• Marcellus: The Heroes we Forget Hold a Mirror to Our Souls

    Published on: 8 March, 2019 Our mind sees & remembers the world in stylised & stereotypical terms. If a story doesn’t fit our stereotype, we don’t remember it and hence don’t celebrate it. The lives of three forgotten heroes – Malik...

    Published on 08 Mar, 2019

  • Marcellus: Exit the Kirana Store, Enter the Supermarket

    Published on: 1 March, 2019 As local kirana stores start winding up in India, the conditions required for organised retail to operate profitably are coming together nicely. Whilst this does not necessarily mean that all organised sector retailers...

    Published on 01 Mar, 2019

  • Marcellus: Non-Conformism Underpins Original Thought

    Published on: 22 Feb, 2019 The more we get plugged into social & mass media, the harder it becomes to escape the echo chamber of consensus thought. In stark contrast, original thinkers – in Investing and beyond – have wide ranging interests...

    Published on 22 Feb, 2019

  • Marcellus: The Nifty is No Longer a Play on the Indian Economy

      Published on: 15 Feb, 2019 Over the past decade, the Nifty’s earnings have not only grown at a much slower pace than the Indian economy, they have also trailed the S&P500’s earnings growth by a country mile (although the Indian...

    Published on 15 Feb, 2019

  • Marcellus: The Virus Spreads Beyond the Banks

    Published on: 8 Feb, 2019 As the same problems which ravaged India’s banking system now spread into its money & bond markets, we highlight the need for investors to strengthen their forensic accounting firepower. With over 60 years of...

    Published on 08 Feb, 2019

  • Marcellus: The Big Shift in Small Town India

    Published on: 2 Feb, 2019 With potentially $500 billion per annum of financial savings arising from annual income and with potentially another $100 billion per annum arising from the balance sheet shift (from physical to financial), our visits to...

    Published on 02 Feb, 2019

  • Marcellus: A Cynic’s Guide to Reading Indian Newspapers

    Published on: 25 Jan, 2019 80% of the content in Indian newspapers is irrelevant for investors; the other 20% is very useful. The latter 20% focuses on: (a) the actions (not words) of Indian promoters and politicians; and (b) narratives about the...

    Published on 25 Jan, 2019

  • Marcellus: Reading VS Naipaul Will Make You Richer

    Published on: 18 Jan, 2019 Intensely researched, well thought through non-consensus opinions are priceless. VS Naipaul’s final book on India is an example of such work. Meticulously researched, Naipaul’s 1990 book flagged that India was a...

    Published on 18 Jan, 2019

  • Marcellus: Does Spirituality Help Improve Clarity of Thought?

    Published on: 11 Jan, 2019 Any activity which entails making a call on the future is as much about managing emotions as it is about rational analysis. Investing therefore is always and everywhere a dance between these two elements – reason &...

    Published on 11 Jan, 2019

  • How Competitive Advantage Drives Churn in the Stockmarket

    Published on: 4 Jan, 2019   The extent of competitive advantage possessed by a firm can fluctuate as the sector in which the firm operates grows (from niche to nationwide). The aggregation of this phenomenon across the entire stockmarket...

    Published on 04 Jan, 2019