Newsletter September 2022



MESSAGE FROM THE BOARD

Volunteerism

Society Updates
Chetan Shah, CFA

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Volunteerism displays the raw passion to serve the community, to give back to the society and in its highest form shows a sacrifice an agrarian mother does by sending her sons and daughters for protecting the country and its values. It is pure selfless service

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COVER STORIES

Inflation and Asset Class Performance

Macroeconomics

Rajeeb Bharali, CFA & Nitin Kumar Singh

Coming out of a benign market environment, which dwelt for a good part of the period post-GFC, the last 2 years...

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The Decoupling Myth

Economic environment

Vaibhav Agarwal, CFA

There was a common adage that “When the US sneezes, India catches cold”. This referred to the fact that whenever there was a turmoil...

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Anatomy of a Sustainable Corporation

Sustainability

Labanya Prakash Jena, CFA & Prasad Ashok Thakur

Is the company adopting business models that create and deliver products and solutions that align with sustainable development goals? If yes...

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IN CONVERSATION WITH

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Vidhu Shekhar, CFA

Career

Interviewed by Vikram Jhawar, CFA

When I started my career as a software engineer, my job was to understand the requirements of my clients and to build systems that stood...

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Ajay Minocha, CFA (From the Archive)

Career

Interviewed By Rajni Dhameja, CFA

Ajay Minocha, CFA has received his CFA Charter recently. He is the first person in India with blindness to earn the CFA charter. Prior to this, Ajay...

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EXPRESS

India: Soaring high at 75 by Navneet Munot, CFA

Capital Market

By Navneet Munot, CFA

India turned 75 on 15th August 2022 and gave us all a reason to rejoice. Interestingly, the origin of modern capital market in India does not...

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The Power of “I Don’t Know”

Market Musings

By Manish Gvalani, CFA

“I don’t know” – when did this become a wrong statement? Is it that people are so scared of uncertainty that they would believe anyone with some...

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Opinion – Working Women still at the Receiving End

Gender Equality

By Jolly, Meera & Siva

Gender equality is a fundamental human right. The right to equal pay and treatment has long been legally enshrined through the Equal...

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SELECTED READINGS BY MANISH GVALANI, CFA

War and Industrial Policy

If you are keen to understand the Russia-Ukraine situation and its impact on capital markets globally, then this piece from Credit Suisse is a must-read. It’s insightful, objective and could allow you to prepare your portfolio for the uncertainties that lie ahead.

Read here... 

Envy Is the Cancer of the Soul

Lawrence Yeo has a fantastic blog called ‘moretothat.com’. He has produced some delightful reads over the years and the recent one on ‘envy’ was a home run. This piece is filled with his observations on this subject and provides you with enough perspective and tools to deal with it.

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12 Extraordinary Stoic Moments

Ryan Holiday is one of my favorite authors and his books ‘Ego is the Enemy’ and ‘Obstacle is the Way’ have been game changers for me. His piece on 12 extraordinary stoic moments gives you a glimpse into character traits that have made few leaders etch their places in history and in our minds forever.

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The Secret to Being Lucky

Wired had a fantastic piece on ‘Luck’ and I’ll share a small excerpt here - ‘Luck really is the best creed. It makes no truth claims, requires no messiahs or gurus. It’s not religious, partisan, or ideological. It doesn’t just allow for surprise; it’s nothing but surprise.

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Core Human Motivations - Kunal Shah

Kunal Shah, Founder of CRED India and Investor in 200+ Start-Ups, was interviewed by Shane Parish on his Knowledge Project Podcast. This interview was one of the best I’ve heard this entire year. It was insanely insightful as it covered human motivations in a way as if someone punched you to wake you up..

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INSIGHTS FROM EVENTS

#IWMC 2022 – Keynote Address – Investing in a ‘New Normal’ by Navneet Munot, CFA

Contributed By

Mihir Shirgaonkar, CFA

Read Summary here... 

#IWMC 2022 – Global Investment Strategy- America’s Lead On Mega-Sized Companies: Is A Peak Nigh? – By Ritika Mankar, CFA

Contributed By

Namrata Maheshwari, CFA

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#IWMC 2022 – The Returns Conundrum: Is your Strategy, Right? By Larry Swedroe

Contributed by

Akshay Gupta, CFA

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Buying the Pessimism by Niteen S Dharmawat

Contributed by

Ajay Minocha, CFA

Read Summary here... 

#MAW 2022 – Navigating the Market Maze by Lakshmi Iyer

Contributed by

Karan Sharma, CFA

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Practitioner’s Insights: Incorporating Climate Change Risks and Opportunities in Investment Analysis

Contributed by

Swetha Rakhecha, CFA

Read Summary here...