Download 1% Club App Now! https://dl.onepc.io/2Hh8/fws-yt-saurabhm Is it still worth investing in Indian stocks when the market has gone nowhere for two years? In this episode of The 1% Club Show, Sharan Hegde welcomes back Saurabh Mukherjea, Founder and Chief Investment Officer of Marcellus Investment Managers. A CFA charterholder and London School of Economics alumnus, Saurabh previously served as CEO of Ambit Capital and co-founded the London-based research firm Clear Capital. With over two decades in equity markets, he is also the bestselling author of Coffee Can Investing, The Unusual Billionaires, Diamonds in the Dust, Breakpoint and his newest book, The Art of Enduring, and now leads Marcellus as it enters the mutual fund business. Saurabh explains why India's stock market moves in long cycles, with three to four years of strong bull markets followed by six to seven years of flat returns, and why high-quality companies tend to outperform during the difficult phases. He breaks down how Marcellus defines a quality company, using clean accounts, 15 years of high return on capital, and double-digit revenue and earnings growth, and why only around 50 companies in the BSE 500 pass this test. He also speaks candidly about the Marcellus Consistent Compounders Portfolio, the four years of underperformance after Covid, what went wrong, and how the strategy has recovered in 2026. The conversation then moves to asset allocation and portfolio management. Saurabh explains how Harry Markowitz's modern portfolio theory supports a 50-50 split between Indian and global equities, why annual rebalancing improves risk-adjusted returns, and how GIFT City has made global investing more accessible and cost-efficient for Indian investors. Drawing on his book Breakpoint, Saurabh also discusses the pressure on India's middle class: rising household debt, personal loans taken for concerts, phones and holidays, 40% of disposable income going to EMIs, and the NBFC credit cycle. He shares why he believes India's economy is headed for structural change, with manufacturing exports and precision engineering gaining importance, and closes with advice for entrepreneurs building in India's wealth management industry. Guest: Saurabh Mukherjea Website: https://marcellus.in Subscribe: The 1% Club Instagram: https://www.instagram.com/onepercentclub LinkedIn: https://www.linkedin.com/company/the-1-clubfws Sharan Hegde Instagram: https://www.instagram.com/financewithsharan LinkedIn: https://www.linkedin.com/in/sharanhegde95 Twitter/X: https://x.com/financewsharan — Sharan Hegde is a personal finance creator & founder of the 1% Club, simplifying money, markets, and mindset for India's next generation of wealth builders. — #financewithsharan #saurabhmukherjea