Something of Value
Despite being an investment house, we wouldn’t want to make the 3L&3S all about investing as we believe as investors we can learn from multiple disciplines. However, if Jeremy Grantham and Howard Marks have something to say, we can make an exception. For the uninitiated, Warren Buffet is known to have said this about Howard […]
Waiting for the last dance
GMO is one of the most respected asset managers from the ‘value investing’ school. In this piece GMO boss, Jeremy Grantham, contends that that US equity markets today are in a bubble-like situation: “The long, long bull market since 2009 has finally matured into a fully-fledged epic bubble. Featuring extreme overvaluation, explosive price increases, frenzied issuance, […]
To ‘Keep Sharp’ This Year, Keep Learning, Advises Neurosurgeon Sanjay Gupta
As many of us head towards the first anniversary of the lockdown, this podcast with Dr Sanjay Gupta, neurosurgeon at Emory University and CNN’s chief medical correspondent, is essential listening if you want to understand what the lockdown is doing to our brains and how we can look after our mental health in 2021. Dr […]
The Difference Between Investing and Gambling
Many investors erroneously believe that because the markets have run up in the past few months, the probability of the markets delivering negative returns in the future is now higher. The past twenty-one years (2000-2020) of data suggests that there is no significant correlation between returns delivered in the previous six months and the next […]
“I have nothing to hide. Why should I care about my privacy?”
Most WhatsApp groups are now buzzing with debates about whether to continue with WhatsApp or migrate to an alternate messaging tool like Signal and Telegram following Facebook’s recent decision to change privacy terms for WhatsApp users – basically taking permission to sell user data to advertisers. The choice of the alternate app aside, one set […]
Finding time for creativity will give you respite from worries
Through the pandemic driven lockdown months, many of us have ourselves or know people who have found hidden talents or at least rekindled old interests and hobbies such as painting, cooking, music, etc. The extra time on our hands for those who couldn’t WFH or atleast in the early days of the lockdown when we are […]
Long-term ≠ ∑ Short-terms – Complex systems are not reductionist. Along time dimension too.
At Marcellus, we keep reiterating and reinforcing to ourselves the need to stay focused on the long term and therefore any interesting piece on long termism naturally appeals to us. Anand Sridharan in his usual witty writing style brings out the importance of long termism in this insightful short read. Especially, the concept of how complex […]
Interview with Toby Lütke, Founder and CEO of Shopify
Shopify, a Canadian e-commerce platform company valued at c.$150bn has an interesting business model. Unlike Amazon it isn’t an e-commerce company itself but instead it facilitates businesses to go online – over a million businesses across the world use its platform. Even more interesting is the way the company is designed and functions. And behind […]
How two websites have transformed the way India is reading about courts – and understanding the law
It is commonplace these days to hear that mainstream media in India has been captured by political and corporate heavyweights. What goes less noticed is how specific providers of news have used social media and the internet very effectively to make it far easier for the public to access independent live reportage. This piece focuses […]
How Civilization Broke Our Brains
This piece brings together a fine writer, Derek Thompson, and a really interesting book that goes to the heart of the some of the central issues in our lives – “Work: A Deep History, From the Stone Age to the Age of Robots” authored by James Suzman. Thompson begins the piece by helping us reconstruct […]
Winter Sunrise For Low Quality Small Caps
After witnessing steep declines over CY18 and CY19 and continued woes in 1QCY20 with the onset of the pandemic, small caps had their proverbial ‘rising from the ashes’ moment with the BSE Smallcap index returning 114% from its March 2020 low. However, a downside of this has been unwarranted exuberance in low quality small caps. […]
Should You Buy An All-Time High? – Of Dollars And Data
To wrap up the first edition of 2021, we feature a second piece from the Ritholtz stable – Nick Magguilli’s blog on whether we should buy an All-Time-High? Given how often we get asked this question these days, we featured our answer in one of our recent newsletters. In this newsletter, we highlighted the futility of […]
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