Half of 2021 is over and market is showing some distinct patterns. Let's dissect the trends.
1/11
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multipie.co/blog/2021/07/0…
1/11
Thread🧵
multipie.co/blog/2021/07/0…
2/11
YTD (Jan-Jun):
📊Index: 17%; Overall market returns: 20%
📈Industrials, Power &Commodities best performers - old school capex heavy sectors
↔️ Asset light & new age has underperformed
🕺The rally has shifted to small & micro caps (YTD returns of 38% vs 17% for large caps)
YTD (Jan-Jun):
📊Index: 17%; Overall market returns: 20%
📈Industrials, Power &Commodities best performers - old school capex heavy sectors
↔️ Asset light & new age has underperformed
🕺The rally has shifted to small & micro caps (YTD returns of 38% vs 17% for large caps)
3/11
Cash volumes have dried out on NSE in the last few weeks, indicating some tiredness in the rally:
Cash volumes have dried out on NSE in the last few weeks, indicating some tiredness in the rally:
4/11
Enough jokes have been made lately on Value investing.
@ckaiwu's memo explains that value investing has been underperforming due to sole focus on tangible assets and failure to incorporate intangible assets in Intrinsic Value.
We share 10 takeaways:
multipie.co/blog/2021/07/0…
Enough jokes have been made lately on Value investing.
@ckaiwu's memo explains that value investing has been underperforming due to sole focus on tangible assets and failure to incorporate intangible assets in Intrinsic Value.
We share 10 takeaways:
multipie.co/blog/2021/07/0…
5/11
P/E and P/B only measure tangible aspects: Book value and accounting earnings fail to account for intangibles.
They rely on backward looking measures and mostly ignore the future value of intangible investments such as patents and R&D.
P/E and P/B only measure tangible aspects: Book value and accounting earnings fail to account for intangibles.
They rely on backward looking measures and mostly ignore the future value of intangible investments such as patents and R&D.
6/11
Key takeaways from RBI's FSR:
✍️NPA stress is lesser than anticipated
✍️Worst case scenario now (GNPA of 11.2%) is better than Best case (GNPA of 12.5%) an year back
✍️RBI has managed the yield curve via GSAP & OMOs- low MTM impact for Banks
✍️High Covid Insurance settlement
Key takeaways from RBI's FSR:
✍️NPA stress is lesser than anticipated
✍️Worst case scenario now (GNPA of 11.2%) is better than Best case (GNPA of 12.5%) an year back
✍️RBI has managed the yield curve via GSAP & OMOs- low MTM impact for Banks
✍️High Covid Insurance settlement
7/11
Discussions around green and clean energy are increasing globally. But that doesn't mean Thermal power is fading out soon.
Mr. Aswath Ram, MD of Cummins India shared relevant insights in Q4 call on why renewables will take time to scale and why Green Hydrogen matters:
Discussions around green and clean energy are increasing globally. But that doesn't mean Thermal power is fading out soon.
Mr. Aswath Ram, MD of Cummins India shared relevant insights in Q4 call on why renewables will take time to scale and why Green Hydrogen matters:
8/11
Jefferies India Long-Only Portfolio:
💹Created by Christopher Wood (Global head of equity strategy) and Mahesh (India Head of Research)
💹 16 stocks (Financials: 40%; Energy: 20%; RE: 17%)
💹 Preference for ICICI group over HDFC & Kotak
💹 Bullish on Housing and RE recovery
Jefferies India Long-Only Portfolio:
💹Created by Christopher Wood (Global head of equity strategy) and Mahesh (India Head of Research)
💹 16 stocks (Financials: 40%; Energy: 20%; RE: 17%)
💹 Preference for ICICI group over HDFC & Kotak
💹 Bullish on Housing and RE recovery
9/11
Travel is back in US with a bang. With almost half the population fully vaccinated, US saw highest air traffic in two years on June 24th: 47,000 flights/24hr period
Cab rentals are 140% of 2019 levels.
Travel is back in US with a bang. With almost half the population fully vaccinated, US saw highest air traffic in two years on June 24th: 47,000 flights/24hr period
Cab rentals are 140% of 2019 levels.
10/11
Quote of the week: Investment returns versus investor returns.
Quote of the week: Investment returns versus investor returns.
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