For half a century, India has struggled to export manufactured goods. That is now changing; merchandise exports in the first four months of FY27 are up 17% on last year and July alone set a record at US$44.2bn. There are four things that have swung in India’s favour: the rupee is at its cheapest in […]
In “The Art of Enduring” we applied a set of brutal filters (see chart below) to identity the 51 best franchises in the BSE500. Reassuringly, 5 of the 7 companies from our 2016 bestseller ‘The Unusual Billionaires’ made the cut. So did 5 more franchises around whom we built the “The Art of Enduring” and […]
Borrowing used to be a last resort, taken on reluctantly and repaid as fast as possible. For a large part of India’s Gen Z, it has quietly become the default way to live. Five forces explain the shift: Digitisation has removed the discomfort of paying, so spending feels painless. “Present bias” lets todays self-borrow freely […]
Our Financial Services Portfolio has beaten the benchmark over the past 1, 2 and 3 years. Now as the interest rate cycle turns upwards, the odds are high that Kings of Capital will outperform by an even greater margin. To invest with us in KCP, click on kcp.marcellus.in Source: Marcellus Investment Managers; Marcellus Performance Data shown […]
Like our favourite cricketer, Rahul Dravid, the 7 companies decoded by us a decade ago in ‘The Unusual Billionaires’ delivered market beating performance by focusing on 3 principles which are simple to understand but hard to deliver on: (a) stick to the core and expand only into adjacencies; (b) focus on deepening your existing moats; and (c) […]
At a very early stage in its development, India is tracing the same path that the richer economies did i.e., Indians are marrying later in life & having fewer children. Specifically, these shifts are taking place far more rapidly in the better educated, more employable parts of the Indian economy. As a result, the data […]
Exactly a decade ago, we published the #1 Business Bestseller, ‘The Unusual Billionaires’. Out of the 7 companies profiled in the book, 6 have beaten the broader stockmarket in the intervening decade. Now, in our new book, ‘The Art of Enduring: How Great Companies Turn Crisis into Opportunity’, we decode the success of 5 more […]
: In Breakpoint we showed that in India, finishing school and going to work beats finishing college and looking for work. Graduate unemployment is near 30% while unemployment among Indians who cannot read or write is 3%. That was true before generative AI arrived at scale, however it is truer now. Stanford’s payroll study finds […]
Saving for retirement used to be simple. Save through your working years, stop at 60, and live off the corpus. Three forces are now breaking that maths: People are living much longer, so the same corpus has to stretch across more years. The cost of living is rising much faster than the official number suggests […]
At Wimbledon this July the singles champion took home £3.6mn. The sixty-four players who lost their first match took £80,000 each i.e. the winner earns 45x the losers. That gap is what economists call the ‘Theory of Tournaments’, and two celebrated papers explain why the gap must be that wide. This payoff structure will become familiar […]
Between January-June 2026, South Korean retail investors borrowed their way from US$19bn to a record US$27bn of margin credit to chase an AI-driven stocks. When the KOSPI broke, 1.2 million leveraged accounts were margin-called and roughly 360,000 were liquidated. India’s equivalent instrument, the Margin Trading Facility, has grown 6x in three years to ₹1.43 lakh […]
In our national bestseller, Breakpoint, we explain that three forces are squeezing India’s middle class: quality jobs have become scarce, wages are rising at a slower pace than cost of living, and Indian households have become amongst the world’s most indebted. With Indian entering Sankat Kaal net foreign direct investment has all but disappeared as […]
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