Outlook Business Investment Summit | Sunil Singhania & Saurabh Mukherjea | Debate 

Looked like Saurabh on one side and Sunil and Outlook editor on one side. But he handled pressure with amazing cool. Several time Saurabh has tried to explain the moat of certain Indian businesses like AP and Pidilite in very simple language.

Atleast saurabh share his thoughts process and stock. Sunil is neither doing that and still finding fault in saurabh process

What Sunil is saying has been tried by 90% of investors and 89% of them failed and what Sourabh says,only 10% has tried and almost all 10% made money.What Sunil says needs expertise like him ,but what Sourabh says ,all small investors can make money more than FDs but with safety.

There are plethora of facts and analysis where Saurabh could be wrong. But the way he handled the taunts and on top of that tried to put his perspective was commendable.

Thanks Outlook Business for organising such a wonderful debate.

Sunil is saying that ETF investing is dumb money, of course he will say that! He is a fund manager, his business model is under threat 😄

The best part of this discussion is the moderator is as good as the guests. It made the discussion to navigate in an interesting way. kudos..!!

No fund manager has told to buy steel in futures rather than steel stocks in upcycle. The only person who told this simplified way was saurabh. Whatever the people who are jealous of his rise say - I shall always be indebted to saurabh for making me think rationally.

Saurabh mukherjea probably knows the numbers of pidilite and asian paints more than promoters themselves. Never question that.

It takes extreme courage and conviction to share all your stocks publicly especially when you are a big fund manager like Saurabh as people will be waiting for your stocks to underperform and through stones at you. All others never share their stocks for the fear of criticism when they underperform but they will be ready to criticize others..hypocrites

Can see the trend these days...each n every pandits trying to derail Saurabh philosophy. But its the Saurabh consistency & clarity of thought that separates him from the boys. Anyways, great listening both of them. Thanks Outlook business. Happy Investing !!!

Excellent !!! Great effort by Outlook Business. You should mention Sunil ji and Saurabh Mukherjea name in title

Saurabh's investment philosophy shows in his writings. His books are simple to understand and display his depth of research. This discussion was just a glimpse into the minds of the people running Marcellus. Their clarity of thought is unbelievable.

This is no less than a Heavy Weight championship..we need more such debates..great stuff🔥

Hats off Saurabh, keep rocking

Funny thing is I have find many people who are jealous of Marcellus's AUM. When you know what stocks the other person is holding, it becomes easy to target him.

My bought pidilte at 1600 last year.Chk todays market price.Saurabh sir is true genius

Saurabh’s philosophy, knowledge and analysis can beat anyone and same happened this time too. He is teaching all of us how to earn money in stock market by investing in high quality company and not by betting on low quality and PE stocks. Thanks Saurabh sir !!!!!

When Saurabh speaks everyone understands because he brings examples to strengthen his views and which eventually help common investors to study these companies before investing and mostly whatever he has suggested so far 90% of them did phenomenal return.The latest was Fine organics🙏

Many ppl are jealous of Saurabh's AUM growth over the last 2 yrs!! Clearly visible in this discussion!! And also check the venomous tweets from ppl like Shankar Sharma and safir!!

Many fund managers are attempting to prove that Sourabh's investing philosophy is wrong & not sustainable. .I could sense envy.... proves he is doing it right...Sourabh & Team are doing great job by simplifying the process/thesis/reasoning and also naming companies on Public platforms. Many retail investor's have benefited from his wisdom. Its also a effective marketing strategy.. innovative... People at the top in any field always hate democratization..

We want this type of discussions more...It was fantastic to watch both of them. Lot to learn 👍

this debate made me build up 3x more faith and confidence on saurabh mukherjea's intellectual property. great conversation.

Amazing way of handling pressure Saurabh by using intelligence and depth of knowledge...hats off to you

Around 56.40 Fund Manager Sunil is saying he doesn't read book and write either, so question is if he doesn't read book why many books are behind him? As a only show wall? Sourabh Mukherjea is highly intelligent in a simple manner...

Saurabh mukherjee,Sir You are absolute genius on earth.No one can compete with you.People just dont know the kind of indepth knowledge you possess and have useless debates.Its my advice to you if u got to read my msg..Either stop having debates with people or plz find someone on earth who can have the competence to sit infront of you.

From regular profit perspective, Saurab's technique works well, but for a portfolio which wants to take every possible opportunity of mis pricing in the market, Sunil's examples holds good. There are investors who target only 1 specific sector. There are more sophisticated machines like quants run by data scientists and behavioral scientists, which make average 50% growth every year. The fact is there are numerous ways to make and lose capital in the market. It is for us to decide.🙏

Marketing karo toh Saurabh bhaiya jaisi

SM is humble n grateful. Other guy is arrogant. No insights , no examples.

Sunil looked hesitant to give names of stocks that he is invested in, whereas Saurabh was bold enough to name the stocks and debate on it.....Sunil sounded frustrated...

Mahalaxmi you are just fantastic. U asked excellent questions & made superb counter arguments. one of the best interviews in last 5 years. Thanks a lot.

Good discussion. I would respect the great views of both. Sunil's experience and Saurabh's philosophy brings us to the reality of this game

Saurabh was absolutely brilliant.....by praising SS he actually made an ass of him. Sunil proved himself to be an egoistic and insecure person. Mahalaxmi did a great job.

Watching after 6 months and realized how sunil was absolutely correct on valuations perspective. You should not give any PE to good management company irrespective of how its growing its free cash flow. If you invest Asian paints and pidillite at this level, they might give you normal nifty returns for next many years. I would suggest to pick Saurabh's midcap and smallcap stocks rather.

I think the moderator should have maintained a neutral stance. Two investors can have different styles of investing and both can be right!

As much as I respect both of them , Sunil is no match for logic, clarity and vision ( which are displayed by Saurabh). Sunil seems more of the setting sun - knowing the time has come to hand over the baton to others , reluctantly so !

I was waiting for the point Saurabh used to tell when tax waiver was announced...how these companies like asian paints would get that additional cash for reinvesting which would turn into a snowballing effect propelling more and more growth. Would have been a befitting reply. Somehow got missed.

Sunil should disclose stocks he is invested in and fundamental reasoning behind these stocks.

Mr Saurabh . At 40.00 you hit the nail on head when you tried to explain on the “exceptional franchises “ .Hope the viewers will get the importance of this.

SS is showing his ego.. SM is awesome.. SM advice is relevant for small investors.. SM openly discuss his stocks... Great boss

saurabh has way better research on industry and full of conviction show in his success but sunil are like basic of building block without that every investor is fail. thanks you to outlook business for such good debate.

My only point is why can't any PMS Managers can describe their investing process as clearly and as simply as Marcellus does. They make investing complex. While its very easy to get 15-20 % CAGR from only investing in champion franchise.

Excellent debate! Worth the time, both the panelists have strong views on their investing styles! Only time till tell who will be the eventual winner!! Thanks Outlook for organizing this.

Saurabh you are a champion. you are so modest, so calm even in pressure situation. Best of luck !

The fact is 80% of screen time was with Saurabh. Its highlight how much everyone likes to listen him. 🙏🙏

This started so well with the challenges of comparison of PE between two companies in similar peer group: Quality of Earnings, Corporate Governance and Capital Requirement. But Saurabh is skewing away again and again from the point that the PE is obviously justifiable if their is growth backing it up. Super interesting points by Saurabh no doubt, it's just that a lack of structuring the argument is felt across the debate.

Thank you, Maha Lakshmi, for bringing in such a good debate and moderating so well. You are equally knowledgeable as the panel. It is a great learning video on different styles of investment and what to watch out for. In the end, investment goals, risk appetite, and time horizon drive the approach.

I have seen this happen before. When markets are at peaks, debates rage on relevance of P/E. When markets decline to nadir, nobody does a debate on irrelevance of P/E.

Singhania saab ka abakkus ka pms mostly investing in doubtful companies n lalaji mgmt...thts y i cud see him defending things like company mgmt n all of small n midcaps is not bad n gettin frustrated many times...all abbakus pms companies r visible online on trendlyne easily n u people can easily see wat type of companies he investing in..most r very high risk high return.... Saurabh sir u keep doin ur good work n educatin people...u rock!

Its really great to hear both.Lot of learnings.... specially regarding high pe companies...Basically the earnings growth is the main point to remember but at right valuations.

Nicely done... both have made their points..every investor has different view and different characteristics. Circle of competence is important.

Don't know who said pidilite gave zero percent returns after that income tax waiver date. It was trading close to 1500 at the end of that day. Now it is trading close to 2000. More than thirty percent returns :-D

The economy hardship, recession, unemployment and loss of job caused by covid pandemic is enough to push people into financial ventures.

Now a days Fund managers are so much jealous of Saurabh Mukherjea. Saurabh Mukherjea always advocate for good and trustworthy management and he invested in that companies. But Sunil never disclose any company and most of them with shitty and Doubtful management.

Excellent conversation 👍. Enjoyed a lot. All are genius. Thanks for sharing ☺️

Great conversation. So much to learn. My admiration for Saurabh has increased post this video. The clarity in sharing the concept in a structured manner is so admiring.

most of the comments are in favor of Saurabh, but what sunil mentioned is correct and these high PE stocks will most likely disappoint in coming decade.

near 58:25 , a little of what saurabhji have said is trimmed. not sure what is the reason for that?

This was one and only session where Mr.Saurabh was questioned or disagreed to such a level . Treat to watch both greatest fund manager at a same platform.

This was a great debate/discussion. Thank you

Veteran fund managers are not able to digest Saurabh's success...At the end of the day investor should get the returns and Saurabh is producing the same..PE is important but when when you have niche product...Monopoly market then the valuation of the company will always be high...High PE with High growth is anytime better than low PE with low growth...Rest they all are genius and we retails will always get trapped🙏🙏

I really admire saurabh for his incredible knowledge in stock markets and he was so clear in his philosaphy. He honestly shares what he buys and the conviction. One such example before my eyes is Alkyle amines ans what a stock and what an analysis from you

The Moderator is awesome. Brilliant questions throughout the session.

While not completely agreed on SM's investment style, I find it completely ridiculous the kind of hated( envy, jeolous ?) towards him from most of other fund managers and it seems they ganged up to continuously attack him, mock him. Well may be because this is a guy who came to India not many years ago, wrote successful books, manages one of the biggest PMS fund, has a cult following and all these with a simple strategy that is easy to understand. And most of others have been really involved for 20-30 years, twits hundreds times a day and lags far behind. You may not make multibagger returns in a short time but with his style definitely make more than good returns over longer horizon aith piece of mind.

Looking forward to more such interviews with contrary views.

Aggressive investors can go with Sunil and conservative to minimal aggressive can invest in Saurabh's fund.

Excellent discussion. Experience vs New age outlook

Wow that Sunil guy doesn't know shit. I went to the NSE website and checked pidilite, reliance industries and Asian paints (the market leaders then) stock prices over 20 years. Each one of them from 2000 to 2020 has given around 24%-27% avg return. They are still market leaders and I believe they still will be in the upcoming years. My money is on them!

Nice debate guys .. irrespective of returns of these two portfolio managers , I enjoyed arguments for two different ideologies in investing

This is a great initiative in indian market where we are given a chance to understand the thought process of industry stalwarts. Hope to see more of such debates in future

A session on number crunching is much needed.. I love Saurabh's view and the companies that he comes up with but Mr. Singhania is a veteran who is a bcom graduate, a CA and a CFA and I don't think Saurabh can beat him at number crunching.. infact the moderator is challenging that the only company that grew by 20% XIRR is HDFC bank.

The fact that most of the retail investors love Saurabh Mukherjee's habit of sharing his ideas and explaining the reason for buying those. Is pertinent enough to conclude that there is alot of sheep walk happening cz all the retail investors want is to get free idea's without doing any hard work of their own. BEST STRATEGY FOR FAILURE !!

Nice debate. 2 different strategies, time will tell which one proves to be correct. But india definitely has a shortage of good quality companies and hence too much money tries to chase too few stocks bidding up their multiples.

Great discussion I have ever watched. Really, worth watching.

Beautiful insights..My portfolio is full of these champion franchises Saurabh discussed in this video and I fully agree with his viewpoint that till the underlying business of these great companies is firing all cylinders, then their PE values have no meaning.

Thank you for bringing together leading minds of investment.

Saurav is a modern day investment thinker machine, is for sure. Thanks for Great debate, Sunil ji.

Asian paints share price has consistently grown by upwards of 25 percent in the last 5 years (not counting current year ofc).

Mutual fund managers are really getting scared considering amount of wisdom shared by saurabh free of cost which is helping retail investors to do self investing and make better returns

Thoughtful. Its a high standard debate and discussion. Both of them have put their best. I feel both are right with the examples they have put. As a audience they shouldn't be compared against each other saying who won at the end but should be proud that we are able to hear their knowledge and experience in just less than hour.

Thoroughly enjoyed.... Personally speaking, I have gained confidence, insight & money watching SM's interviews.

Sunil misses the massive margin expansion which has happened at Pidilite and Asian Paints.

A debate between a long term investor and a short term trader!

A good healthy discussion. Thank you.

Saurabh sir . please gift your all books to sunilji 😁

I have a great admiration for Saurabh. However, as a smart investor we need to take Sunil's viewpoint into consideration as well. As much as I love to invest in great franchisees but I also consider at what valuation I am buying any stocks. Yes, this is true that in India you can't find great companies which is moderately priced but that doesn't mean I should go to an extent of buying a great company with a PE larger than 100. Otherwise we risk margin of safety.

In my opinion Saurabh's investing style should ideally lead to low volatility moderate 12-15% returns over long term, it is meant for people who want to protect their capital from drawdowns. He is benefitting from short term outperformance.

40:15 most important point

If you watch this debate today, Sunil's experience and subtle points makes sense

Good discussion and hosting - Sunil point on duly considering future growth and higher P/E ratio has to be forming part of investment is well taken. Saurabh view also appreciated. But quoting names helps individual investors and support such companies too- very similar to nifty and etf : can cushion fall Fall can impact both segments. Going by the breadth of comments and discussion- this view also came up

I really enjoyed this discussion. I would have liked Sunil to elaborate more on his investment philosophy but he and the moderator really asked pointed questions to Saurabh. My takeaway is that I'm convinced that the role of a good investor is to come up with superior judgements about the future keeping in mind provisioning for negative possibilities that can materialise. No investor can predict the negative possibilities so a margin of safety is doubly important. There's always a chance that negative possibilities may never come to materialisation but conservatism is still prudent in valuing companies. Can a moat be so strong that I'll pay a 100 PE for it, yes, but I don't see such franchises in India maybe they exist I don't have the skill to identify them and nor the skill to select those fund managers who can identify such companies for me.

This is the beauty of market😊😊. Different person have different opinions. But always remember Markets are always right whereas opinions are often not😉😉.

This was a good discussion ...agree or disagree . People keep learning about investing and no one is a master . Until you are a thug life Rakesh Junjunwala.

Business model is more important than any parameters like pe 🔥

Great debate! Very valid points raised, like Saurabh's point about free cash flow and Sunil's about earnings/sales growth. Saurabh rinses and repeats the same points as in all his other videos. The question is whether that is making people money over the long term. At the same time, Saurabh's point about shares being stagnant for two years does not seem applicable for a long term investor.

Please also read the paper written by Abakkus on Quality Bubble. Very insightful.

That's how you do debates. Superb stuff this. 👍

We will have to wait for at least 3 to 5 years to find out who's right and who's not?

Lovely meaningful discussion.. great insights

If one reads the report which Sunil mentions and reads the work of Saurabh & Team. It is difficult to negate any of the work, the element which causes view change is on what belief you forecast the hard data. One strong reason for share prices of companies being discussed has gone up from 2014-15 is due to money being pumped by both FII and DII in top 100 companies. Also, now because of liquidity share prices are further up (Retail leg helping a bit in covid). Marcellus does talk about start of capital cycle, but this cycle has been modified by regulator (RBI), so in effect the capital cycle natural force has change. All smart people out there, read BHathway annual letter for year ended 2020 Dec and compare the message to HDFC mutual fund, FT and RBI outlook (from bulletin). If you want to really learn and you can connect the dots, you will be way ahead in atleast compounding your knowledge...... Cheers from a humble learner....