Our bestselling book, Breakpoint, shows that India’s middle class is buckling under a debt load that has no equal in any other large economy — a case we built in no small part using the RBI’s own Financial Stability Reports (FSRs). The RBI’s latest FSR, released in June 2026, keeps ringing the same alarm bells, […]
Marcellus’ Global Compounders Portfolio (GCP) strategically invests in ~40 deeply moated global companies aligned with megatrends, with an aim to provide steady earnings and shareholder wealth compounding. Over the last few years, we’ve seen the world get increasingly intoxicated with the AI narrative. While we certainly see long-term merit in this technology and what it […]
Last weekend, several of us braved the brutal Mumbai rains and the even more brutal Mumbai traffic to catch Christopher Nolan’s new movie ‘The Odyssey’. As rare as going to the movies has become, this was an Odyssey in itself. But the director’s track record makes it all worthwhile. This one though might be Nolan’s […]
Last weekend, Skyroot, an Indian space tech startup, successfully launched its first rocket Vikrant-1, making India only the third country to have private sector orbital launch capabilities. Remarkable achievement by the firm founded in 2018 by former scientists at India’s public sector space venture, ISRO. Whilst ISRO losing scientists to private sector isn’t knew, given […]
There are few things that unite us as much as our love for mangoes does. So, this piece is likely to make you squirm as we learn from The Economist that the Japanese will no longer be buying Indian mangoes: “It has banned fresh mango imports from India, after the world’s biggest producer failed its […]
Last January, a little-known Chinese AI company called Deepseek shocked the world by showcasing model capability comparable to the frontier models but built on meagre resources. Since then, the Americans have pulled ahead, most notably with Anthropic’s Claude. Last week though, another Chinese company, Moonshot AI launched its latest model Kimi K3 which outperforms most […]
The Indian government has been doing quite a bit to shore up the share of manufacturing in GDP. From PLI schemes to labour law reforms, there is a clear push to manufacture more in India for India, as well as for the world. However, these efforts are running into an unexpected wall – the unwillingness […]
In middle school we rote learn that nature is a contest and only the fittest survive. But what if that is not entirely correct? So, it is worth pausing over a life form that has quietly declined to play by those rules — and forced scientists to rewrite the textbook. In this lovely piece of […]
In January 2025, an AI model built by the research arm of a Chinese hedge fund, for a total compute bill of around $6mn, wiped $600bn off Nvidia’s market value in a single trading day. 18 months on, Chinese AI models have overtaken their American rivals in usage on the world’s largest open AI marketplace, […]
Tonight’s FIFA World Cup football final couldn’t have been a tastier match up, not just because Argentina and Spain were the top 2 in the FIFA pre-tournament rankings but also are the two teams who play a brand of football that does justice to the sport’s billing as the beautiful game. And even more remarkable […]
The rupee’s decline since 1991 — from ₹18 to ₹96 per dollar — has been the calmest depreciation in the emerging world, built on three pillars: a state that funds itself in its own currency, a large reserve buffer, and a credible central bank. All three pillars are eroding now. Usable FX reserves are ~US$439bn, […]
Enterprise users of AI have already begun questioning the cost benefit as they realise the cost of tokens (sort of unit of AI use) is not commensurate to the value they are deriving. Whilst more efficient models and better chips will likely bring down token costs in due course, there is another rather implicit cost […]
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