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Our Memos

Our Memos

Letter-130-min

Doing Nothing

Letter No. 130   Often, the gap between what is said and what is understood can be substantial. Hippocrates’ dictum, …

letter 129v1

Ten billion dollar lesson

Letter no. 129 Ever wondered how well we truly grasp the companies we invest in? In today’s ET article, we …

letter 128

Habit loop

Letter no. 128 In today’s moneycontrol article, we discuss the Habit Loop in equity investing, drawing parallels with the success …

letter 127

Small Cap Cycles

Letter no. 127 Starting Samvat 2080, we’ve shared compelling data on the brilliance and potential pitfalls of small-cap cycles. Retail …

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 …

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Credit Cards

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

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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 …

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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 …

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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, …

Screenshot 2024-05-21 184807

Jigar Mistry in conversation with CNBC TV18

Letter-130-min

Doing Nothing

Letter No. 130   Often, the gap between what is said and what is understood can be substantial. Hippocrates’ dictum, …

Jigar Mistry - CNBCTV18

Jigar Mistry in conversation with CNBC TV18

Screenshot 2024-05-21 184807

Jigar Mistry in conversation with CNBC TV18

Letter-130-min

Doing Nothing

Letter No. 130   Often, the gap between what is said and what is understood can be substantial. Hippocrates’ dictum, …

Jigar Mistry - CNBCTV18

Jigar Mistry in conversation with CNBC TV18