Consistent Compounders

Water extraction and weight of buildings see half of China’s cities sink

A couple of years ago, a friend of ours published an outstanding book on the escalating water crisis in India. In “Watershed: How we destroyed India’s water….” , Mridula Ramesh describes amongst other things how cities like Delhi, Bangalore and several other high density urban centres in northern India, groundwater is being used both for washing, […]

Apr 29 . 3 MIN READ
Consistent Compounders

Long read: Valuation Multiples – What They Miss, Why They Differ, and the Link to Fundamentals

Valuation multiples such as and specifically the Price to Earning or PE ratio are the most commonly used valuation approach by investors in India as well as globally. In our newsletters, we at Marcellus have highlighted the limitations of multiples as a valuation approach. As this piece shows, Prof Aswath Damodaran makes a further distinction […]

Apr 29 . 3 MIN READ
Consistent Compounders

Long read: The irresistible mystery of the beautiful batsman

Roger Federer and Rafael Nadal provided one of the greatest rivalries of sport, not just for the intensity with which they competed but also the mutual respect they showed for each other. It will be hard to choose one over the other. Whilst Rafa’s grit might appeal to some, for others the sheer elegance of […]

Apr 29 . 5 MIN READ
Consistent Compounders

Long read: Explained: Tamil Nadu’s decentralised industrialisation model

The legendary journalist and author Harish Damodaran (he of ‘India’s New Capitalists’ fame), has written an outstanding piece that would be of interest to anyone who has been trying to understand why over the past two decades peninsular Indian has surged ahead of the rest of the country. In cities like Chennai, Hyderabad and Bangalore, […]

Apr 29 . 4 MIN READ
Consistent Compounders

Short read: Jung’s Five Pillars of a Good Life

Arthur Brooks, a Harvard Professor has been writing about the science of happiness for a while now. Late last year, he collaborated with Oprah Winfrey for his latest book ‘Build the Life you want’, in which they talk about ‘happierness’ where the objective is progress than an absolute state of bliss. In this article, he cites Carl […]

Apr 22 . 3 MIN READ
Consistent Compounders

Short read: How Guwahati’s Air Became World’s 2nd Most Polluted

Most people believe that India’s megacities like Delhi and Bombay have the dubious honour of having the highest levels of particulate matter (PMI) in air. What few realise is that the mantle of “India’s most polluted city” is increasingly shifting to India’s Tier 2 & Tier 3 state capitals as our megacities slowly get some […]

Apr 22 . 4 MIN READ
Consistent Compounders

Short read: AI-gorithm: GenAI promises a booster dose for Indian pharma to scale up the value game

Amidst all the doom & gloom about how AI will wipe out jobs in the fabled IT Services sector, here is a happier story related to AI. Anil Sasi focuses on how AI can help the sector which is India’s second largest export income after generator after IT Services: “The limitations faced by the Indian […]

Apr 22 . 2 MIN READ
Consistent Compounders

Long read: The cruelty of crypto

Debates on crypto are much like political debates where neither side is likely to see any merit in the opposing arguments. We have no intention to stir up another debate – the title of the article might be misleading as the subject isn’t about crypto alone but also includes the meme stock mania or the […]

Apr 22 . 5 MIN READ
Consistent Compounders

Long read: How Xi Jinping plans to overtake America

A couple of weeks ago, we featured a blog about how China is aiming to establish technological supremacy in the world as opposed to economic growth alone. This piece in the Economist builds on it and links it to the Chinese president Xi Jinping’s vision of cultivating ‘new productive forces’ to drive the economy. This marks a […]

Apr 22 . 4 MIN READ
Consistent Compounders

Long read: For nearly 50 years, only Black men caddied The Masters. One day, they all but vanished

This story from the fabled Augusta Masters will in all likelihood end up being turned into a movie. Before that happens, you can savour Jack Bantock’s golfing tale of race, friendship, success and then labour market reform. Whilst we have grown up reading about the Augusta Masters golf tournament and occasionally watched it on TV, […]

Apr 22 . 5 MIN READ
Consistent Compounders

MeritorQ: Profiting from the Dislocation in Indian Megacaps

Although India’s 20 most profitable listed companies (the ‘Megacaps’) account for around 50% of the profits generated by the BSE 500 companies, these Megacaps account for just 34% of the BSE500’s market cap (down from 41% a decade ago and 45% nearly two decades ago). Indian retail investors’ fascination with small caps seems to be […]

Apr 19 . 6 MIN READ
Consistent Compounders

Marcellus Portfolio Performance and Update on Fundamentals – March 2024

*For relative performance of particular Investment Approach to other Portfolio Managers within the selected strategy, please refer https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu Under PMS Provider Name please select Marcellus Investment Managers Private Limited and select your Investment Approach Name for viewing the stated disclosure   Consistent Compounders Portfolio (CCP) During FY24 (12 months ending 31st March 2024), Marcellus’ CCP Portfolio delivered 24% […]

Apr 18 . 10 MIN READ

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