upasrutya bhaven modah
srivatsankasya kim punah
anyesam—of others; punya-slokanam—of pious reputation; uddama-yasasam—whose fame is spread everywhere; satam—of the devotees; upasrutya—by hearing; bhavet—may arise; modah—pleasure; srivatsa-ankasya—of the Lord, who bears the mark Srivatsa; kim punah—what to speak of.
What to speak of hearing the pastimes of the Lord, whose chest is marked with Srivatsa, people may take transcendental pleasure even in hearing of the works and deeds of the devotees, whose fame is immortal.
Bhagavatam literally means the pastimes of the Lord and the Lord’s devotees. For example, there are pastimes of Lord Krsna and narrations of devotees like Prahlada, Dhruva and Maharaja Ambarisa. Both pastimes pertain to the Supreme Personality of Godhead because the devotees’ pastimes are in relation with Him. The Mahabharata, for example, the history of the Pandavas and their activities, is sacred because the Pandavas had a direct relationship with the Supreme Personality of Godhead.
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