Marcellus: The Marvel that is Munger: Learning from the Legend
Published on:27 June, 2019 Charlie Munger, as much as Warren Buffett, has lessons for those who invest in Indian stocks. The central tenet of our 12 stock portfolio from a 25 stock investment universe is inspired by Munger’s approach to developing deep knowledge, building mental models and staying within a tight circle of competence. [Marcellus […]
Marcellus: Things Hidden Since the Foundation of the World
Published on:21 June, 2019 In an insightful book written 40 years ago, French philosopher, Rene Girard, explains how in our desires, we are programmed to imitate each other. That in turn leads to conflict & grief which in turn creates the need for scapegoats who can act as a lightning rod for our grievances. Great […]
Marcellus: Crushing Risk is More Rewarding than Chasing Returns
Published on:14 June, 2019 High flown theories of Finance & Investing don’t work in India. What works in the Indian stockmarket is risk minimisation. We minimise risks associated with accounting fraud, with topline & bottomline volatility and with liquidity. In other words, we invest in clean monopolies selling essential products. Sophisticated investment literature can be […]
Marcellus: Your All-Powerful Plastic Brain
Published on:8 June, 2019 British neuroscientist, Sarah-Jayne Blakemore, has shown that the human brain continues to learn, evolve and adapt throughout its life. Her work on the plasticity of the human brain is a tonic for those of us who are keen to learn new skills and push our minds to places it has not […]
Marcellus: India’s tiger boom is System 2 thinking exemplified
Published on:7 June, 2019 We navigate day-to-day life, making decisions mostly based on our intuitive thinking, which is formed by years of experience in understanding and judging events. However, many important decisions in life, especially in investing, require thinking beyond the obvious, what is called System 2 thinking. This summer, I went tiger sighting at […]
Marcellus: “Unusual Billionaires” Flip the Competitive Paradigm
There are around 25 dominant franchises in the BSE500. Most of them have been created by “Unusual Billionaires – promoters or CEOs who saw their sectors through a very different lens than everybody else and then proceeded to flip the competitive paradigm to create an enduring competitive advantage. “…And they shared an interesting set of […]
Marcellus: Can Meditation Help Us at Work?
Inspite of the origins of meditation in the East, it is Western investors who are highlighting to a sceptical world the significant benefits that meditation confers upon practitioners whose day jobs are highly stressful. “I am so busy today that…I am going to meditate for two hours instead of one.” ― Mahatma Gandhi Meditation: definitions & origins […]
Marcellus: The Working Habits of Great Minds
Published on:17 May, 2019 Pathbreaking work has at its core very hard work, often done in the midst of a well-defined schedule and usually done in solitude. Research shows that the greatest minds of the past three hundred years have used a surprisingly similar template to grind their way to success. “I must have liked […]
Marcellus: The Tussle Between What we “Should do” & What we “Must do”
Published on:10 May, 2019 For millions of professionals, the tussle between what they feel they should do (because of financial or societal reasons) and what they must do (in order to fulfill deeply felt urges) is the defining tussle of their lives. Life does not have to be like that. “The two most important days […]
Marcellus: The Fed’s Accommodation of Wall Street: Endgame
Published on: 3 May, 2019 The renewed easing of monetary policy by the Fed is unsustainable. Therefore, we believe it is prudent to prepare for the end of accommodative monetary policy in the US. For India, such a regime change, would increase the cost of capital, hurt Indian real estate and those who finance the […]
Marcellus: Our Habits, as Much as Our Brains, Drive Investment Decisions
Published on: 26 April, 2019 Even though habits account for 40% of the decisions that we make, the “thinking” part of the brain does NOT control our habits. Understanding the auto-reflex element of habit-driven decision making is central to nailing down why some promoters consistently allocate capital better than others. [Marcellus is offering internships to […]
Marcellus: Three Degrees of Disruption in Home Buying in India
Published on: 18 April, 2019 The rapidly growing sharing economy, and the availability of easy credit for pursuing ‘dreams’ and ‘desires’, together are shaping the attitude of young Indians towards buying assets. The impact is most visible in the waning demand for assets that demand long-term financial commitments and where options exist to delink usage […]
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