Marcellus’ Portfolio Leads India’s Capex Change
Whilst public sector capex has grown steadily in India between FY19 and FY23 (14% CAGR in nominal terms), the same is NOT true for private sector capex (7% CAGR in nominal terms). In such a scenario, Marcellus’ portfolio companies have grown capex (i.e., net block) significantly faster than the capex growth in the BSE500 […]
Marcellus Portfolio Update and Performance Snapshot – December 2023
Consistent Compounders Portfolio (CCP) Calendar year 2023 ended with Marcellus’ CCP portfolio generating 16% returns with 6% underperformance against Nifty50 TRI, supported by a recovery in performance from April 2023 onwards (1st Apr 2023 to 31st Dec 2023 performance was 28%, marginally better than Nifty50 TRI). The top-5 stocks in Nifty were Tata Motors, Bajaj Auto, […]
What is resilience? A psychologist explains the main ingredients that help people manage stress
Much like the third long read today talks about how patience can be cultivated as a character trait, so can resilience according to clinical psychologist Rachel Goldsmith Turow. But what is resilience? “The word resilience can be perplexing. Does it mean remaining calm when faced with stress? Bouncing back quickly? Growing from adversity? Is resilience […]
Two Bihar Ranji Trophy teams turn up on ground, start delayed
The Ranji Trophy is India’ premier first-class cricket tournament and Mumbai are the current holders of the trophy (and the team with the most number of Ranji Trophy wins). The competition is divided into two groups – the Elite group (where the top teams like Mumbai, Delhi, Tamilnadu, etc play) and the Plate group (where […]
In the stories of Asian Games’ medalists, the story of sport in India
At the Asian Games held in China last year, 256 Indian athletes won medals. Since this was India’s largest medals haul at the Games, what followed was much chest thumping in the world’s most populous nation. Mihir Vasavda’s carefully researched story points to a more bittersweet underlying reality behind these medals. He says, “Ninety-six athletes who […]
Active Patience
In his blog ‘The Seven Virtues of Great Investors’ that Jason Zweig wrote about last year, ‘Patience’ perhaps could be construed as the most obvious one, even cliched, given the inherent volatility in markets irrespective of one’s style of investing resulting in periods of weak performance (absolute, relative or both). What he doesn’t say is whether patience […]
How to get rich in the 21st century
To be sure, the title does not refer to us getting individually rich but to countries making the leap from a developing economy status to the rich world, measured by per capita incomes rising to levels that the IMF classifies as a developed economy. The 20th century saw some of the East Asian economies make the […]
JS: The iconic magazine which ‘invented’ the Indian teenager
Those of us who read a few books and writes 3 longs & shorts fancy ourselves as people who know a little bit about India. Then we come across a slice of India that we had never heard about before. That was broadly how we felt when we read this piece by Soutik Biswas about […]
The Rapid Rise of Female Entrepreneurs in India
Data from the RBI shows that women in India’s urban areas have more money in their accounts than men. Across all levels of the education system, Indian women are outnumbering and outperforming Indian men. Both during our travels and through our number crunching, we can see that urban women are getting wealthier, thanks to […]
Short read: Luke Littler, the ‘fearless’ 16-year-old making darts history – fuelled by omelette
Most of us would know of darts as a fun game played over beers at a pub. But it is indeed a sport with a world championship that just concluded. And it is even more famous thanks to its losing finalist – a 16yr old sensation Luke Littler. Littler has set the darts world on […]
Short read: Contrarian Investing with Michael Mauboussin
It is perhaps that time of the market cycle when we do feel the madness of crowds, at least when it comes to the Indian markets. The positive view on the Indian economy has become increasingly consensus with hardly any attempt to poke holes in the India story. This is even more apparent with flows […]
Short read: The changing face of trade: idea-driven companies come to the fore
Over the past decade, the nature of global trade has changed radically. In this article, the fund managers at Capital Group say that “Digitisation is behind the latest shift in trade patterns, with far-reaching consequences for economies, companies, and individuals. Many investors used to think of multinational companies as powerhouses in commodities or heavy industries, but […]
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