Dec 2, 2019 12:12 pm
• November sees muted returns from most asset classes • Watch for more left-wing drift of global politics – Germany the latest example • The US ‘gives thanks’ with good levels of retail spending • Japanese consumers don’t spend but the government will – positive for equities • Asian economy shows improvement and international investors…
Read MoreNov 25, 2019 1:28 pm
Waiting for Godot is a play by Samuel Beckett, in which two characters Vladimir and Estragon wait for the arrival of Godot, who never arrives, and while waiting they engage in a variety of discussions. It seems a fairly apropos representation of the much awaited emergence of growth debate in the domestic environment today. A…
Read MoreNov 18, 2019 12:23 pm
• Fed rate cut back on the cards? • US economic data weakens – poor Q4 growth in prospect • UK equities primed for outperformance • Signs of eurozone financial sector reform • Foreign investors keep the faith in Indian assets It was almost inevitable that when the markets had moved to discount virtually no…
Read MoreNov 11, 2019 11:42 am
“Those that ignore the lessons of history are doomed to repeat them” – George Santayana The Key Decision Facing Investors Today is Valuations in a Bifurcated Market A few days ago, a veteran portfolio manager issued a note stating “Select quality stocks are in a bubble zone and could give zero or negative returns over…
Read MoreNov 6, 2019 6:47 am
• Fed delivers a cut, as expected • The accompanying statement hints that further cuts should not be viewed as a given • Low for long is the order of the day, as Fed sees little inflation risk in the system • Easy money policy continues to fuel risk appetite while suppressing bond yields The…
Read MoreOct 29, 2019 12:11 pm
“If past history was all that is needed to play the game of money, the richest people would be librarians.” – Warren Buffett The Age of Abundance The age of abundance is over in the U.S. So says Youngme Moon, author, Sr assoc. Dean, Harvard Business. With respect to India, we think the age of…
Read MoreOct 22, 2019 10:22 am
• Another Brexit saga but the UK Prime Minister may still push it through • Sterling may initially sell-off but traders fear the upside as much as the downside • Latin America sees trouble in Chile and Ecuador, but Brazil and Mexico retain positive bias • IMF cuts GDP forecasts and ups its research on…
Read MoreOct 14, 2019 12:31 pm
“We want to elevate the world’s consciousness” – Adam Neumann, WeWork Summary Being an equity investor is akin to being the ‘house’ in Vegas. The house eventually wins. We maintain a positive view on equities, neutral on gold, and underweight duration on bonds. The House Always Wins…. It’s almost become fashionable to be pessimistic these…
Read MoreOct 4, 2019 1:12 pm
The Key to an Economic Recovery The Reserve Bank of India today decided to reduce the policy repo rate to 5.15% from 5.40% with five members voting in favour of a 25bps cut and one member voting in favour of a 40bps cut. The MPC decided to keep the monetary policy stance unchanged at “accommodative”…
Read MoreOct 1, 2019 1:04 pm
Sanctum PMS Performance Quarterly “Even the intelligent investor is likely to need considerable will power to keep from following the crowd.” – Benjamin Graham Summary The Nifty is up 5.6% year to date and down 2.7% quarter to date. Our large cap fund Olympians delivered +18.1% YTD, while our multi cap fund Titans delivered +14.0%…
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