Our Memos

Our Memos

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 again. …

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 happen …

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 …

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

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 Lucy, …

Letter #108

As we enter CY2023

Letter # 108 | 13 Dec 2022 CY2022 will mark the seventh consecutive year of gains for the Sensex (assuming …

Letter #107

Genetics & Mimetics: why investors miss PSB-like rallies

Letter # 107 | 6 Dec 2022 Nifty PSU Banks Index is up 60% in the past year and 40% …

letter #106

Fallacies of the past performance

Letter # 106 | 22 Nov 2022 “He had no business plan, no revenues – but his eyes were very …

Letter #105

What creates a market cycle?

Letter # 105 | 19 Nov 2022 This week, we present our take on long-term equity investing strategy as we …

Letter #104

To break the rules, you must first master them

Letter # 104 | 13 Nov 2022 A week is a long time in the crypto world, they say. And, …

letter #103

Once a disruptor

Letter # 103 | 1 Nov 2022 Three platform companies, disruptors of their time, that will likely generate over $100 …