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Déjà vu All Over Again

Aug 8, 2017

“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…

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Repo Rate Cut to 6%, Policy Tone Remains Neutral, Focus on Growth

Aug 3, 2017

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…

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Fixed Income Quarterly

Jul 24, 2017

“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…

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Performance Review Q2 CY 2017

Jul 11, 2017

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…

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