Consistent Compounders

Putin Lives in Historic Analogies and Metaphors

As per his Wikipedia page Ivan Krastev is “is a political scientist, the chairman of the Centre for Liberal Strategies in Sofia, permanent fellow at the IWM (Institute of Human Sciences) in Vienna,[1] and 2013-14-17 Richard von Weizsäcker fellow at the Robert Bosch Stiftung in Berlin. He is a founding board member of the European Council […]

Apr 17 . 4 MIN READ
Consistent Compounders

High-Performing Teams Need Psychological Safety. Here’s How to Create It

For most of us in Marcellus, this is our second go at managing a business. We got our first chance to run a business around 10-15 years ago when we were in our early thirties. At that point one of our earliest learnings was that “if we want to make groups of talented people collaborate […]

Apr 17 . 3 MIN READ
Consistent Compounders

Have Chinese Spies Infiltrated American Campuses?

Last week we wrote a detailed piece of how the world is splitting down the middle as Cold War II kicks off – see https://marcellus.in/blogs/how-cold-war-ii-will-impact-your-wealth/ If you want to understand how the innards of the last forty years of co-operation between America and China are being ripped apart at a rapid rate you should read this […]

Apr 17 . 5 MIN READ
Consistent Compounders

Spotlighting Tarsons Products

This month we place the spotlight on Tarsons Products Limited (Tarsons), a leading supplier of plastic labware products in India with a growing exports business (1/3rd of revenues). Tarsons enjoys industry leading operating margin (FY17-21 average EBITDA margin nearly 3x the second-best player’s) and significantly superior returns on capital employed vs peers (31% average over […]

Apr 08 . 12 MIN READ
Consistent Compounders

Saudi Arabian comedy breaks new ground in portrayal of women

In super-conservative Saudi Arabia winds of change are blowing as “Crown Prince Mohammed bin Salman, the day to day ruler, has over the past six years upended social and economic norms, as he tries to develop new industries and create jobs for his youthful population.” At the vanguard of this change is a hit comedy series […]

Apr 04 . 2 MIN READ
Consistent Compounders

Mistakes, Lessons, and Strengthening of our Research Processes

Marcellus’ fund managers and research analysts continuously evaluate their decision-making to identify mistakes made and hence lessons learnt to help improve the quality of our investment decisions in future. In 2019 and 2020 we lacked granularity in our assessment of capital allocation decisions made by companies in our coverage universe. This resulted in our decision-making […]

Apr 04 . 11 MIN READ
Consistent Compounders

A specialty coffee wave is brewing in India

Since we usually compile 3 Longs & 3 Shorts over the weekend whilst drinking large amounts of filter coffee purchased online, it is but appropriate that we should acknowledge the booming demand for specialty coffees in India. From Marcellus’ staff to the top IPL cricketers – we are all lovers of specialty coffees now. Andrew […]

Apr 03 . 2 MIN READ
Consistent Compounders

Moats Are Not That Hard To Calculate

In a recent interview Prof Bruce Greenwald of Columbia University (whose book “Competition Demystified” is something of a bible in Marcellus) said: “…Buffett’s word for this is moats, moats and franchises are identical, and it turns out moats are not that hard to calculate. I think one of the things Buffett has been coy about is […]

Apr 03 . 2 MIN READ
Consistent Compounders

From gaon to Golf Links — Modern India is still under the spell of black magic

By all conventional measures India’s formal economy is booming (thanks to 32 mn jobs created in the past 3 years, a healthy stockmarket, abundant liquidity in the banking system, etc). This prosperity combined with the mental hammering that Covid-19 handed out has made India a booming market for tantrics. Before we delve into this boom, […]

Apr 03 . 4 MIN READ
Consistent Compounders

The man known as ‘Putin’s brain’ envisions the splitting of Europe — and the fall of China

Vladimir Putin’s recent ramblings during his long televised speeches have allowed Putin watchers to figure out who his ideological gurus are. David Von Drehle says in this piece that the analysis behind Putin’s speeches are coming straight from “a fascist prophet of maximal Russian empire named Aleksandr Dugin.” Whilst you & I might not have heard […]

Apr 03 . 3 MIN READ
Consistent Compounders

Review of Amartya Sen’s “Home in the World”

Those of us who grew up in India in the 1980s and 90s used be stunned by the quality of students that the schools of Kolkata would produce in that era. Our peers from Kolkata would read not just Tagore but also Kant & Shakespeare, not just Newton but also Einstein & Fermi. They would […]

Apr 03 . 4 MIN READ
Consistent Compounders

How Cold War II Will Impact Your Wealth

Given the likelihood of elevated inflation as Cold War II commences, the worst possible thing that investors can do is seek the safety of fixed deposits, Government bonds, corporate bonds and other fixed income investments – inflation will radically erode the real value of such investments. The most sensible method to deal with a scenario […]

Apr 02 . 13 MIN READ

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