Even Warren Buffett Can’t Nail the Bottom
50% of our calls with our clients during the lockdown hinges around the client probing us on whether the bottom has been reached (in terms of the Indian market bottoming out). As you would expect, our view is that neither we nor anyone else knows whether the market has bottomed or whether it will bottom […]
Strength & Resilience in Difficult Times
We see limited impact of COVID-19 on Little Champs’ fundamentals beyond the short-term business disruptions given: (i) their strong balance sheets will help them navigate the near-term stress much better than leveraged peers; and (ii) export oriented portfolio companies’ exposure is mostly in essential products (pharma, agro, food) or replacement markets rendering immunity from a […]
Consistent Compounders fall less and recover sooner and sharper
In FY20, Marcellus’ CCP PMS has delivered healthy absolute returns (+7.6% vs -25.0% for Nifty50 Total Return Index) alongside resilience during the recent stock market correction (since 1st Jan 2020: -12.9% for Marcellus CCP vs -29.1% for Nifty50 TRI). Beyond the period of business disruption from the ongoing lockdown, fundamentals of Marcellus’ CCP companies are […]
Knowing the Unknowable…
…or how the free market messes with our minds. As we end Marcellus’ first full financial year with healthy absolute and relative returns, we are beginning to comprehend just how profoundly market forces can wreck our clarity of thought. Whilst man’s desire to know his future is primordial, the free market taps into this desire […]
The “new” trend of 8D audio explained; what is it and how is it achieved?
At 3L-3S, we have featured the developments in audio tech, especially as it gets personalised with headphones and earpods and how musicians are adapting their output to these changes. Earlier this week, social media went viral with the message: “Listen to this song with headphones (put on the 2 headphones). It is the new music of […]
The Hardest Part of a Buy & Hold Strategy
Whilst Marcellus strategies have significantly outperformed during this fall, they too have fallen considerably in absolute terms. What has been a pleasant surprise though is our clients actually continuing to invest into this fall and new investors rushing to open their accounts. From our conversations with other fund managers in India and elsewhere, it seems […]
Denmark’s Idea Could Help the World Avoid a Great Depression
By now we have seen most countries come up with stimulus programs to help prevent a catastrophic economic collapse caused by forced lockdowns and social distancing. However, as early as last week, Denmark rapidly stitched up with a plan which still remains the most radical of stimulus programs. Stimulus might be a misnomer given the […]
The Computer Pioneer Who Built Modern China
We often meet people in India who look at China in admiration and say wistfully that “if only we too had an authoritarian government which could prioritise economic development over everything else, we too would be like India.” This tendency to look at a successful company or country and come up with a one-dimensional view […]
How the Pandemic Will End
As the world grapples with the here and now of the challenges posed to human life and the economy alike, here is a rather well thought through attempt by Ed Yong in The Atlantic at looking into the future broken into three phases: 1) The Next months; 2) The Endgame and 3) The Aftermath. Ed […]
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