Global diversification matters more than ever, says Marcellus' Saurabh Mukherjea

Saurabh Mukherjea, founder and CIO of Marcellus Investment Managers, argues that portfolios anchored solely to domestic markets may no longer be enough.

Nation-states are struggling to collect taxes as elites and corporations shift to low-tax jurisdictions, leading to reduced public services.

Big Tech is gaining coercive and taxation power that once belonged to governments, as seen in platforms like social media and software licensing.

Formal job creation is declining, with white-collar gig work projected to triple in India over the next five to six years according to NITI Aayog.

Marcellus' India portfolio underperformed for four years post-2021 but has recovered in 2026 as the economy faces internal and external challenges.