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My guest today is Saurabh Mukherjea, the founder and Chief Investment Officer of Marcellus Investment Managers. Saurabh is one of the most articulate fund managers in India, and today, he lays out a compelling case for investing in the country. We start by contrasting India with China and explaining why China receives all the attention despite the much better results from the Indian market. We also cover the bull case for India, the rise of domestic inflows in India, the Indian bond market, and close with a discussion of the risks and the themes Saurabh is excited about over the coming years. Please enjoy this conversation with Saurabh Mukherjea.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Making Markets
(00:01:05) Meet Saurabh Mukherjee: India's Articulate Fund Manager
(00:01:18) India vs. China: A Market Comparison
(00:01:26) The Rise of Domestic Inflows in India
(00:01:33) Challenges and Risks in Indian Markets
(00:02:17) Why India is Oversold to American Investors
(00:03:59) The Flow of Capital: India vs. China
(00:08:30) The Impact of Political Dynamics on Markets
(00:09:55) China vs. India: Private Sector Relations
(00:11:19) Foreign Direct Investment (FDI) in China and India
(00:13:37) Perceptions of Free Market Democracies
(00:15:31) Media Influence and Market Trends
(00:18:45) The Role of Domestic Investors in India
(00:20:19) Wealth Distribution and Investment Trends
(00:21:18) Impact of COVID-19 on Market Participation
(00:24:16) Regulatory Perspective on Market Growth
(00:24:38) Social Shifts Driving Market Trends
(00:27:36) Angel Investing Boom
(00:28:18) Debt and Corporate Balance Sheets
(00:34:31) The Bull Case for India: Key Themes
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Today, we're replaying my episode with Nik “The Carny” Lentz. It's not every day you talk to a UFC fighter turned trader. And this conversation is both intense and insightful. We start by talking about Nik's journey from a difficult childhood to a UFC career and his philosophy on fighting, parenting, and life. We then cover his move to trading derivatives full-time and his approach to position sizing, risk management, and more. This is a different kind of episode, but one I thoroughly enjoyed listening back to, and I hope you feel the same.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.
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Making Markets is a property of Colossus, LLC. For more episodes of Making Markets, visit joincolossus.com/episodes.
Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.
Follow us on Twitter: @makingmkts | @ericgoldenx
Show Notes
(00:01:39) - (First Question) - Nik’s childhood and how he got into ultimate fighting
(00:08:54) - Nik’s mentality when in the cage fighting
(00:10:37) - Links between traumatic childhood and becoming a UFC fighter
(00:11:48) - How Nik feels about his children potentially fighting in the future
(00:13:29) - Nik’s earliest UFC fights and the importance of storytelling in the sport
(00:21:35) - Insecurity and work ethic, getting the balance right to be able to perform at the top
(00:26:35) - The relationship between drive and motivation and the kind of upbringing you have
(00:28:52) - How Nik got into finance and his first moves in the market
(00:33:00) - Nik’s development of his own investment process and how he manages risk
(00:36:00) - Determining position sizes, when to get in, when to get out. The ratio between Nik’s low-risk trades versus his big swings
(00:38:16) - The similarities between gambling and investing, Nik’s opinion on the apparent lack of differentiation
(00:40:19) - Nik’s advice to young people looking to get started in investing
(00:41:32) - Comparing the ups and downs of UFC fighting versus trading in the markets
(00:43:32) - The process of walking away from fighting and whether Nik thinks he will ever walk away from investing
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