The Saturday conversation

There's something I've noticed about the questions that investors carry around with them. They don't come at convenient times or in neat categories. They emerge during a morning walk, while reading a newspaper headline about interest rates, or in that anxious moment before sleep when markets have been particularly volatile. These questions rarely appear in search results because they're often too personal or too specific to one's own situation. "Should I be worried about this fund's recent underperformance?" "My daughter's wedding is in three years – am I on track?" "I've been reading about this new fund category – does it make sense for someone like me?"

For years, these questions would either remain unanswered or be answered by the wrong people — perhaps a well-meaning relative with outdated information, or, worse, a distributor with a vested interest in a particular recommendation. This is the gap that Fund Advisor Live was designed to fill, and having just hosted our inaugural session, I believe it represents something genuinely different in the world of investment platforms.

Every month on a Saturday, we now host a live video session where anyone can ask their questions directly to our team of analysts and me. There are no scripts, no pre-approved talking points, no limitations on what can be asked. If you're wondering whether to continue with a fund that's been underperforming for six months, you ask. If you're confused about how the new tax rules affect your retirement planning, you ask. If you simply want a second opinion on a financial decision that's been keeping you awake, you ask.

Suggested read: When should you really sell your underperforming fund?

When we first conceived of this feature, I wasn't entirely sure how it would work. Would investors actually turn up? Would the questions be too varied to address meaningfully in a group setting? Would the format feel impersonal despite the live video answers? These concerns evaporated within the first session itself. What emerged was a community of investors hungry not just for information but for context, reassurance and the kind of perspective that comes only from decades of watching markets and helping families navigate their financial journeys.

The beauty of the live format — and the reason we've made it public rather than restricting it to subscribers — is that everyone benefits from everyone else's questions. In our first session, someone asked about the 4 per cent withdrawal rule for retirement. Why is it said that withdrawing 3 to 4 per cent annually means your corpus can outlive you? This led to a discussion about asset allocation, the importance of a 50/50 equity-debt split and the critical need for flexibility during market downturns. I found myself recounting how the Indian markets essentially went nowhere for a full decade between 1992 and 2002, bouncing between the same levels, and what that meant for retirees trying to sustain themselves during that period. A dozen viewers who hadn't asked that specific question were suddenly thinking about their own retirement strategies in a different way.

Another question came from a 41-year-old with investments spread across direct stocks, mutual funds, EPF and NPS, wanting to know whether additional retirement savings should go into mutual funds or NPS. My answer surprised him. Rather than giving a generic recommendation, I suggested he first upload all his holdings to the Fund Advisor portfolio tracker and review the performance tab. Let the numbers speak. Are your stocks beating their benchmark? Are your mutual funds? Once you see that clearly, the decision about where to invest more becomes self-evident. This is what I mean by context – investment advice without understanding your specific situation is just noise.

What strikes me most about this first Saturday conversation is how different it was from the typical investor-advisor interaction. There's no pressure to buy or sell anything. Our analysts and I don't benefit from recommending one fund over another — we have no commissions or hidden incentives. This creates a space where questions can be answered honestly, even when that honesty is uncomfortable. When someone asked about PMS services, I didn't hedge. I told them plainly: we don't recommend PMS, and we strongly encourage you not to invest in it. Mutual funds are better regulated, more transparent in their performance claims and have significant tax advantages that PMS simply cannot match. A 1 per cent difference in costs, compounded over the long term, translates into a 25 to 30 per cent difference in your eventual net worth. That's not a small matter.

Suggested read: Mutual funds vs PMS: Which is the better option?

I've spent more than three decades building Value Research, and I've answered perhaps upwards of one lakh queries from investors in various forms, through our publications, radio and TV shows, ratings and online tools. But there's something about the live video format that adds a dimension I hadn't anticipated. When someone asks what happens if markets stay down for four or five years after retirement, one can sense the anxiety behind the question. This isn't an abstract concern; it's the nightmare scenario that keeps many retirees awake. I explained that our Portfolio Planner is designed with exactly this scenario in mind, never putting retirees into an all-equity portfolio and building in an asset allocation that provides stability during prolonged downturns. And then I was honest: if we're in a recession for 10 or 20 years, we'll all have bigger problems to worry about. But asset allocation ensures you're never fully exposed to the worst-case scenario.

The session also surfaced questions I hadn't anticipated. One viewer asked about investing for NRIs, particularly those based in the United States. This allowed me to share something many people don't know: American tax law makes mutual fund investment extraordinarily punitive for U.S.-based NRIs. The IRS requires annual reporting of unrealised gains and taxes them accordingly — an absurd situation that effectively mandates against mutual funds for this group. If you're an NRI in America and want exposure to the Indian market, ETFs or direct stocks are your only sensible options. This is the kind of specific, practical guidance that doesn't appear in generic investment advice but can save someone from a very expensive mistake.

Suggested read: Can US‑based NRIs invest in Indian mutual funds?

Fund Advisor Live doesn't exist in isolation, of course. It's part of a comprehensive ecosystem that includes our Portfolio Planner, which creates personalised investment strategies matched to your unique needs; our Analyst's Choice list, which curates funds selected for their long-term potential; and our Portfolio Analysis tool, which continuously evaluates your investments across multiple parameters. But what the live sessions add is the irreplaceable human element — the ability to have your specific situation understood and addressed by people who have spent their careers studying exactly these kinds of problems.

As I wrapped up our first session, someone asked for final guidance on retirement planning. My answer was simple: automate your SIPs and make investing a habit like brushing your teeth. Avoid acting unnecessarily. Focus on long-term asset allocation, cost efficiency and avoiding big mistakes. Retirement planning depends heavily on discipline — not cleverness.

That is what Fund Advisor Live is about. Not cleverness, but clarity. Not selling, but explaining. Not generic advice, but specific guidance rooted in three decades of understanding how Indian families actually invest. Whether you're new to mutual fund investing or have been at it for years, whether your portfolio is modest or substantial, the questions you carry deserve answers from people who understand your context and have your best interests at heart.

The conversation is open to all Value Research Fund Advisor members. If you haven't yet joined us, a subscription starts at just Rs 499 for the first month – giving you access not just to Fund Advisor Live, but to our complete suite of tools, including Portfolio Planner, Analyst's Choice and Portfolio Analysis. I hope you'll join us.

This column was originally published in Mutual Fund Insight, January 2026 edition.

Also read: The power of questions