The politics of deglobalisation favours the robots
As the West reindustrialises by re-shoring production that it had outsourced to China, demand for robots – all of which seem to be made in Japan – is booming says this piece in the FT: “…the pressure on companies to build multiple supply chains and reduce dependency on China creates new constraints on the ability to […]
WPL – a league long overdue, and already making dreams come true
One of the biggest shortcomings of Economics post World War II has been to overstate the role of the state in the creation of an economy and underplay the role of free market agents. Those of us who earn our living in the giant free market economy that is modern India, have seen first hand […]
Viceroys to Rekha to Yash Chopra—Ushnak Mal silk saris a hot favourite for over 100 yrs
As we continue loading up on Hermes in our Global Compounders Portfolio and on Titan in our Indian Consistent Compounders Portfolio, we have developed a newfound appreciation of the skill and persistence required to build lasting lucrative luxury brand. This piece in The Print describes the evolution of a legendary sari brand that would be […]
How does the brain age across the lifespan? New studies offer clues.
Whilst neuroscience has progressed meaningfully over time, there is still an awful lot that we don’t understand about our brain, especially its development or even degeneration with age. This article in the Washington Post refers to some new studies which help improve that understanding. Whilst the article talks about the changes in the brain across […]
Short-Seller Nate Koppikar Has Taken on Blackstone, Facebook, and the Tiger Cubs. He’s Had an Amazing Year.
Short sellers don’t often get the respect they deserve. Indeed, the activist types even tend to be branded villains by most who prefer to see stocks only going up. Yet, short sellers are important for price discovery and especially in catching fraudulent companies. But it is a hard profession. Whilst it does take a lot […]
Why did Jamsetji Nusserwanji Tata build the Taj Mahal Hotel in Bombay?
In the unlikely event that anyone living in India was unfamiliar with the Taj Mahal Hotel in front of the Gateway of India, the tragic events of 26/11 and the bravery shown by the staff of this storied hotel has made this establishment an integral part of modern India’s fabric. In his bestselling book ‘Tata […]
CCP valuation multiples correct 30% whilst fundamentals continue to compound at over 20% per annum
CCP portfolio companies’ valuations have become 30-35% cheaper over the last 12 months. Given that Free Cashflows of these companies have compounded at 5-7% higher run-rate compared to their earnings consistently over the last 5-10 years, their current valuations (on a Price to Free Cashflow basis) are significantly cheaper than where they were 3 or […]
Would You Trade Places with Warren Buffett?
This isn’t another one about Buffett’s wisdom on investing or life. It is about the relationship between time, health and money using Buffett’s wealth and age as clickbait. The author begins with “Would you rather have $0 and be 20 years old, or have $100 billion and be 90? Most people respond to this hypothetical with […]
Are Indian Kids Getting Enough Opportunities to Realise Their Capabilities?
As every Indian knows, the country struggles to win medals of any colour in the Olympic Games. In contrast, Sweden, a wealthy country with fewer people living in the entire country than, say, in one of the smaller Indian cities like Hyderabad, won 11 Olympic medals in 2016. Most of us can intuit why India […]
To boost happiness, treat your weekend like a vacation
India and America, the world’s two largest free market democracies have several things in common including very long working weeks. Whereas the wimpy Europeans tend to work 35 hours per week, Indians and Americans regularly crank out 50 hour plus weeks. And then we complain of burn out and fatigue and seek work-life balance. This […]
How did China come to dominate the world of electric cars?
In last week’s edition, we featured a piece that talked about how some electric car models will likely be priced at par or lower than their internal combustion engine (ICE) fueled peers this year. And earlier in the edition, we heard Charlie Munger say why BYD (the Chinese electric car maker and the world’s largest) […]
Charlie Munger Q&A // 2023 Daily Journal Annual Meeting (Full Transcript)
It is indeed a Berkshire fest this edition of the 3L&3S. In Buffett’s annual letter (featured above), he also says this about his long-standing partner and vice-chairman of Berkshire, Charlie Munger: “Charlie and I think pretty much alike. But what it takes me a page to explain, he sums up in a sentence. His version, moreover, […]
For more content on our strategy, visit the archives GO TO ARCHIVES