Return on Capital Super Heroes
Featured in the 2nd June edition of 3L&3S American fund manager, Tom Machperson of Nintai Partners, highlights something that many of us who manage money know but never fully acknowledge i.e. “Managers who are frugal, both in their personal lives and in their compensation, generally run companies with higher returns on capital than those overseen […]
Adm. McRaven Urges Graduates to Find Courage to Change the World
Featured in the 2nd December edition of 3L&3S As a start-up, we run into people every now and then who try to use their muscle to put us in our place. In the narrow context of our lives and in the broader context of the world we live in, we loved this commencement speech given […]
Can an algorithm determine just how rich an Indian is merely from their name?
William Shakespeare famously wrote in Romeo and Juliet “What’s in a name? that which we call a rose by any other name would smell as sweet.” Turns out, there is actually a lot that can be gathered from the name, at least going by Rishabh Srivastava’s big data analytics story on Scroll. Rishabh is the […]
This Is the Beginning of the End of the Beef Industry
This should bring cheer to those disappointed with the beef bans in places across India. The plant-based meat technology has received a shot in the arm with the USFDA clearing the use of soy leghemoglobin, a protein-based color additive uses to make the Impossible Burger “bleed” like real meat. This piece by Rowan Jacobsen in […]
Winner-Take-All Phenomenon Rules the Stock Market, Too
At the core of Marcellus’ Consistent Compounders investment philosophy is identifying monopolistic franchises which dominate their industries for long periods of time. Therefore, the returns from the stocks in those sectors are also likely to be concentrated around these monopolies. Commentators on the Indian stock market have also recently lamented that returns have been restricted […]
Was the Automotive Era a Terrible Mistake?
Indian auto stocks have taken a serious beating off late with concerns not just on the current cyclical decline in sales (perhaps the industry’s worst ever downturn) but also the threat of disruptions for the future – electric, autonomous, ride-sharing, etc. Well, the concerns are global in nature and perhaps the history of automobiles can […]
The Stock-Buyback Swinde
This well written article says that American corporations are spending trillions of dollars to repurchase their own stock. “The practice is enriching CEOs—at the expense of everyone else.” It wasn’t always thus – buybacks are a recent fad. “Before the 1980s, corporations rarely repurchased shares of their own stock. When they started to, it was […]
Being Market Savvy Doesn’t Help Very Much
Published on:7 August, 2019 The Government of India allowed Marcellus to incorporate as a private limited company on 7th August 2018. We have enjoyed serving our 500 clients – in India and abroad – over the past year. We thank our clients for their support and aim to continue compounding their wealth for many years to […]
Page Industries – Why do we continue holding it in our portfolio
Page’s promoters have used their experience in the Philippines to fortify Page’s moats around: a) product differentiation based on in-house manufacturing in a labour-intensive industry; b) aspirational brand recall using Caucasian models in high-impact advertising campaigns; and c) IT investments and control on the distribution channel to manage a wide spectrum of products. Whilst these […]
The RBI Can Reverse the NBFC Crisis
Published on:30 July, 2019 Indian NBFCs are struggling not because of lack of liquidity in the system but because the money market has lost faith in most NBFCs’ balance sheets and in the credit rating agencies’ ratings. Hence rather than cutting CRR/SLR/repo rate, the RBI should vet the balance sheets of the NBFCs and make […]
Instagram Turns Obscure U.S. Sights Into Social-Media Destinations
Author: Jim Carlton Source: The Wall Street Journal (https://www.wsj.com/articles/instagram-turns-obscure-u-s-sights-into-social-media-destinations-11562410801) Internet and internet companies like Instagram, Facebook, etc have made access to data/information very easy and have helped people across the world come more close. People are sharing their information on a real time basis and one of the unexpected beneficiaries out of it is the […]
Like fossil fuel in the ground, customer data may soon be a liability, not an asset
Author: John Naughton Source: The Guardian (https://www.theguardian.com/commentisfree/2019/jul/14/the-networker-customer-data-liability-not-asset-british-airways-ico-fine-leak-marriott-hotel-group) Oil, which was once considered as indispensable to the economy is witnessing a reversal of fortune. Environmental costs of digging up and burning oil have forced humans to look for renewable sources of energy and now talks are when will renewable source of energy will overtake oil. Countries […]
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