Consistent Compounders

The Investor’s Fallacy – Why Markets are Never “Due” for Anything

“In God we trust, others must bring data” is a quote attributed to Deming. But Nick Maggiulli is perhaps one of the most ardent followers of that. In this piece, Nick uses long term data to show why the fact that the US stock markets have had a great run in the past decade doesn’t […]

Jan 26 . 2 MIN READ
Consistent Compounders

Tomorrow’s industries: from OLEDs to nanomaterials

In his incredibly fascinating book Loonshots, Safi Bahcall discusses how serendipity plays a role in most big inventions. This aspect is even more accentuated in the field of material science. As this piece by Neil Savage in Nature shows, humans have always explored the different properties of various materials available on the planet to solve a […]

Jan 26 . 4 MIN READ
Consistent Compounders

Why every company needs a Chief Fun Officer

It is worth ignoring the puerile title of this piece and focusing on the more substantive point made by the piece: “Besides making working lives more enjoyable, there is strong evidence that fun in the workplace packs a powerful punch in terms of organisational benefits. For example, I researched the restaurant industry (in collaboration with John Michel from […]

Jan 26 . 3 MIN READ
Consistent Compounders

Manchester United Is the General Electric of Football

This article draws an interest parallel between capital allocation in the corporate world and that in the world of football in the specific context of GE and Manchester United. The author contends that “Like GE, the club once dominated its field but has lately chucked away its cash on terrible acquisitions.” So, how did these two […]

Jan 26 . 3 MIN READ
Consistent Compounders

How the Nifty will change in the coming decade?

20 of today’s Nifty constituents are highly likely to be booted out over the next decade. We outline how you can identify the exits (relatively easy to do) and the entrants into the Nifty (a little harder to do) over the next decade. If you are good at spotting the 20 entrants into the Nifty […]

Jan 23 . 9 MIN READ
Consistent Compounders

What’s in the Forecast: Private Weather Predictions

The movie industry globally has had this Sci- Fi sub-genre “Climatic Apocalypse” movies, which gained momentum in the 90s and is still profitably milking it. If you watch them again (and tone down the magnitude and special effects) you will find it is more relatable and it is happening for real. Eerily unravelling like Nostradamus […]

Jan 19 . 2 MIN READ
Consistent Compounders

Phil Fisher: The Art of Holding On

At Marcellus, we believe that identifying a great company is hard enough, selling them is harder and continuing to hold them for long is hardest. Phil Fisher is a legend in the world of investing and had a similar investment philosophy of identifying great compounders and holding them for long. He is the man who […]

Jan 19 . 4 MIN READ
Consistent Compounders

How Slack ruined work

Technology has made the world smaller & closer but there is a flip slide to it. Instant messaging apps like Slack, WhatsApp and others have changed the way we communicate with each other. Today, people feel more comfortable in picking up the phone and messaging rather than meeting face to face or getting on a […]

Jan 19 . 2 MIN READ
Consistent Compounders

China Spins a Trade-Deal Trap in Bad Debt Market

Like India, China’s financial system is also grappling with a mountain of bad debts which now stands at a staggering USD 319bn. China has found a silver lining in the trade war with America by opening its struggling financial sector to US institutions by allowing them to apply for asset management licences. Previously, foreign investors […]

Jan 19 . 2 MIN READ
Consistent Compounders

Boeing Hands Over Internal Employee Messages Describing 737 Max as “Designed by Clowns”

A month ago we highlighted a long essay on how Boeing went from moated CCP-type franchise to a company run by cost cutters. Last week, even as news broke of Boeing’s CEO being shown the door, Slate published another piece which sheds more colour on the descent of this once luminous franchise. The piece is […]

Jan 19 . 3 MIN READ
Consistent Compounders

A World Without Pain: Does Hurting Make Us Human?

Joanne Cameron, a 72-year old retired school teacher living in a village in the Scottish Highlands, suffers from a rare genetic mutation. An Indian doctor – who used to work in the Indian Navy and now works for Britain’s NHS – upon discovering this mutation realised that Ms Cameron’s rare condition (which has never been […]

Jan 19 . 5 MIN READ
Consistent Compounders

Introducing Little Champs – Marcellus’ Small Cap PMS

Given that each year 60 companies enter the BSE500, there are indeed strong economic drivers which help well run small firms explode into prominence. From an investors’ viewpoint, in the three-year run-up to entering the BSE500, new entrants outperform the index by a CAGR of 40%, indicating significant return opportunity before these stocks are discovered […]

Jan 18 . 11 MIN READ

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