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- เผยแพร่เมื่อ 18 ส.ค. 2024
- Catch Saurabh Mukherjea, Founder and CIO Marcellus Investment Managers and the author of 'Diamond In The Dust: Consistent Compounding for Extraordinary Wealth Creation' in a candid interview with R. Venkataraman, Chairman, IIFL Securities Ltd.
Key Points from the interview:
• Writing is a key aspect that I learned as a sell side broker. In the sell side, we have learnt that institutional investors who invest for the long run make much more wealth than the ones who are trading and speculating regularly. We realized that there is a massive opportunity in India to be a patient, high quality, long term ‘buy and hold’ investor.
• We measure management quality by assessing 3 key elements. First is the integrity of the promoter, their willingness to ensure that the company’s money stays with the company and not in financing their Kabaddi team or Volleyball team. The second aspect is being able to think rationally on a consistent basis. Staying level headed during times of despair as well as euphoria. A company’s ROCE is a good measure of the second element. The third and the hardest element is the ability to work very hard over 10-20 years to build a franchise where competition can’t beat the company. There are just 40 odd companies in India whose promoters pass all these 3 criteria.
• There are several good quality MNCs who have low reinvestment rate of FCF but pay healthy dividends. Hence, they are unable to provide benefits of consistent compounding. Reinvestment rate of 50% or more enables growth and consistent compounding of the FCF.
• Investors should stop sharing at the share price. Value lies in understanding the company’s fundamentals, whether its topline, bottomline and FCF are growing or not.
• Nestle’s FCF compounding has been ~15% across the past few years. After Suresh Narayanan joined Nestle India, company’s reinvestment rate and capital allocation improved significantly. Castrol could have repurposed their distribution to grow faster.
• Great Indian companies have repurposed themselves and built monopolies.
• It is better to invest in the underlying commodity instead of the commodity stocks
• Look for companies having strong barrier to entry. These include TCS, HDFC Life, Asian Paints, Bajaj Finance.
• Of the current IPOs, 1 or 2 will be long-term compounders. But 80-90% will fall by the wayside. We are watching couple of new generation companies getting listed. We will watch the second aspect of assessing promoters during the IPO period and capital allocation before deciding to invest.
• Why is extreme focus on Price to Earnings damaging?
About Saurabh Mukherjea:
Saurabh Mukherjea. Saurabh is the founder and Chief Investment Officer of Marcellus Investment Managers. Prior to venturing out on his own, he was CEO of Ambit Capital. Aside from having an illustrious career in finance, Saurabh has managed to carve out time from his very busy schedule and written no less than 5 books on investment, with Diamonds In The Dust: Consistent Compounding for Extraordinary Wealth Creation being the latest.
#SaurabhMukherjea #venkatchats #consistentcompounding #diamondsin thedust #Castrol #AsianPaints #Nestle #investing #Castrol #IIFLSecurities #Marcellus
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Venkat sir interrupts too much.Next time please let the Legend Saurabh Mukherjea talk in a flow
I was also thinking same but later I thought it's good to chalenge the strategy of others to get more insights.
I think Venkat should change his body language ..those were cheap laughs and unwanted. When you bring in someone who has a proven track record, learn something from them to improve IIFL performance. Learn to let guest talk, no need to show your knowledge because your IIFL shows how good your performance is.
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Mr Venkat, if you are reading this, please learn how to treat guests and please don't interrupt so much.
A true character comes out when you are challenged...... More respect to Saurabh Mukherjee..... He is empowering the retail investers of india
Venkat is childlike 😄 Save him in front of the maturity of Saurabh 😆
These Babus should feel blessed that Saurabh is explaining in so much details - all for free by the way
Tomorrow they will try to put thee new learnt tricks into their portfolio and then get frustrated because they will realize they have to also study, analyze, interview/discuss with lots of people before investing and find those free cash flow generating companies.
Reaction will be let’s go back to P/E 😃
Sourabh is such a gem in India investing 🙏
What companies need is a passionate management team with a willing Ness to learn about numbers to and seek for knowledge with an open mind.Mr Saurabh is nothing but a byproduct of this.The companies of today seek wrong people who just love the post and don't love the task that is given to them and have a lot of egoes and Venkat is an example of it. I love the passion with Which Mr Saurabh Mukherjea teaches not only stockmarket but the basics of finance with such honesty.Mr Saurabh is a perfect finance professor in the making
such a nice interview...so real and clear understanding of market Saurabh Sir.
I am surprised that the chairman of IIFL doesn't understand the basic things of dhandha. Such a pathetic recruitment it must be to have such person at this level. I understand much more than him.
Amazing analysis by Saurabh always enlightening on investing journey 👍🏻
0
learn how to take interview Mr Chairman
He is so bitter but truthful on his comments...Noone tells you these things.Thank you
Venkat sir represents those category of investors who are living in 1980s in their mind. You can see he is so hard to change least even listen with an open mind. Castrol ke zamane ke hai because they don’t study hard enough these days
Guys, follow Saurabh Mukherjea blindly (also read a lot including the books written by Saurabh) and you will see the wonder it does to your portfolio. My portfolio is an example
This R. Venkatraman Sir couldn’t even properly frame his question in English or even in Hindi was making the star fund Manager Sourabh Mukherjee loose his cool …but well done Sourabh M Sir giving fitting reply
What a fantabolous conversation! Really its a priviledge to listen Sourav Sir's deep thoughts and conviction on the approach of investing. Thanks to Venkatraman Sir.
it was a great chat and again a silent war over the basic investment ideologies.
Sir...you are quite aggressive with guest. Many times you interrupted Saurabh when he wanted to speak. So poor. I hope you improve.
Venkat broker ka phad diya ..😂😂😅😅😅
Somehow venkat did not have manners and did not let saurabh talk while kept interrupting him
I have to punch the like button as soon as I see Saurabh MUKHERJEA in the thumbnail....so lucidly explained.
The host should stop interrupting Saurabh every 10 seconds !!! Atrocious !
Anchor is not letting saurabh speak…
venkat is a pathatic host ...🙂 just interrupting the legend
Saurabh has shown the tangible difference between the two companies - IIFL and Marcellus.
Mr. Saurabh could have mentioned a few more stocks. Always the same set of names nonetheless he is the shining TITAN in the universe of stock market investing.Such versatile teacher you are, Saurabh!
Anchor knows more than the guest seems 😂 really hated multiple time disturbances on the point Sourav was trying to make.
Venkat sir,super questions.
IN MY OPINION, VENKATRAMAN DOES NOT KNOW HOW TO TALK WITH A INVESTING LEGEND LIKE SAURABH . ALTHOUGH VENKATRAMAN IS CHAIRMAN , HE TALKS LIKE A DRIVER; NARROW MINDED JERK.
Who is this guy... so much knowledge and his concept about market is so clear
Saurabh mukherjea is excellent
So much of learning. Tysm. you both are super busy in work n life still pullout time for dis..
Thanks a lot for video
Excellent talk 👌
Excellent analysis by Saurabh , well explained
Greatest,idea for not investing in IPO. Let the prove themselves they best and then invest. I also following the same idea as Warren Buffett's doesn't invested in IPO.
I LOVE SAURAB 🙏🏼
Great well structured thoughts
Excellent 👌
@ dear Anchal- after introducing Saurabh mukharjee; you said... without wasting time....( Introducing Saurabh was a waste of time?)
How to deactivate / shut iifl dmat account, none of call centre or RM giving any reply.
Darr lagata h Saurabh Mukherjea ko sunane me...reality check up kara deta h..
Awesome
By the way great conversation.
Sourav team Hdfc. Pedilite. Asain Paints. Gmm. Titan. Etc. Fixed stock.
He doesn't have any idea other than what you mentioned...
Phenomenal Questions Rajmouli venkataram sir,Your company IIFL SECURITIES is phenomenal
Taklu made a mess of interview..unable to spk a sentence oroperly..sack him..
The interviewer is very confused..not a good interviewer
Why do not allow Saurav to complete what he is saying only interrupting in between
Akkad math........jab market crash Kay bolagay......humbee dekaygay..
Great conversation, good though leadership from mukherjea, very practical questioning from venkat. Liked both the angle
Beautiful Saurab
Top class
Asian paint
Titan
Pidilte
Nestlé
Good questions. Good answers by Saurabh but I wonder if his real portfolio actually ONLY follows these concepts. If so, he will underperform the market in short to medium term and by then most clients will likely lose their patience and leave. He may make more money in long-term, but will the clients stick around in that hope?
His portfolio took 10% drop during covid crash no one companies that time so now they won't..
@@subrayahegade2468 only 10% drop in Covid fall...that's great.
Good that his clients didn't leave. Shows their trust in his investing approach.
@@hjag1019 that's what I am telling...he is cutting down volatility and giving them good sleep....when it took only 10% drop why they will complaint now??
@@subrayahegade2468 👍 true.
@@hjag1019 Bro Your comment is taken on Saurabh’s latest interview…. See the video of “B Wealthy”…. At last part of this video your question is taken by anchor…
Aapka iif sec kab badega sir
Lovely RS, in logo ko itna kuch pata hota hain, par khud ka stock dekh lo
voice prob
IIFL does not qualify by Saurabhs criterion...Venkat ലോകേ ലൈക് a ചൂഹ
Vengad made a mess of interview..he was all over the place .remove him..and bring someone else..this guy needs to be taught the art if interviewing
Is he investing in iifl sec
no chance
Thanks to Venkat for arguing and bringing out the best from Saurabh.
Kesi barah baja raha madhu kela, basant maheshwari, sunil singhania ki. Sab ek dusre ki le rahe hai
Pls speak hindi
There are so many interviews Saurabh gave in Hindi. Please look for the same. They can't change the language used in this video now!
Mr. Venkat is dumb or what. What a dumb question is keep asking "How long is long" and Saurabh sir answering them all such a nice way still he is not listening. He is chairman of IIFL. Now I know why IIFL is not doing well. And he interrupts too much. Very bad. I could have not watched it if it was not Mr. Saurabh Mukherjea.
Dear Sir, we would like to understand more about the problem you're facing. Kindly share your details with us so we can reach out to you. In the meantime, we can assist you on IIFL Help or you can write to us at cs@iifl.com stating your concerns.
^Amruta
Haay re. I'm talking about this video conversion. Why are you behaving like a dumb now ? 😐 You all are same !!!
Is je Saurabh Mukherjee or Mukheraja?
Why the hell SEBI is not taking action against him. Indirectly he is saying past return are guarantee of future return.
There is no guarantee of future, but he is logical in every sense