Knowledge Corner – Newsletters

Ashmayu: Rays of Light (sanskrit)

At Tamohara, we take reading seriously, and go through a variety of analyses, perspectives and news from across the world. What you see here is a distillation of the insights that arise as a result of all that reading. We hope you enjoy these newsletters that our team puts together and give you a different perspective of thinking about investing and on certain industries!

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Change is the Only Constant in Life

December 1, 2016

It is time to say goodbye to an eventful year. At this time of year, it is usual to reflect back on what transpired, and what are the new realm of opportunities and risks which will unfold. Looking back, 2016 turned out to be a year that will go into the timelines of history as one which completely changed the world we live in; it is the year where the world seems to have stepped back from Thomas Friedman’s global and embracing “Flat World” to a more local and protectionist “Rounded” world.

Rome Was Not Built In A Day

November 1, 2016

Demonetisation has created a huge stir in a country that was already polarized between ideologies rather than economic agenda. Opinions have been divided, based more on one’s ideology supporting the Prime Minister or against him, rather than on the merits or demerits of economic policies that he has been implementing over the last two and a half years. A lot has been said about the recent ban on currency notes…

Cash is King

October 1, 2016

At its core, business is an activity wherein you invest capital to produce goods or provide services, and sell them at a profit. Intuitively, all business endeavors are considered to be in pursuit of profits. Profits, after all, not just provide capital for further growth, but also provide a return to capital investors.

Demystifying GDP vs Corporate Growth

September 1, 2016

One of the key contentious issues in the Indian economy, which has been debated significantly over the past 2 years, is the large divergence between India Inc.’s corporate performance and GDP numbers.

The Fallacies of Our Mind

August 1, 2016

Imagine that you are at the airport and boarding has just been announced. You see that 10-15 people have rushed to the boarding gate and formed a queue; although the gate is yet to open. Within the next two minutes, another 10-15 join the queue.

On Benchmarks & Benchmarking

July 1, 2016

We continue upon our May 2016 communique – A Short Note On Absolute Returns Investing. Our focus, this time, is on benchmarks and relative returns investing. We investigate the construction methodology of benchmarks and draw attention towards the consequences of such methodologies. We also argue that historical benchmark valuations have no relevance to investors.

Brexit and Six Honest Serving Men

June 1, 2016

The British have cast their vote on Britain’s exit (Brexit) from the European Union (EU), sparking a sell-off in risk assets across the globe. A flurry of predictions and forecasts defining numerous outcomes and their repercussions on financial markets are being flooded by media.

A Short Note on Absolute Return Investing

May 1, 2016

An oft misguided belief is that an absolute returns strategy, unlike a relative returns strategy, is market agnostic. In not being relative return investing, it is often regarded as either a zero beta strategy (i.e. one that will provide a specific return irrespective of the market movement) or a variable beta strategy (i.e. one that will not fall with the market in bad years, and will rise faster than the market in good years).

Micro View on Macro & Portfolio Updates

April 1, 2016

We have repeatedly, in the past, articulated our philosophy of value creation through long term investments in high quality businesses, run by an ethical and capable management team. In this newsletter we attempt to unravel some key attributes which we look at in our investible companies and the framework on which our portfolios are built.

How Bad is it

February 1, 2016

A lot has been said and written about the benefits of volatility and the pitfalls of fearing a price drop, not just in the recent past but over the last century. However, every time the market corrects by more than 5-10%, investors easily forget these lessons and perceive the opposite as true. Their obsession with daily price movements and short term performance creates an unnecessary stress, leading them to mistake volatility as risk and equate price falls with losses.

A Quarter Down – Performance Update and Market Chatter

January 1, 2016

In addition to the festive cheers, the turn of the year holds significance to us as it marks the end of the first quarter of our portfolio – Tamohara Long Term Equity Strategy (TLES) – going live. A quarter down is no major milestone to measure performance (unless, of course, it involves ending up highspirited!!); nevertheless, we take this opportunity to provide an update on the portfolio. Given the sharp volatility in the markets, we also ramble a little about them – thus this communiqué starts with narcissism and ends in a sermon.

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