Chess Grandmaster Viswanathan Anand cautioned that some amount of risk is necessary when one has to make returns, but advisory helps, when asked about how he manages his finances and the strategies he might be using just like when he is playing chess.
Speaking at the third edition of Moneycontrol Mutual Fund Summit in August 21, Anand said, "My philosophy of investing is just to grow it. Thanks to how India has grown, my style of investing which has a mix of taking risk, has performed well over the years."
On the topic of managing money for young chess players, Anand said that fairly young players let their father's manage their money. "They are quite sensible about it. Money hasn't gone to their head. They are level headed."
Further, on a personal note of managing his own finances and the strategies he might be using being the Chess Grand Master, Anand confessed that his wife is more methodical when it comes to investing. "I would get swayed, but my wife is very methodical when it comes to investing. She doesn't run everything past me. But we discussed asset allocation," he revealed.
When asked on his investing moves, Anand added that he invests in equities and mutual funds. "We had a lot of expenses. So we had to plan for liquidity," he recalled.
Anand also highlighted how chess as a game has evolved generations’ thought processes. Speaking on the lines of money managing, he said, “Earlier generation of chess players were artists. They didn’t think of money. Mine is a transitional generation, where we started saving early on.”
Correlating chess as a good mental exercise with investment while young, Anand stressed that every youngster should manage their accounts, even if it is a mock account. "It is so easy to lose money while you are taking steps," he pointed out.
On a lighter note, Anand recalled a funny incident where a gentleman had no idea who he was (face -wise) but just knew him as by his name.
He shared, “A lot of people had heard my name and hadn't seen my photo then, even though I was covered in local newspapers.”
He recalled a particular such incident. “During a conversation in a train with a gentleman, I was advised not to take up sports as a career, unless you are Vishwanathan Anand,” he shared.
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