Aug 8, 2017 1:00 pm
“While enthusiasm may be necessary for great accomplishments elsewhere, on Wall Street it almost invariably leads to disaster” – Benjamin Graham This week, we address where we are from a macro, fundamental, technical and sentiment perspective and review investment strategy. Domestic Equities The Nifty Trailing P/E is 25.6, a Level that Has Delivered Sub-par Forward…
Read MoreAug 3, 2017 4:58 am
The Reserve Bank of India today decided to cut the policy repo rate by 25bps to 6% in an “effective” 5-to-1 vote. 4 voted for a 25bps cut, Dr. Ravindra Dholakia for a 50bps cut and Dr. Michael Patra for status quo. The MPC maintained its neutral stance on monetary policy and achieving a medium-term…
Read MoreJul 24, 2017 12:45 pm
“The contrary investor is every human when he resigns momentarily from the herd and thinks for himself” – Archibald MacLeish It’s been a tough decade for the rational investor. Interestingly, one simple rule over-rode all others; following the actions of the central banks led to outsized returns. Today, skepticism and fear is elevated, primarily on…
Read MoreJul 11, 2017 2:46 pm
Nifty 50 What worked this quarter? In the Nifty 50, it was business as usual, with Financials occupying 4 of the top 10 spots in quarterly performance. Rounding out the top performers were Maruti, Hindustan Unilever, ITC and Hero Moto Corp. What’s noteworthy was that Consumer Staples – ITC and Hindustan Unilever – delivered strong…
Read MoreJun 27, 2017 12:31 pm
“The idea that the future is unpredictable is undermined every day with the ease with which the past is explained” – Daniel Kahneman, Thinking Fast and Slow While scepticism reigns on the prognosis of the equity bull market, there’s no doubt about the level of fear. Welcome to the bull market in fear. We’d postulate…
Read MoreJun 12, 2017 9:58 am
“More money has been lost because of four words than at the point of a gun. Those words are ‘This time is different.” – Carmen Reinhart, Eight Centuries of Financial Folly This month we focus on some of the key drivers contributing to high valuations to assess the sustainability of the current investment environment. We…
Read MoreJun 7, 2017 1:39 pm
The Reserve Bank of India today decided to keep the policy repo rate unchanged at 6.25% in a 5-to-1 vote. Dr. Ravindra H. Dholakia was not in favour, marking the first policy meet under the Monetary Policy Committee (MPC) regime initiated in Oct-16 where the policy vote was not unanimous. The MPC maintained its neutral…
Read MoreMay 29, 2017 1:32 pm
While it is to be admitted that a man may for a time make money by chance on Wall Street, I assert that the tenure of men who depend solely on luck is only for a season… And the ones who depend solely on Luck to pull them through are the Lambs; and it is…
Read MoreMay 16, 2017 10:11 am
What is the Right Risk Mitigation Strategy? As valuations rise and investors sit on attractive returns for the year, we have been pondering the following: If everyone insures homes, lives, cars, health and many insure cell phones, travel and even pets, why don’t investors insure portfolios? If an investor is clear that they are in…
Read MoreMay 2, 2017 1:58 pm
Summary Global The second round of French elections are likely welcome news for the markets with the strong emergence of pro EU centrist Emanuel Macron, taking on Marine Le Pen and favoured to win. President Trump’s tax plan has raised concerns on ballooning deficits in the U.S., and there is a rising lack of clarity…
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