The Red Queen of Investing
The author is yet another high-quality writer from the Ritholtz stable and he has produced a really interesting piece of how trading, like other aspects of life, has gradually become an arms race. He begins by using Darwin’s theory of evolution to lay out the basic concept: “Darwin is in the Galápagos Islands when he […]
Why consistent compounders outperform during market stress?
Marcellus’ Consistent Compounders portfolio has shown resilience since inception in 2018. This resilience is not uncommon for share prices of great companies. Over the past 2 decades, in stock market crashes,stocks like Asian Paints and HDFC Bank have, more often than not, delivered positive and healthy returns.More importantly, in the few instances that these stocks […]
Technology, for more than technology’s sake
Published on: 31 August, 2019 Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road – Stewart Brand, American Writer. In a few days from now, on September 7th, 2019, the Indian Space Research Organisation (ISRO) is expected to land the Chandrayaan-2 on the Moon, joining […]
Collaboration Across Vast Networks: Lessons from the Marwaris
Published on: 27 August, 2019 The Marwari community serves as a case study of durable and extensive collaboration without the need for a dominant leader to oversee such an endeavour. This sort of community-based collaboration provides richer insights than B-School paradigms into why some teams succeed and others fail. “…read the sub-text and you […]
On floccinaucinihilipilification
Central banks’ influence on the global economy has been on the rise over the past few decades with ultra-low interest rates and unconventional monetary policies such as quantitative easing. Whilst they can be credited to have pulled financial markets up from the crises, their impact on the real economy remains a matter of debate. Growth […]
The Bond Raters Still Need to Be Fixed
Barry Ritholtz has written this article in the context of the US Financial Services industry but he might as well be talking about India given that India’s rating agencies have covered themselves with as much muck over the past four years as the US rating agencies did in the run-up to the Lehman crisis. For […]
Sports Cars, Psychopaths, and Testosterone: Inside the New Frontier of Fund Manager Research
We would like to believe a lot of investing success can be attributed to behavioural aspects or psychology than subject matter expertise. Now there is a whole body of research emerging taking this to the next level in terms of assessment of the fund manager’s personality traits as a key input to manager selection, according […]
How Scientists Built A ‘Living Drug’ to beat Cancer
This piece in the WIRED is an adaptation from the book The Breakthrough: Immunotherapy and the Race to Cure Cancer. Quite a riveting story about how when the parents of a six year old offered a bunch of researchers a chance to save their daughter when doctors of conventional medicine had given up all hope. […]
Was e-mail a mistake?
Cal Newport begins by telling us for most of human history, messaging was synchronous by default i.e. in an office or a factory people who needed to be told something had to meet the message giver face to face. As a result, for much of the 20th century “the push to create what communication specialists […]
Starbucks v Dunkin’: how capitalism gives us the illusion of choice
At the core of Marcellus’ investment philosophy is the hunt for quasi-monopolies i.e, companies that dominate their sectors, especially where the product or service is essential to the common man. Such dominance often comes with superior RoCE’s (Return on Capital Employed) which in turn allows high reinvestment rates and therefore long term sustainable profit growth. […]
WeWork Stands Before Us in All Its Naked Glory
How to spot the peak of a market bubble? WeWork’s planned IPO might just give you the template – a flawed business model with assets and liabilities totally out of whack, an up-in-the-air valuation, outright corporate governance misdemeanours, related party transactions, creative accounting in all its glory, a self-aggrandizing founder and here’s the best part […]
Dopamine Fasting – The Hot Silicon Valley Trend
Given the lifestyle of most professionals and the way they deal with broadcast & social media “many of us are highly overstimulated at best and addicted at worst to things that grab at our attention. Even worse, we don’t realize the extent—as I wrote, Americans spend a whopping 11 hours a day engaging with media […]
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