My favourite investment writing of 2021
Before we set up Marcellus’ shopfront three years ago, we studied the work that the wealth managers at Ritholtz had done in the United States. We learnt a lot from them and became avid readers of their blogs. This blog from their stable is worth reading in its entirety as it contains various pieces that […]
Learning from Global Financials – Part-2: The Evolution of Financial Services
In this newsletter we discuss the evolution of the Financial Services sector in the US and UK and in that context, highlight the implications for Indian investors. Between 1990-2020, the weight of Financial Services stocks in the S&P500 index has increased from 7% to 11%. However, a closer look at the composition of Financial Services […]
The Disrespect
Investing is no rocket science. It rarely requires superior technical skills to succeed. It is more behavioural. This essay by Josh Brown at his rantful best reminds us of one such behavioural skill – how to deal with people with views opposing your own. Especially in an increasingly polarised world amplified by social media, it […]
Ralf Rangnick – The Three Cs
The last three UEFA Champions League Titles have all been won by teams with German coaches – two of them being English clubs. Liverpool coached by the now legendary Jurgen Klopp and Chelsea’s surprise win this year helped by Thomas Tuchel. They are now joined in the English Premier League by Ralf Rangnick as Manchester […]
Sequoia Productive Capital
A few weeks ago, the 3L&3S featured a podcast with Sequoia partner Roelof Botha on its decision to change their fund structures from finite lives to perpetual structures. Ben Thompson, the brilliant analyst focusing on everything to do with technology comes up with a more strategic explanation for this move. He draws upon Carlota Perez’s book “Technological Revolutions […]
The ‘Tesla-financial complex’: how carmaker gained influence over the markets
Tesla has been a game changing force in more than obvious ways. It is a trillion dollar company no doubt but as this piece by Robin Wigglesworth in the FT shows, it punches even way above that when it comes to its influence in the market. Take for instance, the hyperactivity in Tesla options – […]
Chancellor: Investors unprepared for carbon crunch
This long piece Edward Chancellor reframes the clean energy debate in a new, and unfortunately more worrying, way. Chancellor begins with what is now familiar territory for the most of us: “Over the past 250 years, the abundant use of coal, and later oil and natural gas, has spurred industrialisation, lifted living standards, and increased […]
Terry Smith: “The problem is most people don’t read the accounts”
When we were growing up as analysts in the early years of this century, we used to read and re-read Terry Smith’s “Accounting for Growth” (first published in 1992) so as to learn from the great man how to spot accounting fraud in well known companies. Terry then went on to build and then sell […]
Spotlighting Galaxy Surfactants Limited
This month we place the spotlight on Galaxy Surfactants Limited, the world’s leading producer of oleo-chemical based surfactants. Surfactants and other speciality chemicals manufactured by Galaxy impart critical functional properties, texture, and market-positioning attributes to the end products manufactured by the FMCG giants. This together with need for high quality & safety (as these are […]
Enticing cricket toss proposal could give each side of the coin equal weight
There is always an element of luck in everything we do. But in the field of sport sometimes the role of luck might seem a bit too unfair, especially when you are giving it your all. The recent T20 cricket world cup showed an outsized influence of the ‘toss’ – the decision to bat or […]
Charlie Penner, the Investor Reshaping Exxon Fro the Inside
At Marcellus, we often remind ourselves that the larger purpose of investing is beyond just generating returns or managing risk – it is about influencing, even in a small way, positive change in the world we live in. We believe in some ways it is our duty to try and engage in constructive dialogue with […]
Omicron SARS-CoV-2 variant: a new chapter in the COVID-19 pandemic
Whilst it is early days for us to have a definitive view on the new Covid variant – Omicron, we are all eager to know what the pandemic has in store for us. True to the social media driven information age we live, there’s plenty of hyperbole and propaganda from both sides of the debate. […]
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