Money Masters | Saurabh Mukherjea Exclusive | Podcast

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  

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

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