Consistent Compounders

Long read: 200 cats, 200 dogs, one lab: the secrets of the pet food industry

The pandemic induced lockdown drove a spurt of pet adoption across the world, including India. Indeed, one of Marcellus’ portfolio companies Nestle has launched its pet foods brand Purina to cater to this growing demand. But pets have been around for longer and have been fed home food or table scraps. It is only in […]

Feb 19, 2024 . 4 MIN READ
Consistent Compounders

Long read: The Roman Empire Fallacy

Ray Dalio’s 2022 book The Changing World Order talked about the various empires and nations in history – their rise and fall and what does it mean to our understanding of the current world order (led by the US) and how should we think about the future. This blog by Frederik Gieschen is on similar lines but […]

Feb 19, 2024 . 4 MIN READ
Consistent Compounders

Long read: Scientists are studying insect eating in Arunachal. They want to put them on global plates

‘Entomophagy’ is the practice of eating insects as part of one’s normal diet and the tribes of Arunachal Pradesh have perfected this thanks to traditions and recipes handed down over several millennia. Now a group of academics and PhD students at Rajiv Gandhi University (RGU) in Arunachal Pradesh are painstakingly identifying their insects (astonishingly, many […]

Feb 19, 2024 . 5 MIN READ
Consistent Compounders

Marcellus Portfolio Snapshot and Update on Fundamentals – January 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) For the quarter ended December 2023 (i.e. 3QFY24), earnings growth of […]

Feb 19, 2024 . 8 MIN READ
Consistent Compounders

Short read: Which Type of Investor Are You?

In a recent discussion with a client, we were reassuringly told that whilst there is always scope to learn as an investor, we should remain true to the sort of investment philosophy we most identify with. We couldn’t agree more. But how does one know what type of an investor they are? Here’s a simple […]

Feb 12, 2024 . 3 MIN READ
Consistent Compounders

Short read: The Thin Line

The Collab Fund is known for its brilliant blog posts from the prolific Morgan Housel. Every once in a while, they feature an equally insightful guest post from Ted Lamade. This one is about the seemingly impossible trade-off in investing between conviction and humility, as the blog’s title suggests ‘The Thin Line’. Lamade begins with […]

Feb 12, 2024 . 2 MIN READ
Consistent Compounders

Short read: You’re never too old to start exercising – just ask a 93-year-old rowing champion

Dr Peter Attia is a Canadian physician who has made a name for himself thanks to his lucid books, blogs and talks on longevity. In this blog he & Dr Kathryn Birkenbach use the example of a 93-year old man – who recently took to exercise – to underscore how positively exercise influences our bodies: […]

Feb 12, 2024 . 3 MIN READ
Consistent Compounders

Long read: Young India’s luxury dream

India is becoming an alternative to China in more ways than one – an investment destination for western allocators to a sourcing avenue for companies in the west. Now the crack down on luxury spending in China, the world’s fastest growing luxury market over the last decade by far, is coinciding with a nascent boom […]

Feb 12, 2024 . 4 MIN READ
Consistent Compounders

Long read: The strange survival of Guinness World Records

Many of us in Marcellus grew up with a well-thumbed copy of Guiness Book of World Records (now called ‘Guiness World Records’) in our school bag because it was useful for adjudicating disputes on the school bus on important questions like ‘Who has longest nails in the world and how long are said person’s nails?’ […]

Feb 12, 2024 . 5 MIN READ
Consistent Compounders

Long read: Book review of ‘How China Became Capitalist’ by Ronald Coase & Nina Wang

The late Ronald Coase (1910-2013) was one of the most influential economists of the post-World War II era thanks to his insights on how defining property rights tightly and creating high quality legal institutions for monitoring & enforcing those rights could transform economic outcomes for the better. He was awarded the Nobel Prize in Economics […]

Feb 12, 2024 . 6 MIN READ
Consistent Compounders

Global Compounders Portfolio: Resilience Amidst Chaos

Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 25-30 deeply moated global companies aligned with megatrends, fostering a consistent mid to high teens compounding of free cash flow/earnings. Amidst an increasingly uncertain global macro landscape, our proprietary Torque based positioning favors defensive stocks that deliver higher than GDP growth with low earnings volatility – as […]

Feb 12, 2024 . 9 MIN READ
Consistent Compounders

The Polarization of Corporate Profits in India is Reducing

  In the decade running up to Covid-19, corporate profits were increasingly polarized in India i.e., the top 20 listed companies accounted for an ever-larger share of India Inc’s profit pie. However, since FY21 the picture has changed as smaller companies have begun to grow their profits faster than the top 20 listed companies. This […]

Feb 07, 2024 . 11 MIN READ

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