Diamonds In The Dust By Saurabh Mukherjea Audiobook In Hindi

In "Diamonds in the Dust" (2021), Saurabh Mukherjea (Founder of Marcellus Investment Managers) provides a specialized framework for the Indian stock market. While Benjamin Graham teaches you how to find "cheap" stocks, Mukherjea argues that in India, buying "cheap" is often a trap.Instead, he advocates for Consistent Compounding—identifying a handful of "Diamond" companies that dominate their sectors and grow relentlessly.The Three-Step FrameworkMukherjea uses a rigorous "filter" to find these rare companies. A stock only makes it into the portfolio if it passes all three:1. Clean Accounting (The Forensic Filter)In India, corporate governance is the biggest risk. Mukherjea uses forensic accounting to weed out companies that manipulate their books.Key Metric: Focus on Cash Flow from Operations (CFO) vs. EBITDA. If a company reports high profits but no actual cash is entering the bank, it’s a red flag.The "Mischief" Check: He looks for related-party transactions, auditor quality, and unusual asset growth.2. Competitive Advantage (The Moat)He looks for companies that have a "right to win." These companies usually have:Pricing Power: The ability to raise prices without losing customers (e.g., Asian Paints or Pidilite).High Barrier to Entry: Mastery over supply chains or proprietary technology that competitors cannot easily copy.Capital Efficiency: A high Return on Capital Employed (ROCE), ideally consistently above 20-25%.3. Capital Allocation (The Reinvestment Engine)A great business generates lots of cash. The "Diamond" companies are those that know how to reinvest that cash back into the core business to generate even more growth.Avoid "Diworsification": He warns against companies that take profits from their main business to start unrelated, low-return ventures (e.g., a software company buying a steel plant).Key Myths DebunkedMukherjea challenges several common investing beliefs:The P/E Myth: He argues that "expensive" stocks (high Price-to-Earnings) can actually be cheap if their earnings grow consistently for 10–20 years.The "Timing" Myth: He uses a Test Cricket analogy—just as Rahul Dravid succeeded by leaving dangerous balls alone and staying at the crease, investors succeed by staying in the market rather than trying to "time" its ups and downs.Physical Assets: He provides data showing that Indian households are over-invested in Gold and Real Estate, which often struggle to beat inflation compared to high-quality equities.

#finance #investing #money #personalfinance #financialfreedom #wealth #moneymanagement #stockmarket #stocks #trading #daytrading #forex #realestate #cryptocurrency #crypto #bitcoin #passiveincome #financialliteracy #financialplanning #budgeting #savingmoney #debtfree #retirementplanning #fintech #Shorts #YouTubeShorts #financeShorts #investingShorts