What Breaks First?

Oct 12, 2026

10:02 am

What has changed since last week? Last week, we advised clients to watch out for five important developments. Here is how those developments unfolded. • US 10-year at 5.30–5.35%. Tested and rejected. Yields rose briefly above 5.3% before settling around 5.24%, a little below the preceding week’s 5.27% close. • India’s RBI on 7 October….

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Investment Strategy

Oct 8, 2026

9:56 am

• Global growth remains resilient, but elevated inflation likely to keep rates higher for longer. • Bonds and Equities diverge, bond reflect persistent inflation risks while equities don’t. • Indian growth remains strong despite global headwinds. • We are constructive on Indian equities and would use near-term volatility to add exposure. • Within equities, we…

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The Tide Has Gone Out

Oct 6, 2026

9:28 am

Warren Buffett’s line about the tide going out is usually applied to a single market accident. But this time it appears to apply to a regime as well. For nearly 20 years, low interest rates and contained inflation provided cover to a lot of anomalies. Governments borrowed with impunity. Investors borrowed heavily and built up…

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Macro and Markets Review for Q3 2026

Oct 5, 2026

7:39 am

September was the month the bond market caught up with reality. Global growth stayed strong (stronger than central bankers would like), inflation remained stubbornly above target and the Middle East conflict pushed oil decisively back above $100 a barrel. The result was a sharp repricing of the price of money. The US 10-year Treasury yield…

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