Strategy Series

Our articles specific to the six investment strategies we offer. Whether you invest with us or are looking to invest, these
articles can you give you an insight into why we make the decisions we make.

Consistent Compounders
Wealth Compounding = High ROCEs + Reinvestment of Profits

Starting this month, we are rolling out a joint newsletter across our four domestic PMS Products. In this edition, we revisit the basic principles underlying Marcellus’ investment philosophy i.e. a firm’s ability to generate Free Cashflows (FCF) and grow them at a healthy rate sustainably over the long term. We take a look at: a) […]

Consistent Compounders

Wealth Compounding = High ROCEs + Reinvestment of Profits

Starting this month, we are rolling out a joint newsletter across our four domestic PMS Products. In this edition, we revisit the basic principles underlying Marcellus’ investment philosophy i.e. a firm’s ability to generate Free Cashflows (FCF) and grow them at a healthy rate sustainably over the long term. We take a look at: a) […]


May 09 . 10 MIN READ
Consistent Compounders

Optical Illusions in Equity Investing

Psychological biases tend to affect an investor’s decision making in subtle ways which are usually detrimental to long term investment returns. Several of these biases are better described as optical Illusions. Using the construct of the human brain as described by Nobel Laureate Daniel Kahneman in his book ‘Thinking, Fast and Slow’, we highlight a […]


Apr 07 . 12 MIN READ
Consistent Compounders

CCP valuation multiples correct 30% whilst fundamentals continue to compound at over 20% per annum

CCP portfolio companies’ valuations have become 30-35% cheaper over the last 12 months. Given that Free Cashflows of these companies have compounded at 5-7% higher run-rate compared to their earnings consistently over the last 5-10 years, their current valuations (on a Price to Free Cashflow basis) are significantly cheaper than where they were 3 or […]


Mar 06 . 7 MIN READ
Consistent Compounders

When ‘Loss Aversion’ Meets ‘Time Horizons’ in Equity Investing

Investors’ decision making is often underpinned by a key psychological trait – loss aversion. As explained by  Noble laureate Daniel Kahneman, the result of ‘loss aversion’ is that our pain from losses is more than twice  the joy from equal amounts of gain. Juxtaposing this idea to the CCP investing approach discussed in our  book […]


Feb 06 . 8 MIN READ

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