Indian tequila: one man’s quest to perfect a national spirit
This is the remarkable story of how tequila began to be manufactured in India’s Deccan Plateau. The stuff is so authentic that it is indistinguishable from the real thing. “In a quiet part of Goa on the west coast of India, three identical enamelled cups were perched on a bar. Each contained a clear alcohol. In […]
Yuval Noah Harari’s History of Everyone, Ever
For a historian to be profiled in a 10,000 word article in the New Yorker, which is arguably the world’s best magazine, he/she has to be pretty special. Most people who have read Yuval Noah Harari’s books will argue that he is pretty special. This profile tells you more about this unique man. The piece […]
How PSU stocks disprove the Efficient Markets Hypothesis
The Efficient Market Hypothesis (EMH) posits that all stocks always reflect all available information in their prices, making it impossible to find or buy undervalued stocks. With stock selection being redundant, the one way to increase portfolio returns is to increase systemic risk – i.e. buying high beta stocks. Many distinguished investors, including Warren Buffett […]
Robot Analysts Outwit Humans in Study of Profit From Stock Calls
Humans are losing to robots in a rapidly rising number of industries. If ‘Robo Advisors’ have taken off in the world of financial advisory or wealth management, now, ‘Robo analysts’ seem to be disrupting the hallowed world of sell side equity research analysts. Indeed, a study by the Kelley School of Business at Indian University […]
Netflix Already Won the Oscars
This article was written just before the actual Academy awards night. And the conclusion wouldn’t have been any different if it were to have been done after the awards where Netflix managed to win all of a mere two awards. Indeed, the day after the awards’ night, Netflix’s shares rose, somewhat explained by the article […]
The Outsize Influence of Your Middle-School Friends
Increasing bodies of research show that social relationships are perhaps the biggest drivers of happiness, thanks to their role in the release of oxytocin, one of the happiness inducing chemicals in the human body and reduction in cortisol, the stress inducing hormone. This article highlights research which shows that this phenomenon is rather pronounced in adolescents and […]
The (Easily Misunderstood) Yale Model
This outstanding piece from the legend that is Charles Ellis provides a far deeper understanding of Yale’s famous endowment investment model – helmed by the equally famous David Swensen – than anything else we have read to date on this iconic investment model. Ellis starts with the basics by telling us why Swensen is a […]
IBM made IIT Kanpur what it is. It just returned the favour with CEO Arvind Krishna
In a world where those who don’t display bigotry vis a vis foreigners are not seen as real men, The Print has a lovely story on the role of IBM – and the United States more generally – in the creation of IIT Kanpur. And how that elite university has now returned the favour by […]
Quality Trumps “Cheap” Valuations Comprehensively
After falling by about 39% from its January 2018 peak to its August 2019 trough, the BSE Smallcap index has since returned 22%. This rebound has been fairly broad-based with >70% of the BSE Smallcap stocks giving positive returns. However, this rally does not seem to be backed by any meaningful improvement in the underlying macros and […]
1917 Is a Video Game Come to Life
It is the Oscars night. Hence, it is topical to feature a piece on a movie that is a front runner for winning the best picture award – Sam Mendes’ World War I movie, 1917. The movie has rightly received accolades for bringing out the dark brutality of war with intensity and impact. However, this piece […]
A matter of fact: New study shows how Indians respond to (mis)information on WhatsApp
Whilst user generated content or social media has had its benefits on access to information as well as quality and diversity in perspectives, it has its downsides too. In particular, the growing malaise of fake news or unqualified content, whether deliberately planted by vested interests or otherwise. And the ease of forwarding a whatsapp message or retweeting […]
New Thinking Emerges on Optimal Tenure for a CEO
At Marcellus, whilst we look for companies with institutionalised culture, systems and processes thereby reducing the reliance on a few key individuals, we do acknowledge the contribution of iconic CEOs towards building such an institution. Indeed, CEOs who have served longer tenures have had a lasting impact on their businesses. However, the rapidly changing technological […]
For more content on our strategy, visit the archives GO TO ARCHIVES