Our Memos

Our Memos

letter 125

Privileging the hypothesis

Letter no. 126   A real-time criminal investigation is no fun (most leads go nowhere), whereas, with hindsight bias, it …

bank_cards_banking_financial-services4-2-770x433

Credit Cards

Letter no. 125   Valuation of credit card businesses implies that the market believes that (a) current return ratios are …

junk-bonds-and-market-cycles-lessons-for-todays-investors

Junk bonds

Letter no. 124   While Indian equities are celebrating the last of Fed rate hikes, the long-forgotten High Yield (junk) …

letter 123

Network effects

Letter no. 123   In economics, the network effect refers to the phenomenon where the value of the product or …

letter 122

Power sector ailments, and the new Electricity Act

Letter #122 Strong power demand (higher than GDP growth in 2 of the past 3 years) and possible enactment of …

Letter 121

Crude, forex, rates and equity markets

Letter no # 121   Crude oil is down 12% (1m) and 33% since Jun-22. India imports 87% of its …

Letter #120

Anatomy of rate hike cycles: all may not be hunky dory

Letter # 120   Equity markets, worldwide, have rallied since the last Fed rates decision on 22nd March – on …

indian-pharma-time-for-a-cyclical-upturn-in-us-generics

US Generics: time for a cyclical upturn?

Letter # 119   A 1984 Act, an audacious 2002 Para IV filing, and Indian Pharma was never the same …

letter 118

What happened to SVB, cannot happen to banks in India

Letter # 118   It is an uncharacteristically strong statement to make, but I am unequivocally convinced: SVB-like situation cannot …

balancing-act-stock-selection-flexible-investment-framework-key-to-superior-returns

Balancing act

Letter # 117   A stock declines 90% once, 50% at another time, and over 20% on multiple occasions. Focus …

investing-beyond-perception-tackling-the-relativity-trap

Relativity trap

Letter # 116   “Most people do not know what they want unless they see things in context”. It is …

blog 115

Viewing markets in dynamic equilibrium

Letter #115   We have all been told that “stock markets are a slave to earnings.” While the long-term relationship …

letter #114

Headlines hide the investors’ pain

Letter # 114   In today’s ET article, we note that despite flattish headline indices over the past year, investors …

Letter 113

Banking sector in four simplified cycles

Letter # 113   In today’s ET article, we explain investing in India’s banking sector in four simple cycles – …

Letter #112

The INR34 trillion find – lithium, India and EVs

Letter # 112   In today’s ET article, we analyse the potential impact of the recently announced lithium deposit find …

Letter #111

Budget simplified and historical market reaction

Letter #111   In today’s ET article, we present a simplified approach to comprehending the Indian Budget; i.e., Revenue deficit, …

letter #110

The new intelligent investor: leveraging AI for higher returns

Letter # 110 The article discusses the potential impact of the artificial intelligence platform ChatGPT on the field of investing. …

do-great-companies-make-great-investments-this-buffett-bet-is-a-case-in-point

Small misconceptions, large implications

Letter # 109   “We only use 10% of our brains, what if we could use 100%?” Many movies like …

Letter #108

As we enter CY2023

Letter # 108   CY2022 will mark the seventh consecutive year of gains for the Sensex (assuming we end the …

Letter #107

Genetics & Mimetics: why investors miss PSB-like rallies

Letter # 107   Nifty PSU Banks Index is up 60% in the past year and 40% in the past …

ET Now 12 Sept 2023 Viral Berawala

Viral Berawala in conversation with ET Now

CNBC TV18 JIGAR MISTRY 08092023

Jigar Mistry in conversation with CNBC TV18

letter 125

Privileging the hypothesis

Letter no. 126   A real-time criminal investigation is no fun (most leads go nowhere), whereas, with hindsight bias, it …

ET Now 12 Sept 2023 Viral Berawala

Viral Berawala in conversation with ET Now

CNBC TV18 JIGAR MISTRY 08092023

Jigar Mistry in conversation with CNBC TV18

letter 125

Privileging the hypothesis

Letter no. 126   A real-time criminal investigation is no fun (most leads go nowhere), whereas, with hindsight bias, it …