Go Global, Avoid Midcap Mania, Prepare For A Credit Crisis: Saurabh Mukherjea

Core Development: Go Global, Avoid Midcap Mania, Prepare For A Credit Crisis: Saurabh Mukherjea

Market & Financial Impact: In this episode of Markets Over Coffee, Saurabh Mukherjea, Founder of Marcellus Investment Managers, sits down with Surabhi to explain why he put half his personal wealth into global markets back in 2022, even when India was booming and many people laughed at the idea. He breaks down home country bias, why up to 70% of an Indian household’s spending is effectively linked to the dollar, and how regulatory changes in GIFT City, the tax harmonisation on long-term capital gains and the coming SEBI rules are making global investing easier for the mass affluent. He also argues that global investing is far more than the Magnificent 7, covering small and midcaps in the US and Europe, gold miners, nuclear power, data centres, commercial property and bonds. On India, he opens up about Marcellus’s four-year underperformance phase and what it taught him: broaden the portfolio beyond two themes, trim positions when prices run far ahead of earnings, and stay open to new sectors. He explains why he is radically overweight India despite the global allocation, why large cap quality looks the cheapest in 10 to 15 years, and why the small and midcap obsession could cost investors dearly. He also talks about the structural shift in the economy from IT services to manufacturing exports, rising household debt, the risk of another NBFC credit cycle, and why he calls banks a tricky but potentially rewarding trade. He wraps up with practical advice on handling market noise, avoiding FOMO and keeping your sanity..

Actionable Insight: 🟢 Bullish Trigger: Positive business expansion or earnings beat may attract institutional and retail buying.