Consistent Compounders

Rebalancing and the Value Effect

In this newsletter, we quantify the contribution of rebalancing to overall returns by breaking down the portfolio returns into sub-components. We find that periodic rebalancing drives most of the returns of systematic relative value strategies. Selecting quality, undervalued companies, as we do in MeritorQ’s selection step, is effective only when the portfolio is regularly rebalanced. […]

Feb 21 . 7 MIN READ
Consistent Compounders

Short read: Killer drones pioneered in Ukraine are the weapons of the future

Of all the risks from AI to humanity debated so far, the use of the technology on the battlefield sounds the scariest. This article talks about how drones used for military purposes have gone mass scale for the first time in history. Whilst drones have been in existence for long, the mass use has been […]

Feb 19 . 3 MIN READ
Consistent Compounders

Short read: The Story Behind Netflix’s ‘We Are The World’ Documentary The Greatest Night in Pop

If like the older folks in Marcellus, you grew up in the 1980s, chances are that you either sang ‘We are the world’ in a music class (or competition) or in the bathroom. The folks at Netflix have turned the making of this incredible song from 1985 into a documentary titled ‘The Greatest Night in […]

Feb 19 . 3 MIN READ
Consistent Compounders

Short read: In the strains of dhrupad music, Raja Rammohun Roy found a catalyst for social change

Most of us know of Raja Rammohun Roy, the founder of the Brahmo Samaj, from our high school history books where we learnt of his efforts to rid Hindu society of sati, child marriage and idol worship. However, Malini Nair informs us in this article, that the great reformer was not just a music lover, […]

Feb 19 . 3 MIN READ
Consistent Compounders

Long read: 200 cats, 200 dogs, one lab: the secrets of the pet food industry

The pandemic induced lockdown drove a spurt of pet adoption across the world, including India. Indeed, one of Marcellus’ portfolio companies Nestle has launched its pet foods brand Purina to cater to this growing demand. But pets have been around for longer and have been fed home food or table scraps. It is only in […]

Feb 19 . 4 MIN READ
Consistent Compounders

Long read: The Roman Empire Fallacy

Ray Dalio’s 2022 book The Changing World Order talked about the various empires and nations in history – their rise and fall and what does it mean to our understanding of the current world order (led by the US) and how should we think about the future. This blog by Frederik Gieschen is on similar lines but […]

Feb 19 . 4 MIN READ
Consistent Compounders

Long read: Scientists are studying insect eating in Arunachal. They want to put them on global plates

‘Entomophagy’ is the practice of eating insects as part of one’s normal diet and the tribes of Arunachal Pradesh have perfected this thanks to traditions and recipes handed down over several millennia. Now a group of academics and PhD students at Rajiv Gandhi University (RGU) in Arunachal Pradesh are painstakingly identifying their insects (astonishingly, many […]

Feb 19 . 5 MIN READ
Consistent Compounders

Marcellus Portfolio Snapshot and Update on Fundamentals – January 2024

  *For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure   Consistent Compounders Portfolio (CCP) For the quarter ended December 2023 (i.e. 3QFY24), earnings growth of […]

Feb 19 . 8 MIN READ
Consistent Compounders

Short read: Which Type of Investor Are You?

In a recent discussion with a client, we were reassuringly told that whilst there is always scope to learn as an investor, we should remain true to the sort of investment philosophy we most identify with. We couldn’t agree more. But how does one know what type of an investor they are? Here’s a simple […]

Feb 12 . 3 MIN READ
Consistent Compounders

Short read: The Thin Line

The Collab Fund is known for its brilliant blog posts from the prolific Morgan Housel. Every once in a while, they feature an equally insightful guest post from Ted Lamade. This one is about the seemingly impossible trade-off in investing between conviction and humility, as the blog’s title suggests ‘The Thin Line’. Lamade begins with […]

Feb 12 . 2 MIN READ
Consistent Compounders

Short read: You’re never too old to start exercising – just ask a 93-year-old rowing champion

Dr Peter Attia is a Canadian physician who has made a name for himself thanks to his lucid books, blogs and talks on longevity. In this blog he & Dr Kathryn Birkenbach use the example of a 93-year old man – who recently took to exercise – to underscore how positively exercise influences our bodies: […]

Feb 12 . 3 MIN READ
Consistent Compounders

Long read: Young India’s luxury dream

India is becoming an alternative to China in more ways than one – an investment destination for western allocators to a sourcing avenue for companies in the west. Now the crack down on luxury spending in China, the world’s fastest growing luxury market over the last decade by far, is coinciding with a nascent boom […]

Feb 12 . 4 MIN READ

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