Money Masters | Saurabh Mukherjea Exclusive

Money Masters | Saurabh Mukherjea Exclusive | Podcast

Рет қаралды 25,957

3 ай бұрын

Saurabh Mukherjea is the Chief Investment Officer and one of the founders of Marcellus Investment Managers, a portfolio management outfit. He has authored several books, including 'The Unusual Billionaires', 'Coffee Can Investing' and 'Diamonds in the Dust.'
As part of our 'Money Masters' series, our editor and CEO, Dhirendra Kumar, sat down with Mukherjea to chat about all things investing.
Listen in to this interesting conversation!
Check out other videos of Money Masters: • Money Masters: Investm...
Chapters:
00:19 Introduction
00:49 Tell me about your beginnings in the world of investment. Did you ever consider pursuing a different career path?
03:10 Were there any great influences in your approach to investing or any big influencers there?
06:05 How was your migration from there to the sell side in India?
11:12 What are the indicators that can be used to spot financial creativity, engineering, or fraud?
15:24 So you have been at it for very interesting times. You know, 2014 Modi government and then the GST. GST led to accounting being done in a manner where things can’t be really deferred, or you can't really do creative accounting beyond a point. Things can get recognised and the government gets into the picture on an ongoing basis. It is not subject to annual settlement or annual adjustment.
Do you see any impact of this on the corporate balance sheet or the P&L account?
18:04 What do you think are the essential qualities of a great business?
23:21 When you do this exercise, you end up with a narrow universe. How do you go about valuing it? How difficult is it?
28:18 Given what you have done so far and ‘Unusual Billionaires’ and the universe of the stocks that you have focused on. All these rewarding investment ideas - have they come from screens or personal research or delving deeper into these companies, and how do you expand this universe? Or will you just have a defined set of companies, and you don't expand that?
32:32 In your investing framework, how important is meeting company management?
36:43 How do you assess a company's allocation decision? Can you provide an example of poor capital allocation you have encountered?
41:05 Tell me one significant investment mistake you have made in recent times.
46:50 What steps do you take to avoid such things?
49:09 Does it not really change a company's character or culture that has been evolving based on loyalty?
57:51 Can you recall a situation where you initially thought you had made a big mistake, but it turned out to be a bonanza or a multi-bagger?
01:02 How do you deal with underperformance? I saw that recently your funds have not done well. You are so transparent, and you know everything is out there. How do you handle the pressure that comes with underperformance? Has it caused a difference in your style?
01:06 Your big positions, Asian Paints, Trent, which you discussed in great detail are being referred to as “BAAP stocks” in social media. Buy at any price.
01:12 - When do you sell? When does it actually become a clear absolute sell in your framework?
01:13:35 In your view, when does the company start losing its way?
01:15:34 How do you stay patient with your client’s demands every other day?
01:17:15 You don’t aspire to become a mutual fund company?
01:19:14 You'll be looking at active managers in the mutual fund arena. Do you think there is any big problem, or do they lack conviction, or are they not courageous enough?
01:21:20 What are your thoughts on the 'grow now profits later’ culture with the new-age companies?
01:23:08 What are your thoughts on all the global problems-the Russia-West split, the tension between China and Taiwan, and climate change?
01:25:46 How much time do you spend on reading Wealth Insight?
01:26:52 Do you have hobbies? Do you envision retiring or exploring different pursuits in the future?
01:28:21 Close
#SaurabhMukherjea #MoneyMasters #DhirendraKumar #Investment #ValueResearch #Finance #PortfolioManagement #StockMarket #mutualfunds #financialplan #mutualfund #sip #mutualfundssahihain #financialplanning #stocks #investment #wealthcreation #bullmarket #bearmarket #sensex #nifty #investment #investments #stockpicks #expertopinions
We are also on:
Website: www.valueresearchonline.com
Twitter: / valueresearch
Facebook: / valueresearch
Instagram: / valueresearch
Spotify: open.spotify.com/show/5da8Mxc...
👉Subscribe to our हिंदी KZfaq channel, Dhanak -- / @dhanak_valueresearch
#AskVR #ValueResearch #sensexniftyindex #nifty #sensex #Investment #SIP #FinancialPlanning #investment #financialplanning #mutualfund #sip #tax #taxes #mutualfundssahihai #mutualfund #index #indexfunds

Пікірлер: 65

@1902Ven 2 ай бұрын

Marcellus runs 5 PMS schemes that invest in Indian equities. One is more than 5 years old, 2 are more than 3 years old and 2 are more than 2 years old. Surprisingly, all 5 of them underperformed their benchmark since inception. That means Marcellus’s investors would have been better off if they had bought low-cost index funds rather than approaching Marcellus for their fund management. All the money Marcellus had charged since inception for fund management is for doing nothing for their clients.

@anantnarayandash4629 2 ай бұрын

Then why does it still exist today ?

@1902Ven 2 ай бұрын

@@anantnarayandash4629 It has lost around 30% aum in last 1 year which means few investors have lost faith but saurabh’s incredible marketing skill should be the reason behind why it still exist.

@1902Ven 2 ай бұрын

@@anantnarayandash4629 They lost 30% AUM last year. But it still exists because of saurabh's marketing skills.

@AS-mc8sl 2 ай бұрын

Coz he's a very effective snake oil salesman. He follows the law, so sebi can't ban him. But while doing so, he decimates investor wealth. Stay far far away from him....

@1902Ven 2 ай бұрын

@@anantnarayandash4629 Marcellus lost around 30% aum in FY24

@MadhuNatarajan 15 күн бұрын

This is one of best Interview. I say this just because of answers it is also about the questions asked Good job Saurabh and Dhirendra Kumar

@manorakhee 3 ай бұрын

Now good time to top up investment in coffee can portfolio. Valuation has become reasonable. It’s a value buy now.

@kunalkantjain 2 ай бұрын

Yes

@arnabsinha7341 3 ай бұрын

Great questioning by Dhirendraji.

@RDd188 3 ай бұрын

Most of the shares he recommended in news channels & YT people flocks those stock & pumps the share price & in return he gets to boost higher return for his portfolio & collect more Funds for his PMS. He don't earn return on share price profit but on Increase AUM.

@dilipchavan6818 3 ай бұрын

What a delight to watch this interview!. Incisive questions and insightful answers

@sameerdeshmukh6362 3 ай бұрын

only 5400 views?? in my opinion everybody should listen to this interview, both are India's best brains in investment world and one should benefit from it!

@sankarsreekumar4996 3 ай бұрын

🤣🤣

@karmkumar4538 2 ай бұрын

best brains lol , tahts why each and every fund has underperformed

@sankarsreekumar4996 2 ай бұрын

@@karmkumar4538 in such a big bull market it has underperformed, so what will happen when it starts falling

@karmkumar4538 2 ай бұрын

@@sankarsreekumar4996 will underperform even more what else.

@sushilsharma5577 2 ай бұрын

Needs special talent to underperform in a bull market

@sameerdeshmukh6362 3 ай бұрын

I have a question for Mr. Dhirendra kumar, that even after such an indepth study and analysis portfolios created by Mr. Mukherjea underperforme for a fairly long period of time, will not be better to invest in a simple Index fund by SIP ? You Don't have to apply so much head and brain and yet you get decent returns???

@sameerdeshmukh6362 3 ай бұрын

Good insight. As a chartered accountant I think common investors should use mutual fund as a vehicle for investment, rather than investing in direct shares

@Ramakantbembdecosmeticsurgeon 3 ай бұрын

Thanks for nice interview and discussion

@rebohemian 2 ай бұрын

Most of the people commenting here against SM for “underperforming in a bull market” forget that he gave 25% CAGR for his investors for 10 yrs straight before Marcellus. Time and longevity has always proven him right. Also there are no top investors with zero misses in their career.

@dhanusnair4973 4 күн бұрын

Probably you have a good opinion because he is not managing any of your money

@satyanveshi1939 Ай бұрын

I think saurabh's Marcellus company picking style is pretty solid. The way the scrutinise fundamentals the financial analysis, promoter analysis these parameters they check very well. The problem is their valuation technique. I feel most of the stocks when they enter they enter when it's too high or too overvalued. Which is the reason why they don't generate returns. Another problem is the exit strategy, I recently seen they have exited stocks which then later generated a lot of wealth but these guys missed the curve

@user-ro4gf4qi1p 2 ай бұрын

SM has identified max 40 stocks who fit the basic criteria. DK should show him his list of 57 reco stocks. One person is missing something, why include 17 chor. Or why exclude 17 good ones.

@SubashCV 2 ай бұрын

Great conversation thanks

@abhays4964 3 ай бұрын

very nice and informative indeed, thanks to both of you 🙏🏻 looking forward for more such sessions in the future too...

@ValueResearchvideo 3 ай бұрын

Our pleasure!

@vivekshivdasani9521 2 ай бұрын

The two most interesting authors in the Wealth Insight columns are Saurabh and Nassim Talib.

@jayeshkhara1425 3 ай бұрын

Very interesting information Thanks

@ValueResearchvideo 3 ай бұрын

Glad you liked it!!

@shankar167 2 ай бұрын

Truly enriching podcast. Thanks for the wealth of knowledge.

@ValueResearchvideo 2 ай бұрын

Our pleasure!

@swaditi1 3 ай бұрын

Lively interview

@anbesivamkamal 2 ай бұрын

Great questions. This is probably the best SM interview:)

@ValueResearchvideo 2 ай бұрын

Glad you think so!

@1902Ven 2 ай бұрын

Even if markets are not fully efficient, they are efficient most of the time. Furthermore, steep undervaluation amongst highly researched large-cap companies like what they have in their CCP scheme will be rare. Still, Marcellus buys them every time they get new funds from their clients which is evident from their negligible cash positions. This means they believe that these well-known companies are always available at reasonable valuations which seems very strange.

@nishamap8866 3 ай бұрын

Why should people give management fee, to invest long long terms in well known fundamentally good companies. Any Tom, Dick and Harry can investment himself and forget about it, without the need of paying any management fee.

@georgethomas1705 2 ай бұрын

Yes , but do you know when to exit that well known stock..buying is easy timing the buy and exit is tough...hence money. Also do u get access to ptomoters ? They do

@Shrey_J 3 ай бұрын

Should have asked him about selling ITC, I think if he hadn't sold, his portfolio would have been significantly higher.

@sandipghosh9326 3 ай бұрын

Itc has gone up because of news and nothing else. Demerging the hotel business inched the price up, but no improvement in fundamentals and business outlook. I bet anybody will buy the stock now

@Shrey_J 3 ай бұрын

@@sandipghosh9326 they sold in 2021 right before the stock doubled

@manorakhee 3 ай бұрын

True.

@Shrey_J 3 ай бұрын

@@sandipghosh9326 he sold 2021 when price was 210

@sgtpeppers1989 2 ай бұрын

This guy surely can talk well, but not sure if he can give you returns😊

@SanjoyMukherjeesanjoymkj 3 ай бұрын

I thought DK was an expert of MFs, it seems he knows all stocks and stories since inception, what a legend! One complaint, Welth Insights is not anymore downloadable as PDF, only web readable. Why?

@siddarthmohta8504 3 ай бұрын

Comedy

@JishnuChatterjee Ай бұрын

Saurabh da's books are simply brilliant. However, when it comes to "real-life" investing, Saurabh Mukherjea appears to be facing some challenges from the beginning. I would not recommend his fund.

@AS-mc8sl 2 ай бұрын

Dhirendra - this guy is NOT a top fund manager. He's nothing more than a snake oil salesman. You need to get better people if you want more viewership, and more importantly, if you want to make a positive difference in the investing lives of your viewers.....

@nishamap8866 3 ай бұрын

Coffee Can Investing Failed. What happened to your pet "ASIAN PAINTS"

@rakeshsethi4955 2 ай бұрын

I think the stocks are really good but future growth of the stock is limited it's just a bad phase he is going through

@bloodbathy 2 ай бұрын

He is nothing but value invester. Marketing guy not an investor

@maheshmoharir9314 3 ай бұрын

This Saurabh is a crooked fellow do not entertain him so much.

@manorakhee 3 ай бұрын

Any reason ? What action has made him a crook.

@RDd188 3 ай бұрын

@@manorakhee Selling his ideas in public to prop up the price of the share price & every one gets stuck. He runs a PMS not a regular mutual fund.

@RDd188 3 ай бұрын

@@manorakhee Most of the shares he recommended in news channels & YT people flocks those stock & pumps the share price & in return he gets to boost higher return for his portfolio & collect more Funds for his PMS. He don't earn return on share price profit but on Increase AUM.

@RDd188 3 ай бұрын

@@manorakhee White collar crooks are very cunning & sophisticated.

@dhanusnair4973 4 күн бұрын

One thing SM is not is crooked . He is so honest he always gives disclaimers that he is invested in the stock.. if he manages your money and you didn't get returns you have every right to complain. If you bought shares based on his video and they didn't do well, that's on your own head frankly

@vivekbanerjee2530 2 ай бұрын

Absolutely finbrainware with two great brains in finance and for Sourav is a typical copybook elite business analyst. Admire the choice of his words and the rationality of his choosing the clean businesses for investors. Want to invest through sip mode as I am old person from a modest background with an exposure to limited funds to invest, not to loose in the market is my philosophy. Need help from Marcellus. regards

@sameerdeshmukh6362 3 ай бұрын

what is the alpha Mr. Mukherjea is generating after such a terrific analysis over index funds? and possibility of mistakes like Relaxo?

@KC-ge2ui 2 ай бұрын

He's beating the index since inception and exited Relaxo with a 3x exit. Half knowledge is dangerous.