Contrary to common perception, gold is both cyclical and volatile, like any other asset class. The high made in September 2012 of Rs 3,077 per gm was followed by a correction of 27.6%, and it took seven years to cross the previous peak; the correction in USD/oz was as steep as 45%. The CBOE Gold […]

In this letter, we would like to focus on competitive advantage and illustrate how we measure this for our portfolio companies. There is enough literature available globally about what competitive advantage means and the resulting valuation premium that companies tend to achieve as the company’s advantages are realized by the market. Morningstar uses a fairly […]

This has been one of the toughest months in my 16 years investment management career, having managed client portfolios in 2008 global financial crisis and lived through 2000 tech meltdown as an investor. “There are decades where nothing happens; and there are weeks where decades happen.” The pace of the fall in the indices has […]

What is the investment advice?We prefer to share what we’re doing with our own portfolio. We strongly believe that taking the other side of panic is nearly always a good idea, and so this is what we’ve been doing here. If you are short, take back some of your shorts on each leg down; if […]