The word "junk" has done high-yield bonds no favours. Most Indian investors have never owned one, and the name alone is enough to keep them away. But a junk bond isn't a bad bet on a bad company. It is simply a loan to a business with a lower credit rating, one that has to pay a little more to borrow. That coupon keeps arriving whether markets are calm or panicking. And if the company does go bust, bondholders queue up ahead of shareholders to get their money back. Then there are the "fallen angels": fundamentally sound companies downgraded to junk, whose bonds pension funds are forced to dump, often below fair value. Think of them as the Rishabh Pants of the bond market. Dropped from a format or two, but the talent never left, and they are twice as likely as the rest of the junk market to win their place back. In the latest episode of The Biggest Questions in Finance, Saurabh Mukherjea walks Ishaan Chitale through how this asset class works, and why, for anyone compounding wealth over 20 or 30 years, the lesson comes from cricket: Sehwag wins you the odd match, Dravid wins you the series. Watch the full conversation: youtu.be/BbJIFY-buuA

The Nifty 50 rose for 10 straight calendar years, through 2025. In 2026, it is down about 12%: from 26,129.60 at the end of last year to 22,997.35 on 15 October. Foreign investors have taken a record ₹3.08 lakh crore out of Indian equities in the first nine months of this year, nearly double what they withdrew in all of 2025. By Morgan Stanley's count, 2025 was already India's weakest year relative to emerging markets since 1994. Years like this are when long-term plans get tested. Selling after a fall, chasing whatever is working elsewhere, trading more often: these decisions can do more lasting damage than the fall itself. Time in the market is only half the story. The other half is how you behave while you're in it. That's what we'll unpack in our online session: The Psychology of Long-Term Investing Why Time in the Market Is Only Half the Story Saturday, 31 October 2026 | 11:30 a.m. IST | Online With Saurabh Mukherjea, Founder and CIO, Marcellus Rakshit Ranjan, Founder and Fund Manager, CCP, Marcellus Salil Desai, Head of Research, Marcellus Tej Shah, Fund Manager, KCP, Marcellus What we'll cover 1. Investing for the Long Term: What Exactly is "Long-term" Investing? 2. Behaviour vs. Volatility: Staying Focused on Compounding 3. Stock vs. Portfolio Compounding: The Bigger Picture 4. The Cost of Churn: How Frequent Trading Erodes Wealth 5. Marcellus in Action: Recent Outperformance of the Consistent Compounders Portfolio (CCP) If this year has tested your conviction, join us before you make your next move. Register now: us06web.zoom.us/webinar/regi… #MarcellusInsights #LongTermInvesting #Compounding #BehaviouralFinance #Nifty Data: Nifty 50 closing levels on 31 Dec 2025 and 15 Oct 2026; FPI flows per NSDL data, January–September 2026. Disclaimer: For information and education only. Not an offer or solicitation, or investment advice. Past performance is not indicative of future returns. Not meant for US investors.

When energy prices and food inflation are on fire, paired with rising interest rates, it spells a tough environment for ordinary investors because it hits both stock prices and bond prices at the exact same time. In macro conditions like this, real assets ranging from commodities and oil to gold and nuclear power plants become indispensable. In a world where paper money is abundant, real assets remain scarce, allowing them to hold their intrinsic value against systemic volatility. Watch the full analysis here: youtu.be/LtL1xhTly4c

Every company faces a crisis sooner or later. In the late 1990s, more than 85% of India's NBFCs went bust. Kodak and GE couldn't escape theirs either. What separates the good from the great is how they tackle it. On Coffee & Investing, Saurabh Mukherjea and Salil Desai break down the third trait of great companies from their book, The Art of Enduring: taking crisis head-on. – Survive first: manage costs and stakeholders – Protect morale before the best people walk out – Then rebuild, which is only possible with deep competitive advantages and a team of generalists Two case studies: Tata Elxsi: after the GFC, clients cancelled contracts within weeks. The easy option was layoffs. Instead, leadership held a candid town hall, kept its engineers and went after a do-or-die deal. Revenues and profits ramped up for a decade. Divi's Labs: an FDA import alert shut it out of the US overnight. Decades of trust with big pharma customers helped get it lifted in record time. The takeaway for investors: crises don't break great franchises. They force them to dig deep, adapt and come out stronger. Watch: youtu.be/HhDYPz2xUOo

With the Nifty 50 touching lows amid elevated crude prices, rate hikes, and persistent FII selling, equity-heavy portfolios are feeling the heat In times like these, standard market diversification often falls short. To build true downside resilience, portfolios need uncorrelated real assets—like gold mines, nuclear power plants, and uranium mines. These assets don't follow equity market momentum. When equities face severe sell-offs, real assets often hold ground or move independently, providing essential structural balance when you need it most. 👇 Watch the full asset allocation analysis here: youtu.be/LtL1xhTly4c

What makes truly great companies stand out in a portfolio? 📈 It’s not just about celebrating wins, it’s about their ability to tolerate failure while rewarding success. Empowerment sounds great in theory, but the real test of leadership comes when people make mistakes. When someone you’ve empowered messes up, holding back and not going after them is where it gets truly challenging. #TheArtofEnduring by Saurabh Mukherjea and Salil Desai, dives into the fine line between empowering teams, managing risks, and building a culture that learns from setbacks. 👇 Full conversation here: youtu.be/1VwElSw7jQU

What makes a company endure for decades? In The Art of Enduring, Saurabh Mukherjea and Salil Desai look for Indian businesses that have stayed great through a punishing stretch — demonetisation, GST, Covid — and find three traits common to all of them: they know their core strengths, they grow their own leaders generation after generation, and they walk towards hard problems rather than around them. This episode is about the first, and it is the hardest of the three. Identifying what you are genuinely good at, and then staying true to it, sounds self-evident. In practice, success persuades a management team that it can conquer every market next door, and finite capital, talent and management bandwidth end up sprayed across ten mediocre efforts. The book illustrates the point with Divi's Laboratories, which makes the active ingredient inside a tablet rather than the tablet itself, and has declined for decades to move into the far larger formulations market on the grounds that the companies making tablets are its customers. Full conversation: youtu.be/34UudjGfY0k

Free personalised plan for your financial goals and retirement. See how prepared you are in under 5 minutes: plan.marcellus.in/auth?utm_s… Children's education abroad. The family home. Early retirement. Every rupee you invest should be working towards one of them. Our investment counselling team has helped thousands of investors align their portfolios to their aspirations: turning each goal into a clear number, reviewing their investments against it, and fixing the gaps.

For most Indian investors, a multi-asset portfolio has meant Indian equities, Indian bonds and gold. That covers several asset classes, but the portfolio still depends on one economy and one currency. Marcellus Investment Managers is widening that lens with a new multi-asset strategy, offered through City, its IFSC branch regulated by IFSCA. VanEck will supply the model recommendation, while Marcellus will structure and manage the strategy and make every investment decision. The strategy takes Marcellus' global offering beyond equities into bond ETFs, commodities and real assets. It also offers themes such as nuclear energy and uranium, gold and semiconductors. It is designed to give high-net-worth Indian investors global diversification, dollar diversification and wealth preservation, all accessed from home. "Indian UHNIs have long had to navigate inefficient, indirect routes to access the best of global assets — that changes now." says Saurabh Mukherjea, Founder and CIO, Marcellus Read the full story in The Economic Times: economictimes.indiatimes.com…

Is your portfolio truly diversified, or are all your investments tied to the exact same Indian macro forces and economic cycles? Saurabh Mukherjea is hosting a panel of experts to learn how to build genuine portfolio resilience by incorporating global bonds, global equities, and real assets like data centers and commercial real estate. Book your seat: us06web.zoom.us/webinar/regi… Date: Tuesday, 13th October Time: 6:30 p.m. IST Speakers: Saurabh Mukherjea, Arindam Mandal, David Schassler, and Tucker van Eck #GlobalDiversification #OnlineSession

For two decades, investing in India's consumption story was simple: back the companies selling to a rising middle class, and let their earnings compound. That engine has stalled. FMCG volume growth has fallen from 11% in FY11 to 3% in FY26. Real wages for Nifty 50 employees have shrunk 4% a year since FY16, while the cost of a middle-class life compounds at roughly 9% a year. Which leaves investors with an uncomfortable question: are their portfolios still built for yesterday's consumption story? Consumption has not disappeared. It has been rebuilt on three new pillars: 1. The top is pulling away. Roughly 350,000 'octopus' families, whose wealth has risen more than 16-fold in twenty years, and a new class of owner-operators are driving premium consumption. 2. The middle is consuming on credit. India's non-housing household debt is now the highest in the world as a share of GDP, and about 40% of annual income goes to servicing debt. 3. The state is transferring cash, while households pay privately. State cash transfers to women reached ₹1.7 lakh crore in FY26, as households increasingly pay for the schooling and healthcare the state once provided. A rewired economy needs a different investment lens: compounders that can grow earnings even when domestic consumption is under pressure; private providers of essentials such as hospitals, medical devices, insurance & pharmaceuticals; and manufacturing exporters, for whom a weaker rupee and shifting global supply chains can create opportunities. The opportunity may lie not in yesterday's consumption winners, but in the businesses aligned with India's new consumption reality. Here's how we are rewiring our portfolios: marcellus.in/blogs/the-rebui… #MarcellusInsights #IndianEconomy #Consumption #LongTermInvesting

The world's most enduring fortunes have rarely been built from investing in a single market. Many have been built by owning high-quality assets across countries, currencies and cycles. If most of your wealth sits in India, your portfolio rises and falls with a single economy and a single currency. So how diversified are you, really? On Tuesday, 13 October at 6:30 PM IST, our Founder, Saurabh Mukerjea is hosting a webinar with our Head - Global Equities, Arindam Mandal and David Schassler and Tucker van Eck from VanEck to explore: 🔹 Why global diversification matters for Indian investors 🔹 The case for real assets: gold, uranium and nuclear energy, and how they have behaved when inflation bites 🔹 Positioning for an uncertain world amid geopolitical tensions and rising interest rates: where we see opportunities and where we see risks Seats are limited, and registration is subject to eligibility checks. Register here: us06web.zoom.us/webinar/regi… For information and education only; not an offer, solicitation or investment advice. VanEck is not affiliated with Marcellus; speakers' views are their own. Not intended for U.S. persons. #MarcellusInsights #GlobalInvesting #Diversification

Investing in people is obvious, yet few firms do it. Saurabh Mukherjea & Salil Desai on how Titan & Bajaj Finance build talent: empower people, rotate them across roles, tolerate failure & reward success. And how a Titan accountant came to run Fastrack. youtu.be/1VwElSw7jQU

Consumption makes up 60% of India's GDP and, per official data, is growing at 7.7% a year. Yet FMCG volume growth is just 4–5%, against 12–13% fifteen years ago, and smartphone volumes are shrinking. So who is doing the spending? In the latest episode of Coffee & Investing, Saurabh Mukherjea and Nandita Rajhansa unpack the three new pillars of Indian consumption: → The elite: Indians filing tax returns of ₹1 crore or more are up 7x in 12 years, and ultra-luxury flats of ₹4 crore and above have gone from 1% to 9% of the market in four years. → The borrowing middle class: with real wage growth negative, household debt excluding mortgages has reached 32% of GDP and vehicle loans are growing at the best part of 20%. → The sarkar: cash transfers to women now stand at ₹1.7 lakh crore, more than the education budget, even as the state pulls back from schools and hospitals. What it means for portfolios: Saurabh explains how Marcellus has rebuilt its portfolios around three themes. These are private providers of public services such as healthcare and diagnostics, manufacturing exporters with clean balance sheets and at least 15% pre-tax RoCE, and businesses that serve India's new elite. Watch the full conversation: youtu.be/TjkZRBuzz8o?si=FlUt… #IndianEquities #Consumption #Investing #CoffeeAndInvesting

If your income, business, and investments are all based in India, your financial risk is dangerously concentrated. You must diversify globally to crush that risk without compromising your returns. Thanks to GIFT City, low-cost global investing is finally a reality. Check out the breakdown in video "The Asset Classes Indians Simply Cannot Buy at Home", and discover how to compound your wealth at less than half the local market risk: youtu.be/AgTVLfqHD3U

India's manufactured exports grew 17% in Apr–Jul to $174bn. Few investors own exporters. Saurabh Mukherjea on the 4 levers behind it (weak rupee, UK/EU deals, China+1, defence) and why he sees exporters displacing consumption & financials in portfolios. Full video: youtu.be/hPwHRdA3YDY

How do you invest globally without simply chasing what’s popular? For Indian investors, going global is about more than buying US stocks. It raises important questions: How much should you invest outside India? Which markets deserve your capital? And how do you avoid home bias, hype and familiar names? Saurabh Mukherjea, Founder & CIO, and Arindam Mandal, Head of Global Equities, will explore the principles behind investing globally. The session will cover: • Why global diversification is important • Where to invest globally • How to invest globally 26 September | 11 AM IST 👉 Register here: bit.ly/4hmzjlV #TheMarcellusPlaybook is a new series of investor dialogues exploring important ideas, frameworks and questions shaping the way we invest. The Psychology of Global Investing is the first edition, with more conversations to follow. #GlobalInvesting #GlobalEquities #Investing #PortfolioDiversification

A special thank you to @hcmariwala for joining us and sharing his experiences and insights on what it takes to build and sustain a great business. Today was a memorable day marking the launch of The Art of Enduring: How Great Companies Turn Crisis into Opportunity by Saurabh Mukherjea and Salil Desai. The book explores what enables great companies to endure through challenging times, navigate crises and turn adversity into opportunity. The book is now available on Amazon. Pick up your copy: amazon.in/Art-Enduring-Oppor…

500 companies. 15 years. 51 survivors. What did these 51 companies do that the other 449 couldn’t? They didn’t just have a great decade. They delivered consistently through some of the most disruptive periods in recent Indian history: demonetisation, GST, COVID, supply chain disruptions and changing global trade regimes. In the latest episode of Coffee & Investing, Saurabh Mukherjea and Salil Desai unpack the brutal filter behind their new book, The Art of Enduring: How Great Companies Turn Crisis into Opportunity. The screen starts with the BSE 500 and gets progressively tougher: • 15%+ ROCE in every single year for 15 years • Revenue growth faster than India’s ~12% nominal GDP growth • Profits growing faster than revenues • Equivalent ROE discipline for financial companies The conversation also explores what the surviving companies have in common, and why five of the original seven Unusual Billionaires still clear this much tougher test a decade later. Watch the full episode of Coffee & Investing: youtu.be/bV5OVIobkTk Want to invest in similar enduring Indian businesses? Explore the Consistent Compounders Portfolio: ccp.marcellus.in