be fair. Let the SEBI order come. Till then, we have no business talking about an insignificant amount …..about a man whose integrity is something that many many of us know.
PS: Naren or even Nemish do not need me to defend them….this is just that I thought I should say what I think …
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