Three Distinct Layers of Polarization in the Indian Stock Market…
Three Distinct Layers of Polarization in the Indian Stock Market… …is resulting in wealth creation being concentrated into the hands of 15-20 companies and this dynamic has nothing to do with the global monetary easing. A handful of companies – no more than 10 – are taking home more than 90% of the profits generated […]
I Was Taught From a Young Age to Protect My Dynastic Wealth
The recent ProPublica report showed how the wealthy contributed so little in taxes compared to the increase in their wealth – including the likes of Jeff Bezos, Elon Musk and Warren Buffet. In this piece, Abigail Disney, the grand niece of Walt Disney and someone who inherited a stupendous amount of wealth at a young age tries […]
Milkha Singh: An unmatchable romance with a near miss
Before the systematic path to the Indian team’s success in recent years, few athletes have managed to savour international glory, sans any support from the system. The most memorable of them is Milkha Singh, the Indian running champion who passed away earlier this week. Here’s an obituary of the great man beginning with his struggles […]
Nobel Laureate Daniel Kahneman: Never Trust Your Gut Unless You Can Say Yes to These 3 Questions
We are huge fans of Daniel Kahneman, as our work (and life) requires us to separate our instincts from the thoughtful processes we commit to our clients and he helps separate the two for us. We featured an interview on his latest book “Noise” a couple of weeks ago, which takes this subject deeper. But here’s a […]
The full collection of the Nomad Investment Partnership Letters to Partners
As our clients, readers and well-wishers would know, we at Marcellus tend to be prolific in expressing our thoughts in our newsletters and blogs. And the writing is partly to be transparent with our clients who have reposed their faith in us, but also to drive our own clarity of thought and subject ourselves to […]
Tiger Cubs: How Julian Robertson built a hedge fund dynasty
From talent management in cricket, let’s now move to talent management in the world of asset management. This piece in the FT highlights how the remarkable methods used by the legendary Julian Robertson of Tiger Management to hire over the past forty years a succession of highly success fund managers. By way of background, Mr […]
How did India build their world-beating bench strength? They have a system
Thirty years on the opening up of the Indian economy in 1991, we are seeing generational change taking place in India’s Boardrooms so much so that “succession planning” is increasingly a deciding factor in our investment process. In this superbly researched piece, Sidharth Monga lays out how “succession planning” – rather than raw talent or […]
Kings of Capital Lenders: Ideally Placed to Press the Accelerator
Over the past 15 months, the Kings of Capital (KCP) lenders have focused on broadly three aspects to counter the impact of Covid induced lockdowns and restricted economic activity: (i) augmenting collection capacity to sustain NPAs at manageable levels; (ii) preserving liquidity by raising debt/deposits at competitive interest rates; and (iii) maintaining healthy capital adequacy […]
The story of mRNA vaccines at the messaging edge of genetics
Pandemics much like wars and other calamaties have a brighter side to them. They tend to bring the best of human ingenuity in terms of progress in science and technology in particular. Whilst the technology of mRNA wasn’t exactly developed during the pandemic, it did find its most important application saving millions of lives in […]
Why it is usually a mistake for investors to take profits
Last week we featured a piece by James Anderson, a fund manager at Baillie Gifford, a more than a century old investment management firm, making it big in the world of new age tech investing, adapting its investing styles to the changing business models. Here’s a piece from another investment manager from Baillie Gifford, Lawrence Burns about yet […]
Add Crypto to IndiaStack
A lot of us fundamental-types tend to dismiss off crypto as a fad and hence unwittingly form a barrier to our comprehension of the whole subject. Last week, one of India’s best minds in terms of putting technology to the benefit of the economy – Nandan Nilekani, a co-founder and currently the chairman of the Indian […]
Don’t Approach Life Like a Picky Eater
In this piece, Arthur Brooks explains how you and I can have the right amount of neophilia i.e. openness to new experiences. Why is this a good thing? “Openness to a wide variety of life experiences, from visiting interesting places to considering unusual political views, brings happiness. “Only someone who is ready for everything, who doesn’t […]
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