Hold in the head: Saying “I don’t know” is easy. Not caring about now knowing is way harder
More often than not, our client meetings begin with the question – “Market kya lagta hain? (What is your view of the markets?)”, off late more on whether the market rally will sustain given continued concerns on the patchy economic recovery, risk of a second wave, uncertain US policies post elections, uncertainty around vaccine availability, India-China border […]
How two companies sprinted ahead in extraordinary race for a COVID vaccine
Following last week’s announcement by Pfizer that its vaccine under trials had shown over 90% effectiveness, significantly ahead of expectations, Moderna, another American biotech firm, reported this week that its vaccine candidate too had reported similar effectiveness. In last week’s edition of 3L&3S, we featured a piece about why despite what is clearly significant progress, […]
In jail, humanity is bubbling: Stan Swamy
As many Marcellus clients might know, the last three years have seen the National Investigation Agency (NIA) make a series of arrests in different parts of India of people with alleged links to Maoists. These people are, it is alleged, fronts for organisations (NGOs, not-for-profits) which are channelling funds to Communist and Maoist organisations in […]
Yale may have turned institutional investing on its head with its new diversity edict
Thirty years ago Yale changed the ways university endowments across the Western world invest by highlighting the merits of investing a higher proportion in risk assets whilst seeking to ensure that the risk assets were diversified across public and private equity, developed and emerging markets. This shift catalysed the explosive growth of US private equity […]
Soumitra Chatterjee lived a full life beyond the screen
Soumitra Chatterjee, a giant of Bengali, Indian and World cinema lost his fight with Covid-19 on 15th November 2020. Some of us celebrated the life of this great actor by watching our favourite Soumitra movies that day. Others participated in processions in Bengal where his favourite poems were read. Still others, we presume, must have played […]
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 […]
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