Newsletters
Since inception, we’ve been sharing monthly letters with our clients. These letters, which accompany their portfolio statements, provide our insights into the financial markets. We also offer these letters to our newsletter subscribers.
Browse our archive of past newsletters below. If you’ve missed any or are new to our communications, here is a chance to catch up on our insights.
As is customary, in this newsletter we look at the performance of the Indian corporate sector by studying the quarterly results for the quarter ending 31 March 2026 for the non-financials in the BSE-500 index, both the total and the total after excluding the volatile Energy sector. 420 of the 428 BSE-500 non-financials have reported […]
We want to use this newsletter to recount some of the events and happenings in the Indian equity market over the last 2 years and the actions we have taken as portfolio managers for our clients. About two years ago we began to get concerned about the rising valuations of the market and its constituents. […]
On February 28, 2026, US and Israel armed forces launched airstrikes at multiple sites and cities across Iran. The conflict is now a month old. While there are many claims and counterclaims from both sides, the conflict has already, at 4 weeks, stretched beyond Donald Trump’s calculations who had earlier talked of a 4 week […]
In this newsletter we look at the results of the BSE500 ex-financials for the quarter ended 31-Dec-25. Below we present the year on year (yoy) growth for the BSE-500 constituents for the last 12 quarters. Of the 428 non-financials in the BSE500, our sample set consists of 388 companies for whom comparable numbers are available […]
January 2026 was a tough month for the Indian markets. The Nifty was down 3.1%, the NSE Midcap150 index was down 3.5% and the NSE SmallCap250 index was down 5.5% this month. The Nifty is now down 4.0% from its All Time High (ATH), the Nifty Midcap Index is down 4.9% and the Nifty Small […]
Warren Buffett, the legendary investor who is the Chairman of Berkshire Hathaway, retires this December at the age of 95. His partner Charlie Munger, who was Vice-Chairman at Berkshire died last year at the age of 99. Warren and Charlie have been a major source of inspiration for us, and we thought we will dedicate […]
In this newsletter we discuss the results of the September 2025 quarter for the non-financials among the BSE500 constituents in terms of their revenue and EBIT growth. Below we present the results: Revenue growth on 1Y basis is 7.5% and there is a strong growth in the EBIT for the September 2025 quarter though a […]
In this newsletter we discuss the general insurance industry, which also finds a place in our portfolio currently. In general insurance, the service provider collects a premium from the customers to insure them for any financial liability that may occur in the future, due to an accident, hospitalization, fire, crop failure or any other such […]
It is our responsibility and a regulatory requirement to highlight the risks to your investments. In this newsletter, we will focus on one risk that pertains to all global markets – both equity and debt. We refer to the excessive indebtedness of the world. When governments take on debt by perpetually running fiscal deficits (the […]
In this newsletter we look at the corporate results for Q1FY2026 for the non-financials in the BSE-500. Out of 429 non-financial companies in BSE500, we have taken 357 companies for whom we have like-to-like numbers. They form ~91% of total market cap of all non-financials in the BSE500. Revenue growth for Q1FY2026 is tepid at […]