Indian Financials: A compounding miracle hiding in plain sight
In this newsletter we illustrate why investing in Indian Financial Services stocks is highly rewarding for long term investors not only in terms of absolute returns but also in terms of risk adjusted returns. The data over the past two decades suggests that: (i) the Bank Nifty has delivered far higher absolute returns than the […]
Pfizer COVID vaccine: promising results – here’s what needs to happen next
News of the positive trial data from Pfizer’s vaccine development added to the euphoria post the US elections bringing cheer to people and markets across the world. Whilst there is no taking away the promising nature of the data, here’s a practical guide to what to expect from here on, according to Anne Moore, a […]
Why Warren Buffett Sees Investing as a Loser’s Game
At Marcellus, we believe in risk minimisation as a means to help our clients fulfil their financial goals as opposed to return maximisation. See our blog here for more details. Of course, we aren’t the first to believe in the merits of reducing the odds of losing money. The great Charley Ellis wrote the fabulous book “Winning […]
Lost school time might lower lifetime earnings for lockdown-hit children
Earlier this month, the UK announced a four week lockdown shutting down all including pubs, restaurants, non-essential shops but with schools, colleges and universities allowed to stay open. However, in India, with the festive season in full swing, most markets are swarming with people shopping and pubs and restaurants in some parts of the country […]
Elon Musk’s Totally Awful, Batshit-Crazy, Completely Bonkers, Most Excellent Year
Elon Musk, according to many in the Silicon Valley is perhaps the only true genius going around, one with a mission to save the world. Indeed many missions – “He’s on a mission to Mars. He’s on a mission to save humanity from its reliance on fossil fuels, which could destroy the planet and kill us […]
The Top 20 Business Transformations of the Last Decade
Marcellus’ investment philosophy looks for continuity i.e. companies who do one or two things really really well for decades on end. Hence over the years we have always wondered whether it is possible for anyone to successfully identify companies who have completely changed their line of business activity and yet been successful. This HBR gives […]
The Servant Economy
This long essay is written with the US economy in mind but arguably its relevance to the Indian economy is even greater. The main point of the article is: “In March 2009, Uber was born. Over the next few years, the company became not just a disruptive, controversial transportation company, but a model for dozens of […]
Spotlighting Alkyl Amines
This month we place the spotlight on Alkyl Amines, a leading manufacturer of aliphatic amines – a key ingredient in the pharma and chemical industries. Over the last ten years (FY10-20), Alkyl has delivered earnings CAGR of 34% with an average pre-tax RoCE of 23% (these numbers look even better for the last 3 and […]
Coronavirus: Are Indians more immune to Covid-19?
Back in the early days of Covid spreading to Italy and other parts of Europe, there was talk about why Indians shouldn’t worry given our superior immune systems that has fought several diseases arising from the poor hygiene levels in the country. Such talk disappeared as the country rose through the ranks to become one […]
High quality equities remain the best option for growth
With a second wave of Covid infections threatening to derail what has been an encouraging economic recovery out of the lockdowns, yet markets rallying strongly, it is natural for investors to consider taking risk off the table and sell out of equities. Simon Edlesten, co-manager of the Mid Wynd International Investment Trust and Artemis Global […]
Inside the Chaotic Unraveling of Jack Ma’s $35 Billion IPO
Another story about Chinese authorities reining in critics. This time, a home-grown hero, Jack Ma, known for his successful e-commerce venture, Alibaba, was on the verge of taking public, his fintech group, Ant Group. Ant was hailed as the world’s largest IPO to date, planning to raise $35bn valuing the company at $315bn with its […]
The Erasure of Mesut Özil
Most celebrities tend to shy away from taking stances in public about political or social issues lest it jeopardise their thriving careers. There are of course exceptions, notably the great Muhammad Ali, the inspiration behind the name Marcellus. In recent times, Colin Kaepernick, the American football quarterback, whose career pretty much ended when he protested against […]
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