Consistent Compounders

Long read: The World Is not Willing to Absorb the Overproduction Coming Out of China

The fortunes of the Chinese economy have implications for the rest of the world given its sheer size and share of the global economy. Given recent weakness driven by the collapse of its property sector, the world was hoping for some measures to turn around the economy at the recently concluded Third Plenum of the […]

Aug 05 . 5 MIN READ
Consistent Compounders

Long read: How decline of Indian vultures led to 500,000 human deaths

Vultures have a bad rep in Indian mythology eg. a key villain in the ‘Mahabharata’ is called Shakuni Mama. However, as supreme scavengers, they have played a key role in cleaning up our country for free. ““Vultures are considered nature’s sanitation service because of the important role they play in removing dead animals that contain bacteria […]

Aug 05 . 3 MIN READ
Consistent Compounders

Short read: Married woman flees with lover after getting PM housing scheme fund, 10 others missing

Over the past year, in our portfolios we have loaded up heavily on the rise of Indian women. This newsflash on India Today is symptomatic of who is wearing the trousers these days in marital relationships in small town India: “India Today News Desk Maharajganj, UPDATED: Jul 10, 2024 17:13 IST…. Around 11 married women […]

Jul 28 . 2 MIN READ
Consistent Compounders

Short read: Puja Khedkar did what Indian society readily accepts—see corruption as aspirational

Over the past fortnight, trainee IAS office Puja Khedkar and her parents have made the headlines for the wrong reasons. Water cooler and tea stall chats across the nation about Ms Khedkar’s conduct has brought to the fore an even nastier problem which Amana Begum highlights in this article: “…Puja Khedkar’s case, involving selection through alleged […]

Jul 28 . 2 MIN READ
Consistent Compounders

Short read: Don’t be a stranger: The power of renewing old friendships

Plenty of research has shown time and time again that the biggest source of happiness is our social connections (only health is bigger). Yet, most of us end up ignoring some of our most precious relationships as we get caught up in our pursuit of professional success or its exigencies. In this blog, Rob Henderson […]

Jul 28 . 3 MIN READ
Consistent Compounders

Long read: Direct and Indirect

It seemed appropriate to follow up Howard Marks’ memo with this newsletter from Josh Tarasoff from Green Lea Lane Capital as it picks up the thread on the inherent unpredictability in investing. Except Josh extends this to beyond investing to business and in fact any complex adaptive system. More importantly, he establishes the multi-variate nature […]

Jul 28 . 3 MIN READ
Consistent Compounders

Long read: The Folly of Certainty

Intellectual humility is often regarded as one of the most important traits to succeed in investing. So, when Howard Marks writes a memo on it, we have to feature it for he has been quite vocal on the subject of the inherent uncertainty in investing, markets and the economy. Yet, many of us mistake a […]

Jul 28 . 4 MIN READ
Consistent Compounders

Long read: How America tried and failed to stay White

If you are a liberal, you will love this long graphics heavy read from Jeff Bezos owned Washington Post. If you are a conservative, you might not like the piece, but we would recommend that you read it to understand how the journalism of the future will look like – combining graphics, animation and text, […]

Jul 28 . 5 MIN READ
Consistent Compounders

Portfolio performance and Update on Fundamentals – June 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) Businesses with strong competitive advantages (and hence high ROCEs), can be categorized into […]

Jul 22 . 14 MIN READ
Consistent Compounders

Short read: Frank Duckworth dies: How his DLS method works

Arguably, the game of cricket lends itself to statistical analysis more than any other sport. Hence, it is no surprise that a statistician has had a significant influence on the game as it is played today. We are talking about Frank Duckworth, who passed away last month. Duckworth, a member of the Royal Statistical Society […]

Jul 22 . 3 MIN READ
Consistent Compounders

Short read: AI’s $600B Question

The boom in Generative AI is real if Nvidia’s shares are anything to go by. Indeed, Nvidia became the largest company on the planet by market cap briefly last month, its market cap rising ten times in a year and a half to over $3trn. It is not just its market cap but also its […]

Jul 22 . 4 MIN READ
Consistent Compounders

Short read: Why India’s food norms fail to detect pesticide in spices

Did you know that “Indian laws do not mandate that spices sold in domestic market be tested for any pesticide residue”? We didn’t know this either until we read this informative piece by Tabassum Barnagarwala. As many of us have learnt over the past couple of months regulators in various countries (UK, Singapore, Hong Kong, […]

Jul 22 . 3 MIN READ

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