Unusual Billionaires, The (PB) Paperback – August 31, 2016

Decent set of companies that have been analysed. Framework is good. But after the first few pages, the commentary tends to become quite repetitive and rhetorical. One tends to lose interest after a few pages on each chapter. A few more interesting stories would have been useful

Extensive research on stock market! Layout of graphs can be improved

Good for making decisions for those 9 compamies mentioned in the book. Otherwise book is packed with history of the same.

I thanks to saurabh mukharjea sir for writing this book . Such an amazing book . I suggest everyone one to read this , it is written in very easy language. Every Penny you spend on this book is worth it . Sir I also read your other books, thanks from bottom of my heart . You literally wrote the book in such a easy manner and easy words make me read faster then many others books and easy to grab every single words or lines.

Book is well written and can be understood by a new investor. Writers mainly focuese on the ROCE, ROE and behavior of promoters. Companies in which Promoters didn't interfere much in management decision had done extremely well compared to sensex. Also, companies in which promoters trusted the management instead of imposing his ideas has performed well.

Fine if you are of Indian origin and aware for the runners and riders in Indian commerce.

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The Unusual Billionaires by Saurabh Mukherjea is a very well written insightful book about the journey of outstanding Indian Companies that have achieved long term success and made a great deal of money for investors.Superior Financial Performance over a long period of timeOver a long period of time, financial performance is the best reflection of a company’s business stagey. The temporary short duration performance or underperformance i.e. change from one quarterly result to another is not that significant. Great companies sustain superior financial performance for a long period of time. They can endure difficult economic conditions. Their management teams have strategies that deliver results better than their competitors.10% Revenue Growth & 15% Return on Capital Employed The filter that Saurabh Mukherjea used to identify and do further research is consistent corporate performance i.e. growing with 10% revenue growth and 15% return on capital employed (ROCE) for every consecutive year over the past decade i.e. 2000-2015-time period. In case of banking and financial services company, the filter used is Return on Equity of 15% and loan book growth of 15%. Over 99% of the publically listed Indian companies fail to fulfill this this filter over the past decade.The companies that satisfied the results are Asian Paints, Astral Poly, Berger Paints, ITC, Marico, Page Industries, HDFC Bank Limited, Axis Bank Limited. The book is enriched with anecdotes, strategies of these unusual companies, the multi-decadal evolution of these great companies and how they have created sustainable competitive advantage.  The author has done extensive research on these companies, getting insights about the management strategy from current management to past management, promoters, distributors, customers of the company.   “Persistence is what makes the impossible possible, the possible likely, and the likely definite.” Robert HalfCommon theme of these great companiesThe common theme of these companies areThe management team is focused on the core franchise and the business instead of being distracted by short-term gambles outside the core segment.The management team is relentlessly focused on deepening its competitive moat over time.The management/board is sensible about capital allocation. If the cash cannot be deployed to good effect by the company in growth or diversification in related business, its more sensible to distribute it to shareholders. These businesses are not run like a typical promoter mentality of centralizing power and wealth in his or his relatives hand. These businesses are run in a professional meritocratic way with long term value creation in their approach.   The focus on running a business efficiently, creating and sustaining competitive advantages, and prudent capital allocation lie at the heart of these winning companies. It’s important for the promoters & management to focus on core business or if there is a long term potential diversify on related business rather than an unrelated business. The short term gambles quite often result into a distraction from the core business, and it also adversely impacts the Return on Capital Employed (ROCE).“Strategy is about making smart choices and execution is about relentless implementation.” Phil RosenzweigThe Unusual Billionaires by Saurabh Mukherjea is an insightful book filled with tons of management lessons in terms of effectively managing business, and perspective to analyze business in terms of investment. The filters and systematic approach described in the book to understand business is pretty useful.