Our Memos

Our Memos

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, …

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. …

Screenshot 2024-03-01 112941

Jigar Mistry in conversation with ET Now

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 …

Screenshot 2024-03-01 112941

Jigar Mistry in conversation with ET Now

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 …