Anil Swarup retired from the elite echelons at the apex of the Government of India less than a decade ago. He is well placed therefore to understand what ails India’s education system. In this hard-hitting piece, Mr Swarup points the finger as much at commercial interests (who operate like a crime syndicate) as at the […]
Amazon is credited for scaling online retail like no other pulling off incredibly complicated logistics covering an infinite assortment of goods conveniently delivered to customers’ doorsteps at low cost. Yet, this article argues that Costco, the champion of brick and mortar retail is a better exemplar of logistical efficiency. “Two companies have emerged with ideal-type […]
Last week saw an unusual intervention by the American government in the Japanese currency market to ‘prop’ up what looked like a Yen in free fall for far too long. Why does the US bother? Apparently, Japan with rising inflation stoked by a depreciating currency not wanting to raise interest rates had to defend its […]
Dr Skye C. Cleary is a philosopher and writer. She teaches at Columbia University, Barnard College, and the City University of New York, and is the author of “Existentialism and Romantic Love” and co-editor of “How to Live a Good Life”. In this piece she analyses one of the most celebrated lectures ever given on […]
Marcellus’ Global Compounders Portfolio (GCP) strategically invests in ~40 deeply moated global companies aligned with megatrends, with an aim to provide steady earnings growth and shareholder wealth compounding. Our underperformance vs S&P500 in 2026 has played out in two parts – in line until Feb’26 and underperformance post that. Two factors explain the underperformance: 1) […]
Between January-June 2026, South Korean retail investors borrowed their way from US$19bn to a record US$27bn of margin credit to chase an AI-driven stocks. When the KOSPI broke, 1.2 million leveraged accounts were margin-called and roughly 360,000 were liquidated. India’s equivalent instrument, the Margin Trading Facility, has grown 6x in three years to ₹1.43 lakh […]
In our national bestseller, Breakpoint, we explain that three forces are squeezing India’s middle class: quality jobs have become scarce, wages are rising at a slower pace than cost of living, and Indian households have become amongst the world’s most indebted. With Indian entering Sankat Kaal net foreign direct investment has all but disappeared as […]
A ₹1 lakh investment in the Nifty in November 1995 would be worth roughly ₹36 lakh today, assuming dividends were reinvested. However, 2/3rds of that ₹36 lakh has come in the last 10 years (with the first two decades feeling slow, boring and punctuated by horrific years like 2008). That’s why long-term compounding is easy […]
There was a time when doing honest work, raising a family well and leaving one’s children slightly better off was considered a successful life. Today, being exceptional has shifted from an aspiration to an obligation. Children must excel at everything, professionals must build personal brands, entrepreneurs must create unicorns, and even hobbies are expected to […]
Following the events of last week at Jantar Mantar, India has got a new task force to fix its examination system. But what should the fix look like? Renowned economist, Ajit Ranade shares some lessons from the Chinese experience. “In large, unequal societies, the competitive public examination is a ticket to a better life. It […]
Everyone with an email address has met the Nigerian prince who has written to you asking for help in moving billions of his family’s assets outside the country. At a time when online frauds, whether “digital arrests” or fake KYC calls are all around, we thought it worth asking where the OG of cons actually […]
Ray Dalio, a successful macro hedge fund manager, recently followed up his ‘Changing World Order’ thesis (also a book) where China challenges the US as the new world power, with this blog on the ‘Tribute system’. The authors of this piece in the Foreign Affairs begin with the idea: “Following the back-to-back state visits to […]
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