Cult figure of investing one of few to grasp early promise of internet stocks
Authors: Miles Johnson and Jamie PowellSources: Financial Times (https://www.ft.com/content/23590a90-c3b9-481a-aa42-42e553a4670e and https://www.ft.com/content/599e02fc-b051-4f12-8313-c2854d5b76f4) A few months ago we highlighted in 3 Longs & 3 Shorts the collected newsletters of the incredibly successful Nomad Partnership run by Qais Zakaria and Nicholas Sleep (click here for the newsletters https://marcellus.in/story/the-full-collection-of-the-nomad-investment-partnership-letters-to-partners/). In case you missed reading the newsletters here is why […]
The Path to Consistent Compounding is Paved with Free Cashflow
There are four key drivers of free cashflow in a business – revenue growth, profit margins, working capital efficiency, and asset turnover. The order of importance across these four drivers differs across businesses. As Marcellus’ CCP companies invest in technology to improve operational efficiencies, those companies that sell day-to-day essentials to their customers whilst avoiding […]
The most brilliant bookshops in the world
Good old physical bookshops have been shutting down across the world, partly driven by the convenience of buying online or reading e-books but also the changing habits of people consuming content through blogs, podcasts and videos. But many of us though still enjoy the experience of a bookshop. It is that festive time of the […]
Cadbury ad shows how the ad industry is becoming AI-savvy
Cadbury ads have always invoked emotions of warmth with a social messaging underpinning it, especially the ones around Diwali. Continuing from last year’s focus on lending a helping hand to small businesses hurt by the pandemic, this year’s Diwali ad featuring Shahrukh Khan goes one step further by leveraging artificial intelligence to let small businesses use the […]
How the Supply Chain Broke, and Why It Won’t Be Fixed Anytime Soon
With the recent FOMC minutes revealing that the Fed is ready to taper, thanks to the persistently high inflation much to the disbelief of central bankers who until now reckoned that the supply constraints driving high prices were likely to be transient in nature. In this explanatory piece in the New York Times, Peter Goodman […]
The Korean Invasion – Can Cultural Exports Give South Korea a Geopolitical Boost?
The Korean TV series, Squid Game is already the world’s most popular TV series with Netflix making almost a billion dollars from the series that’s topping the charts in over a 100 countries. The gripping drama about the negative influence of growing consumer credit in Korean society, is yet another instance of Korean pop culture […]
The Art of (Not) Selling
Whilst there are many privileges to being a Marcellus employee, one of the most tragic aspects of our job is watching hard working Indian families indulge in an illness called “profit taking”. As per this misguided school of investing, if your investments have done very well recently, you should “take some profits off the table”. […]
‘The Custodian of Trust: A Banker’s Memoir’
The former Chairman of SBI, Rajnish Kumar, has written an interesting book recounting the highlights from his stint at the top of India’s largest bank (if measured by the size of the balance sheet). Particularly interesting to read is the drama and chaos around the rescue of Yes Bank in March 2020. This chaos is […]
Is ESG investing in India practically feasible?
ESG assets under management in India have increased by four times in the last two years to touch Rs11,800 crore. Although a noble mission, practicing it is not easy. There are unique challenges in assessing compliance of the same by companies as well as in balancing the conflicts that routinely arise amongst the three aspects […]
Air India and the Maharajah Man
The sale of Air India (back) to the Tatas is likely to go down as an epic moment in India’s political economic history, partly because of the political will for the divestment of an asset as state entrenched as this one, but also the history of the airline itself, having been nationalised from the Tatas […]
time millionaires: meet the people pursuing the pleasure of leisure
The eternal debate of work vs leisure has attained greater proportions during the pandemic. The 3L&3S has featured enough debates around the optimal way to balance WFH with in-person attendance at work. At the one extreme are people who have found WFH too hectic given the blurring of lines between work and life. At the […]
Bill Miller 3Q 2021 Market Letter
As it is, the first question in a client pitch is our thoughts on how the market is likely to pan out in the near future. With the markets threatening to correct somewhat, it has occupied an even greater part of the conversation. In what is his last quarterly market commentary, Bill Miller helps us […]
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