If The Government Does Not Step In With Clear Incentives, The Industry Will Collapse
The headline of this article could well be a common cry for help from several industries but the restaurant industry is one which could use this even without the lockdown inflicted woes. In a candid interview with the Outlook Business, Riyaaz Amlani, CEO of Impressario Handmade restaurants which runs chains like Social, Smoke House Deli, […]
Hedge-Fund Geniuses Failed Again. When Will We Learn?
Brilliant piece by John Authers, the veteran markets commentator formerly with the FT. John brings back memories of LTCM, the hedge fund which went belly up in the late nineties and how nothing really has changed since then. The S&P500 lost a staggering 33% in a little over 20 trading days and then back to […]
The more you know a stock the worse your performance gets
This blog from Klement renders yeoman service for HNWs by refuting the notion that HNWs should put all their eggs in one basket and then watch that basket really closely. The blog uses a clever study conducted by an Indian academic to attack the latter part of the proposition given in the previous sentence: “Didn’t Andrew […]
Even Warren Buffett Can’t Nail the Bottom
50% of our calls with our clients during the lockdown hinges around the client probing us on whether the bottom has been reached (in terms of the Indian market bottoming out). As you would expect, our view is that neither we nor anyone else knows whether the market has bottomed or whether it will bottom […]
Strength & Resilience in Difficult Times
We see limited impact of COVID-19 on Little Champs’ fundamentals beyond the short-term business disruptions given: (i) their strong balance sheets will help them navigate the near-term stress much better than leveraged peers; and (ii) export oriented portfolio companies’ exposure is mostly in essential products (pharma, agro, food) or replacement markets rendering immunity from a […]
Consistent Compounders fall less and recover sooner and sharper
In FY20, Marcellus’ CCP PMS has delivered healthy absolute returns (+7.6% vs -25.0% for Nifty50 Total Return Index) alongside resilience during the recent stock market correction (since 1st Jan 2020: -12.9% for Marcellus CCP vs -29.1% for Nifty50 TRI). Beyond the period of business disruption from the ongoing lockdown, fundamentals of Marcellus’ CCP companies are […]
Knowing the Unknowable…
…or how the free market messes with our minds. As we end Marcellus’ first full financial year with healthy absolute and relative returns, we are beginning to comprehend just how profoundly market forces can wreck our clarity of thought. Whilst man’s desire to know his future is primordial, the free market taps into this desire […]
The “new” trend of 8D audio explained; what is it and how is it achieved?
At 3L-3S, we have featured the developments in audio tech, especially as it gets personalised with headphones and earpods and how musicians are adapting their output to these changes. Earlier this week, social media went viral with the message: “Listen to this song with headphones (put on the 2 headphones). It is the new music of […]
The Hardest Part of a Buy & Hold Strategy
Whilst Marcellus strategies have significantly outperformed during this fall, they too have fallen considerably in absolute terms. What has been a pleasant surprise though is our clients actually continuing to invest into this fall and new investors rushing to open their accounts. From our conversations with other fund managers in India and elsewhere, it seems […]
Denmark’s Idea Could Help the World Avoid a Great Depression
By now we have seen most countries come up with stimulus programs to help prevent a catastrophic economic collapse caused by forced lockdowns and social distancing. However, as early as last week, Denmark rapidly stitched up with a plan which still remains the most radical of stimulus programs. Stimulus might be a misnomer given the […]
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