ConneXions | Webinar 03 | Diamonds in the Dust with Mr. Saurabh Mukherjea and Prof. Sanjay Bakshi
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- เผยแพร่เมื่อ 24 ส.ค. 2024
- ConneXions | Webinar 03 | Diamonds in the Dust with Mr. Saurabh Mukherjea, Mr. Rakshit Ranjan, Mr. Salil Desai and Prof. Sanjay Bakshi
Over the last few years, there has been a growing realization among Indians that their life’s savings, the bulk of which are parked in physical assets like real estate and gold, are unlikely to help them generate sufficient returns to fund their financial goals, including retirement.
At the same time, many have lost their hard-earned money trying to invest in financial assets, including debt and equities. Such losses have occurred due to many reasons, such as corporate frauds, weak business models and mis-allocation of capital by the companies in whose shares unsuspecting investors parked their savings.
What options do Indian savers then have to invest in, and build their wealth?
In this webinar, through the lens of Saurabh Mukherjea’s, Rakshit Ranjan’s and Salil Desai’s new book, ‘Diamonds in the Dust’, they, along with Prof. Sanjay Bakshi discuss simple, yet highly effective, investment techniques to identify clean, well-managed Indian companies that have consistently generated outsized returns for investors. They will discuss case studies and charts that help learn the art and science of investing. Lastly, they will try to debunk many notions of investing that have emerged from the misguided application of Western investment theories in the Indian context.
#investmenttechniques #SaurabhMukherjea #SanjayBakshi #FLAMEUniversity #FLAMEInvestmentLab
Lovely spirited debate. Very different from the other interviewers who don't challenge what Saurabh says. Able to build my conviction more, listening to him
True.. so many questions which I had has been brought out
Saurabh is again being at his absolute best here. The moment the discussion meanders into complexities, he steers it right back to simplicity. The amount of lucidity and clarity he brings to even highly technical discussions is a pure joy. This man is not just a genius at investing but has outstanding communication skills as well.
What is ur view now..with all his portfolios ground to dust..and he is losing clients like hell
Remaining parts of video are similar to saurabh's other interviews. Important ones are here:
30:56 1st method of PE multiples valuation
32:35 2nd method
35:11 If we pay High multiples then returns will be low
37:24 What point will PE be extreme
39:09 What if FCF are not yet in the company. Would you invest, EG: Relaxo in 2011-12
43:50 If company does capital allocation mistakes after we own it.
Commenting for visibility.
thanks mate!
Thanks
Thanks
I think professor bakshi is wright, by buying company at higher multiple you are saying that this company will perform well for 20-30 year(earning longevity/terminal value) but in real world where life cycle of company are reducing and competition increase in some of sector, (high probability)this company's return on capital will reduce and their multiple will derate, so long time or price correction can happen. For more context see SOIC valuation.
This is the first time that I have ever seen an occasion when Saurabh really had to sweat to try and convince a value investor who is equally lucid and erudite as he is. Great discussion.
Trust in Saurabh and the Consistent Compounders. It is magical in the sense that it actually works.
Both went to lse. Fun fact
I have a lot of respect to both parties- Prof.Bakshi and the Marcellus team. Is it just me or others also think that Prof.Bakshi was being argumentative and attacking the Marcellas team and the book? It seemed like Prof.Bakshi was envious of success of either Marcellus’s fund or the book. My respect increased for Marcellus and Sourabh
In the whole investment fraternity, Bakshi would be the last person to be envious of them.
Nothing like that
The whole conversation is incomplete. When you bring two knowledgeable people like SM and SB, allocate more time for meaningful conversation. 50 minutes not enough.
SB was in a hurry to ask his questions. As a result at some places he interrupted SM unnecessarily. For debate it is better to have someone else as a moderator. Questioner and moderator must not be the same person.
Try to conduct a debate between them on PE, valuation for 2 hours. It will be a treat to watch and learn from 2 best brains.
Thanks
Well said. Exactly my feelings.
Grt session by saurabh. I think investment style, attitude in industry and education too has to be reformed. Agree with saurabh tht professor need not to be in fight with saurabh but has to understand real experience & new way of investment. Learning is must at every level irrespective of positions we held. Grt session 👍
Amazing point of views by Saurabh...Big salute to Saurabh for making it easier to all of us as retail investors
We need part 2 of same interactive session of Marcellus team and prof.Bakshi 👍
V good tuning
Agreed. Part 2
Asking good relevant questions is important for a classical debate like this. End if it, the investors stand benefitted.
Thank you Prof Sanjay Bakshi for such an insightful session with Saurabh
What a debate this is very interesting to see 2 intellectual debating , i learnt many things from this
30:45 Saurabh to Professor "Professor don't indulge on this, nahi to sari zindagi PE multiples karte rahenge" 😂
Rofl. First ask a provocative question and then say make the explanation short. Sanjay Bakshi or Rajdeep Sardesai?
simply execptional at that moment. #hatsoffsaurabh
Thanks for the fantastic debate and for the art of handling questions. Saurabh closing remarks were top class.
very engaging discussion! One of the best for Saurabh da!
This conversation between Mr Bakshi and Team Marcellus reminded me of Economists vs Investors (RJ ) 😂😂😂😂
BTW Professor Bakshi is also an investor
@@CharlieChaplinVideos We not aware of his success rate in rational period of 5 to 10 years.
Sanjay Bakshi-awesome-respect Sir
Very healthy n insightful session with good debates on both sides...plz keep more such webinars
21:26 Rakshit Nailed it, with the reply on why consistent compounders ?
i wish i was the part of the group chat with saurabh and team after this interrogation. love mr mukherjea, hes too good
Mr Baksi grilled Saurabh like no other. awesome
A >3hr session with prof bakshi and saurabh pls
Saurabh - The OG!
book recommended -
william - the outsiders
warren buffet the making of American capitalist
people money by john clay
It would have been great if Prof. Bakshi would also have contributed his point of view that if he disagrees on something with Marcellus then what mental model he would have gone with, what strategies he would have used in investing and what kind of businesses he would have accepted or rejected in his list. I feel that would be a great insight from Sanjaybhai Bakshi Sir.
Its hard to corner saurabh even minus his research. He was top analyst in india for 3 years straight. Those people can think too good on their feet.
Why to ask questions if the intention is to not understand or learn . This was never a political debate .
Real Men bought 6 3bhk flats in lower parel "Saurabh can poke sarcasm at you with such a straight face"
This video needs to be watched twiced
Pe is irrelevant, cash flows are relevant but expecting/predicting the cash flows of these companies for the next 25 Yrs how justified is that ???? In the age of disruption in every business looks extremely difficult
That's the only billion dollar question
Their point is that going by historical nuances these companies are the disruptors and the paranoid thus they keep reinventing at the wheel
Ishmohit recommended this. Great as always 🌷🙂
This was superb. Loved the session. Great questions and great answers.
Great to hear the discussion...it brought lot of learnings
Prof Bakshi asked a great question to Saurabh - what is the price at which companies become too expensive for you? This made him give an answer (linking future FCF growth to current multiples), and it turns out that it is just that they are following a different valuation technique (whether right or wrong is debatable).
Good to know that they too have a price at which they will consider a stock to be too expensive, which is something that doesn't come out in their "you can buy xx company at any price" marketing :)
Their highest limit is around 250 PE bcoz for 25 years if a company can compound at 25% implicitly PE will be around 250 😂
Prof Bakshi bang on in his question about the frame work..
Why is stupid professor interrupting these stalwart talking about time, no wonder ye prof gaali khata hoga students se. We have all the time in the world to listen to these gems.
This was like in the movie 3 Idiots, Professor Virus vs the 3 Idiots.. fascinating grilling like a final year viva, Marcellus passed with flying colors.
This guy was questioning everything, as if he had pre planned to do so. The guy is quite arrogant and wanted to take the limelight. But fact is he is the interviewer and not the interviewee. So relax Mr Finance
Very Nice 🙏 Thanks
If possible do it in Hindi for Indians.
Sanjay does any listed equities investing or just teaching ? I mean, one can preach something and everything..even philosophers do that. Just curious if he claims to know so much, maybe he dont know how to implement it and convert in the form of returns
Dont take offline discussion prof Bakshi ji of your differences
Let us also learn and become wise with u and Marcellus
I admire both the sides ☺️👍
@1:00:00 What to look for in the annual report?
I think professor bakshi is wright, by buying company at higher multiple you are saying that this company will perform well for 20-30 year(earning longevity/terminal value) but in real world where life cycle of company are reducing and competition increase in some of sector, (high probability)this company's return on capital will reduce and their multiple will derate, so long time or price correction can happen. For more context see SOIC valuation.
If we think also to apply this market would be one sided 🤪
Bakshi saab Mukharjea saab ke purane dost lagte hain tabhi dominating way mai behave kar rahe hain. Anyway relevant questions.
No offence to the Professor but he seems to have come to the table with a predetermined mindset which is detrimental to any interview. Some good questions but the arrogance of an arm chair expert shines through.
Constant interrupting exacerbated his terrible interviewing (lack thereof) skills. The Professor seems to forget this isn’t his mba class. Saurabh & Team have proven track records. To that extent, the Professor was required to guide and modulate the discussion rather than attempt to beat them with his academic hammer.
Saurabh & Team, class act as usual.
Professor Bakshi is no armchair expert. He has been managing funds long before Saurabh. But I agree on the interruptions, they could be avoided. It's felt hurried.
@@z2zugzwang prof 's fund perf is terrible.If he is so good he would be in the other side of the table
at 36:26 what exactly did saurabh say, divide what by what
Price to FCF ratio
When did Berkshire buy Microsoft?
Even I am clueless
Instead of Amazon, he said Microsoft I guess
Yup
Marcellus PMS returns are less than sensex !!!
19.51 sanjay Bakshi thug ife
19:50
For all those wondering about Prof Bakshi being questioning, this is the way of academics. Everything ought to be questioned and rigorously analysed before being accepted. Thats why academics produces the purest knowledge. Its nothing personal. All serious academic seminars are like this.
Big fan of fundoo professor 🙏
the time constraint was a problem here
MASTER OF ALL PROF. BAKSHI
1:01:45 - "How to build a raft" lmao
Marcellus are hopelessly trying to sell Silver at the price of diamond.
please explain,have u invested in their pms schemes?
@@Chronos867 why would he!!
Professor looks like taking a Viva of a Kid, who has harrased him whole semester.!
Band baj gya Bengali pocha ka 😂😂maha aa gya...
Bakshi looked very arrogant as his he is mr know it all..not tru..specially mts..he was denigrating saurabh..i didnt like his tonw
what kind of a professor is this interrupting continuously, arrogant and dodged the explanation on why Warren bought micro and apple stocks in a later stage.the most disgusting interview. such teachers don,t get the love of students.
Yes, 1st comment 😂😀.
This Sanjay guy is smart but he needs to chill the f out.
Saurabh is a fraud and he just use data according to him and try to make the data is true.
He is the best sales man than an investor.
Do you have any reason to believe? Is there any for such allegations?
Undervalued at 100/PE 😂..Guys, seriously lets not insult basic intelligence
Do you think 60 PE is also overvalued for any company?
@@sudheerk67 In my view, yes ..And all this talk of companies compounding earnings at 25 per cent for 25 year to justify bubble valuations, is again projecting too much into the future .
@@adarshkumar37 You didn't answer the question! Anyway, PE of 10 is cheap for any company? No right?
Work of fund manager is to assess each company in the portfolio and able to visualise the earnings growth for next few years. It is obvious that nobody can project that with 100% accuracy. Investment is a game of probability and not of certainty. And that is why we do diversification. If a PE can decide whether a stock is overvalued or undervalued, anyone with basic mathematics can start buying stocks. To hell with the fund managers!
@@sudheerk67 Valuation can depend on multiple yardsticks including EV/EBITDA, Market Cap/FCF, Enterprise Value/Net Operating Revenue etc..Also the market cycle, if its a cyclical company ..But if your premise is 25 per cent FCF compounding for an imagined 25 years justifying infinite valuations, good luck with that ..
question was ' Do I find 60 PE overvalued' ..I said usually yes . That's an answer ..
.And yes it is reductionist false equivalence to say that since a company needn't be cheap at 10 PE, it needn't be overvalued at 60 PE..As for earnings growth projections, yes but forecasting far into future offers little margin of safety ..You could do that ..But ' not my circus'