Marcellus’ Global Compounders Portfolio (GCP) strategically invests in 25-30 deeply moated global companies listed in developed countries, leveraging their products and services aligned with global economic megatrends, fortified by exceptionally solid moats. These elements contribute to the consistent compounding of free cash flow/earnings in the mid-to-high teens. Here, we spotlight the investment philosophy known as […]
India’s savings rate, on a net basis (i.e., savings less borrowings), has touched a 40-year low, as for the first time ever, Indian households are borrowing more than they are saving through bank deposits. This fall in the net savings rate is a by-product of three structural trends: (a) the youthful demography of the nation; (b) the […]
Indian savers’ parcipatition in equity markets has grown manifold over the past few years as indicated by the rise in demat accounts, now well above 100m. Part of the reason is the structural trend of financialisation of savings in the country away from the historical affinity with real estate and gold as default asset classes. […]
The North-East of India is full of hidden treasures. Ms Paul’s article in the BBC is about one such hidden gem: “Hundreds of standing stones, some 8m tall, stand sentinel in Nartiang, Meghalaya, with their origin shrouded in fantastical folklore.” Nartiang is two hours south of Shillong, the capital of Meghalaya. Ms Paul says, “I found myself […]
Those of us who grew up in Delhi can affirm that the world’s best cold coffee is served by Depaul’s in Delhi. As Ms Manmohan explains, “Packed in tiny, customised bottles of 200 ml, Depaul’s beverage lasts just about 4 happy gulps.” Every work trip to Delhi should therefore involve visiting one of the many Depaul’s outlets […]
Earlier this month, we featured a piece on how China is flooding the world with its cars. To construe this as yet another case of China dumping low quality products sold cheap thanks to the Chinese state’s subsidies would not be out of the ordinary. However, this follow up to that story suggests something different. […]
For those of us uninitiated, Pax Americana is a term used to refer to the period post World War 2, when the US became the dominant economic and military power which supposedly contributed to relative peace in the western hemisphere. Especially the period post the collapse of the Soviet Union has been termed Long Peace, […]
Over the past decade, several of us in Marcellus have sought counselling from psychologists to deal with the pressures of our job alongside personal upheavals such as losing a loved one to trying to settle down in a new country. However, people like us our fortunate at multiple levels – we have the money to […]
Consistent Compounders Portfolio (CCP) Despite volatility in the external economic and geo-political environment, Marcellus’ CCP companies have historically delivered consistency of revenue growth and profit growth. We expect this consistency to sustain in the foreseeable future as well. Additionally, over the last few months, we have seen a rise in competitive intensity through new entrants […]
That the Indian economy is a bright star on the global horizon is consensus thinking. One of the key reasons for the promise that India holds is its large young working age population or what is referred to as the demographic dividend. This piece in the Economist not only shows why that is such a […]
Those of us who are fortunate enough to live in an era which celebrates teenagers who launch vegetable delivery apps looked back with pride at the life of one India’s biggest gamechangers, MS Swaminathan. As John Reed wrote on the FT last week, “MS Swaminathan, who has died aged 98, was a university student in Kerala […]
We have been featuring a slew of articles related to the rise of the Indian woman and its impact on the Indian economy and society. Amidst this, it was heartening to see this year’s Nobel Prize for Economics being awarded to a woman (the first solo in the field) – Claudia Goldin. Even better, the […]
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