Consistent Compounders

Spotlighting Eureka Forbes

In this month’s newsletter, we delve deeper into Eureka Forbes Limited (EFL) one of the new additions to the portfolio. We see several earnings growth levers for EFL over the next 5 years: (a) Increase in the water purifiers (WP) category penetration backed by improved tap water supply, and initiatives taken by the WP companies […]

Jul 08 . 14 MIN READ
Consistent Compounders

Short read: Good luck finding another Rahul Dravid

India’s cricket world cup win after more than a decade and a half has expectedly triggered plenty of tributes for the team and players. However, we chose to feature this piece on the man, we at Marcellus admire a lot for what he is both on and off the field – the coach and legend, […]

Jul 08 . 4 MIN READ
Consistent Compounders

Short read: The continuing relevance of Franz Kafka, 100 years after his death

Last month, the world remembered Franz Kafka on his 100th death anniversary with almost every author and publication across the globe paying their tribute. Indian publications haven’t been behind either with several tributes showing how far and wide the man’s impact has been a century after his death. “Born in 1883 in Prague, then part […]

Jul 08 . 2 MIN READ
Consistent Compounders

Short read: School children sang anthem too softly – Hong Kong

The latest indication of the desperate mindset of the Communist Party high command in Beijing is this article from the BBC which says: “Hong Kong officials have singled out at least two schools for singing the Chinese national anthem “too softly”. Teachers at a third school have been asked to help students “cultivate habit and […]

Jul 08 . 1 MIN READ
Consistent Compounders

Long read: The House of Arnault

Following up on the pieces on Hermès we featured in the past two months is this long read on Bloomberg about the only other luxury goods company that comes close to Hermes – LVMH (Louis Vuitton Moet Hennessy). The piece is as much about the firm as its chairman and CEO, Bernard Arnault, who “…Over the […]

Jul 08 . 5 MIN READ
Consistent Compounders

Long read: The Supreme Court just made a massive power grab it will come to regret

India is not the only free market democratic nation grappling with the delicate balance of power between the Parliament, the Executive and the Judiciary. When we discuss this subject with thinking Americans, we find them even more worried about this subject than we are. Last week, in a remarkable judgement, the American Supreme Court dramatically […]

Jul 08 . 4 MIN READ
Consistent Compounders

Long read: How Buddhists lost out to Brahmins in Nalanda (even before the Turks came)

Most of us have grown up believing that: (a) Nalanda was the first organised university in the world; and (b) Turkic raiders burnt it to the ground in the 12th century. Historian Anirudh Kanisetti challenges both of these conventional notions in this punchy piece for The Print. Mr. Kanisetti does not dispute Nalanda’s 1500 year old […]

Jul 08 . 4 MIN READ
Consistent Compounders

CCP’s Amplified Exposure to ‘Enterprising Compounders’

Businesses with strong competitive advantages (and hence high ROCEs), can be categorized into different types based on their capital allocation decisions. Amongst these, the most enterprising ones (the ‘enterprising compounders’) are those which reinvest capital not only to strengthen and evolve their core business, but also to scale up new businesses consistently. Shareholder returns from such businesses […]

Jul 05 . 13 MIN READ
Consistent Compounders

Short read: Three-legged lion makes record-breaking swim across a crocodile-infested river – for sex

During our teenage years most of us understood that sex is a critically important aspect of human life. Then the stress of the workplace and the onset of family life made us want to climb up Maslow’s hierarchy of needs i.e. music, culture, philosophy, etc. Therefore it is good to be reminded by other (carnivorous) […]

Jul 01 . 2 MIN READ
Consistent Compounders

Short read: Palmer Luckey and Anduril want to shake up armsmaking

Indian companies catering to the increasing indigenisation of defence spending by the Indian government have seen their stock prices soar over the past couple of years. A different trend is emerging in America which could likely spread to the rest of the world. The American defence industry largely controlled by a handful of behemoths is […]

Jul 01 . 2 MIN READ
Consistent Compounders

Long read: The Crazy Economics of the World’s Most Coveted Handbag

Earlier this month, we carried a blog on the history of what is arguably the world’s ‘biggest’ luxury company – Hermès. This piece in the WSJ does a detailed take on the economics behind Hermès’ flagship handbag brand ‘Birkin’, which seems to make it an appreciating ‘asset’. “A basic black leather Birkin 25 costs $11,400 before tax […]

Jul 01 . 3 MIN READ
Consistent Compounders

Long read: Inside the Recent Rise in Female Workforce Participation Rate in Rural India

Over the past year or so we have published a series of blogs on the rise of Indian women. More specifically, we have viewed the rise in the Female Labour Force Participation Rate (FLFPR) over the past few years as a positive development (see https://marcellus.in/blogs/the-rapid-rise-of-female-entrepreneurs-in-india/). Sapna Goel, Assistant Professor at Hindu College in Delhi takes a […]

Jul 01 . 4 MIN READ

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