Consistent Compounders

Beyoncé is Black America’s great communicator

The FT’s pop music critic opines that “…among the ranks of opinionated entertainers, none is held to be as influential as Beyoncé. Leonardo DiCaprio’s warnings about climate change or Lady Gaga’s advocacy for LGBTQ+ communities never command the same degree of attention as Beyoncé’s interventions about racial politics and societal unrest. Kanye West attracts attention — […]

Jul 03 . 2 MIN READ
Consistent Compounders

Quotes from Seth Klarman Interview

Seth Klarman is the CEO and portfolio manager at The Baupost Group, an American investment management firm. Klarman is known for his value oriented investment approach made most famous by his book – Margin of Safety. In a recent interview with Harvard Business School professor Das Narayandas, he shares his take on the markets and more […]

Jul 03 . 3 MIN READ
Consistent Compounders

Bats and balls — but not baseball — win over Texas kids

Shah Rukh Khan is a smart businessman and given that he’s investing serious money in North American cricket, it is worth paying more attention to the cricket scene in USA. This interesting piece in the Washington Post explains how the growing size and affluence of the Indian community in Texas has made that state a […]

Jul 03 . 3 MIN READ
Consistent Compounders

What’s the best way to help extremely poor people? After 20 years, the evidence is in

Whilst conventional wisdom has it that microfinance helps the poor, one of the world’s leading practitioners of this form of finance, Shameran Abed, the director of BRAC in Bangladesh, saw 30 years ago that “it was becoming clear that microloans weren’t reaching the poorest households. Nobody wanted to lend to them because who knew if they […]

Jul 03 . 4 MIN READ
Consistent Compounders

Relentlessly Testing the Little Champs’ Fitness Levels

Most small caps that show early promise falter as they grow and eventually fade into oblivion. The most common reasons are dubious accounting/governance practices that come to fore as these companies are tracked closely by investors, capital misallocations (often a result of overconfidence or lethargy) and lack of delegation/institutionalisation which inhibits the franchise’s growth. At […]

Jun 28 . 10 MIN READ
Consistent Compounders

India’s Moment After a Decade of Structural Reforms

Between 1870 to 1940, America became the world’s most industrialised economy. During this period, with the emergence of railroads, the telegraph, cars and roads, the American economy was ‘networked’. This joining up of America helped efficient, well capitalised companies with competitive advantages to consolidate entire industries. After a decade of pathbreaking structural reforms, India is […]

Jun 25 . 9 MIN READ
Consistent Compounders

Three Different Routes to Compounding Heaven

Lenders are leveraged business and have a unique business model very different from other non-financial companies. This makes it difficult to compare metrics of lenders with other companies. In this newsletter we delve deeper into such aspects of reinvestment rate, book value compounding and return on equity of lenders. For instance, for most non-financial companies, […]

Jun 20 . 8 MIN READ
Consistent Compounders

Why Compounding is so Difficult

Another topical piece from the house of Akre Capital. In the past, we have featured Chuck Akre’s Three-Legged Stool investment strategy and Chris Cerrone’s The Art of (Not) Selling. In this piece, another partner at Akre, John Neff reminds us why compounding is so difficult given the markets currently. “Why do more investors not reap […]

Jun 19 . 3 MIN READ
Consistent Compounders

‘If you work hard and succeed, you’re a loser’: can you really wing it to the top?

Mostly we value people with great work ethic – systematic approach, deep thinking and hard work. But every now and then we are in awe of those few who are spontaneous and end up pulling things off with sheer instinct. This article tries to understand if it is actually possible to succeed by just ‘winging […]

Jun 19 . 5 MIN READ
Consistent Compounders

Learning how to think well involves hearts as well as minds

As one gets older as a professional, one runs into a knotty HR problem, namely, some of the most brilliant minds we run into Finance lack a moral compass. Since the education system does not measure morality, such people often have distinguished qualifications. However, since immorality gets found out in corporate life, such people often […]

Jun 19 . 3 MIN READ
Consistent Compounders

A chat with Ray Dalio

Ray Dalio is the founder and co-CIO of Bridgewater Associates, the world’s largest hedge fund. Dalio is also known for his book – Principles which talks about his principles in Life and Work, some of which such as ‘Radical Transparency’ we have attempted to implement at Marcellus. His Youtube video on ‘How the Economic Machine […]

Jun 19 . 4 MIN READ
Consistent Compounders

The Art of Listening

As Ernest Hemingway noted in 1935,  “‘When people talk, listen completely… Most people never listen.’” Poor listening skills, says the author of this piece MM Owen – a British nonfiction author – afflict most of us. Listening he says is a powerful skill and master of listening was a psychologist named Carl Rogers: “Listening well, […]

Jun 19 . 4 MIN READ

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