Truffle Investments

Investment is the ultimate liberal art.

Story of the Year FY 2019

Narratives and stories drive investment outcomes in the short run. For the most part, they provide us with shock therapies with complete elasticity. The effect of the story is felt temporarily and over a period of time we are back... Continue Reading →

Downturns are our Voltage Gated Sodium Channels

They say, ‘Pain is the price of being alive’. I believe it is the cost for staying alive.  Voltage gated sodium channels regulate the flow of sodium ions that can activate pain receptors in our peripheral nervous system. Blocked sodium... Continue Reading →

Demand to know the Supply!

The investing community in India is inundated with reports citing our low consumption per capita vs. other larger emerging markets and developed markets, as the chief reason for investing in all sectors. While that story can be theoretically spun for... Continue Reading →

Do I want to be right or Do I want to make money?

When a self proclaimed writer/ investor claims 'Investment is the ultimate liberal art', a title such as this is bound to raise eyebrows- has she crossed over to the dark side? Over time I have been made to accept that... Continue Reading →

Wishful Thinking and Investing

A friend of mine recently asked me, “What is the most defining human quality?”. After the initial fumbling I said, “our emotions”. He disagreed, for emotions are simply the manifestations of this one quality- hope. The more I have deliberated... Continue Reading →

Computational Complexity reveals the folly in Efficient Market Hypothesis

Understanding one of the more profound questions in computer science and mathematics pertaining to computational complexity, holds the key to understanding the investment style we adopt. In an era when possibly one of the most successful active fund managers in... Continue Reading →

Scientific Progress: The Silver Lining?

The rise of inward looking populism has led to a desolate delineation of the future. While the downfall of a global culture and liberal attitudes leaves one melancholic, there might be a silver lining to this bedlam! A multi-polar world begets the... Continue Reading →

Friedman- Savage and Retail Equity Investments in India.

Traditional finance has ingrained in every economist the notion of diminishing marginal utility- implying that as you have more of a resource, your incremental utility of that resource decreases with every additional unit. Why does someone living a modest life... Continue Reading →

Skin in the game or case for poor corporate governance?

Time and again, while looking at public equities in India, one is often found peering at the promoter holding (%) before commencing research. Should the % of promoter holding be high, there is an automatic comfort that builds up in... Continue Reading →

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