CCP’s Earnings Have Compounded at 18% Per Annum
Marcellus’ CCP Portfolio has delivered 17.8% EPS CAGR over FY19-24 (computed using reported earnings of annual rolling portfolio cohorts), which is the primary driver of the portfolio’s 17.4% (pre-fees) portfolio performance over FY19-24 (15.35% net of fees and expenses). The changes made to the portfolio over time have enhanced its earnings profile. Additionally, in early […]
Short read: The case for easing banking regulations
Despite the recent correction in the stock market, we find most stocks still trading at significantly higher valuations than their historical averages. However, this doesn’t apply to one large sector – private sector banks. Whilst one of the reasons could be the resurrection of public sector banks from their high non-performing assets in the decade […]
Short read: What DeepSeek’s Success Says About China’s Ability to Nurture Talent
Whilst the US government and some parts of the tech industry led by OpenAI continue to undermine DeepSeek’s achievements basis claims about how DeepSeek possibly breached OpenAI’s terms of service by training its model based on the latter’s using a technique known as ‘distillation’, there is broader acknowledgement of DeepSeek’s prowess. Chinese tech stocks have […]
Short read: The young woman who saved millions of lives without knowing
William Park’s piece is about a remarkable young black woman named Henrietta Lacks who made an enormous contribution to modern medicine. Mr Park’s writes: “Henrietta Lacks was diagnosed with cervical cancer in 1951 at the age of just 31, shortly after giving birth to her fifth child. At the time, many hospitals in the US […]
Long read: Why Is It So Hard to Be Rational?
Humanity as a species distinguishes itself in its ability to reason. We all would agree that rational thinking should drive all decision making. Few would argue against that. Yet, we find irrationality all around us in society, not just around – we find ourselves making irrational decisions time and again. Perhaps that is what Max […]
Long read: How Declining Population Could Impact Finances Of Southern States
State governments account for 60% of India’s government expenditure. And yet “more than half of their revenues are from sources (central taxes, state goods and services tax, central grants and loans) that are outside their control. After the changes in Union-state government financial relations–with the introduction of the GST and the 14th Finance Commission, which […]
Long read: How a shipping error more than a century ago launched the $30 billion chicken industry
Did you know that our planet consumes around 75 billion chickens per year. That’s 15 chickens per year per person. “In the first half of the 20th century, chicken accounted for well under 20 percent of meat consumption in the US. Today, it’s about 45 percent. Over time, chicken benefited from perceptions that it was […]
Portfolio Performance and Update on Fundamentals – January 2025
Note: For all strategies except GCP, Performance data shown is net of fixed fees and expenses charged till December 31st , 2024 and is net of annual performance fees (Except for Little Champs Portfolio) charged for client accounts whose account anniversary/performance calculation date falls upto the last date of this performance period. Since, for Little Champs Portfolio, […]
Excessive Debt and the Illusion of Wealth
The reluctance of Indian lenders to finance capex combined with the rise of automation has jammed the ability of the Indian middle class to get jobs & pay hikes. With incomes stagnant and with Income Tax & GST taking away a growing share of the disposable income of the middle class, it has loaded up […]
Short read: Warmer, more crowded cities bring out the rats
Those of who live in Mumbai have seen rats eat away the tyres of our cars and then proceed to eat through the wiring. Closer to our living rooms, we have seen rat chew through the cables of the air-conditioners installed outside our windows. Science magazine says that this is just the beginning – rat […]
Short read: In India, a turning point for innovation
The Indian budget attracts a disproportionate amount of attention from the media and the stock market types. Yet, an important piece in the budget almost went largely unnoticed until the authors of this OpEd in the Indian Express decided to educate us. “Paragraph 79 of the recent budget speech reads: “To implement private sector driven […]
Short read: Elon Musk is shredding America’s government as he did Twitter
Many were hoping that much of Trump’s campaign rhetoric is unlikely to transpire into policy action, trusting the ‘guardrails’ of the US legal system, much like in the first tenure. Not so much this time around as Trump not only acted on his tariff threats but is also equipped with the services of the world’s […]
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