A Conversation with Kunal Sabnis, CFA | Nine Rivers Capital | The Young Manager Series S01E03

In Episode 3 of the Young Managers Series, we speak with Kunal Sabnis, CFA, Portfolio Manager at Nine Rivers Capital, about his journey through the financial markets; from losing 50% of his capital during the 2008 market crash to becoming a professional investor managing concentrated portfolios. Kunal shares candid insights on investment philosophy, growth investing, market cycles, risk management, portfolio construction, behavioural biases, AI in investing, and the importance of continuous learning. Drawing from over 17 years of experience in financial markets, with more than a decade dedicated to equities and buy-side roles, he explains how investors can build conviction, avoid common mistakes, and develop a long-term framework for success. Kshitiz Jain, CFA interacted with Kunal Sabnis, CFA, on behalf of CFA Society India. Kshitiz Jain is a volunteer and Co-Chair with Research Advocacy & Standards Committee of CFA Society India. He leads the India Insights initiative. 📢 Presented by: CFA Society India 🔔 Subscribe for more expert insights from global investment leaders. 00:00 Introduction to the Young Managers Series 02:15 Meet Kunal Sabnis, CFA: Journey Across Financial Markets 03:50 How Kunal Discovered Finance & Investing 05:35 The 2008 Crash: Losing 50% and Learning the Hard Way 12:12 Global Macro vs India Macro: What Matters Most? 14:18 Quantitative Investing vs Fundamental Investing 18:08 Why PMS Still Matters in Active Investing 22:59 Investment Mistakes, Narratives & Market Lessons 24:07 Four Core Influences on Kunal's Investment Philosophy 28:51 Behavioural Biases and Knowing When to Sell 32:57 Skills Every Young Analyst Should Develop 36:02 AI in Investing: Hype, Reality & Practical Applications 43:09 CFA Charter, Volunteering & Building a Professional Network 47:21 Daily Habits, Fitness & Life Beyond Markets 49:25 Closing Remarks _________________________________________________________________________ The Indian Association of Investment Professionals (IAIP), the India Society of CFA Institute, was established in Apr 2005 as an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors and other financial professionals. As one of the over 160 CFA Institute member societies, the IAIP connects local CFA Institute members to a global network of investment professionals. For the continuing up-gradation of knowledge and skills of members, IAIP conducts speaker events, workshops led by leading finance professionals.