Snapshots That Wow!

GLP1 reset on FMCG

For the past 5 years now, Packaged Food and Meat index has consistently underperformed F&B index indicating the shift in consumer preferences with the onset of GLP1 drugs. Anti-obesity drugs are now a regular mention on FMCG earnings concalls globally with Diageo listing them as one of the three threats that can derail their trajectory.

Source: Investec India

The GLP1 cut

Size curves over 3 years is shifting towards smaller sizes particularly for women’s apparel.

“People on GLP drugs are now demanding smaller sizes as their body sizes reduce and this has made companies monitor their sell-through rates to see which sizes are performing better than others. Clothing rental companies are also seeing a greater demand for smaller sizes.”

Source: Investec India

Garaj gaye toh barsenge nahi?

A third of the earnings calls for the quarter ending March 2025, mentioned tariffs. After all the worries and strategies to be reworked, and guidances suspended - will this turn out to be much ado about nothing?

Source: Quartr

This market is too damn high!

“Short interest on the median S&P 500 stock has surged to ~2.3%, the highest in 7 years. Short interest as a % of shares outstanding has risen 35% year-to-date.”

Source: Kobeissi Letter

The American Dream in Danger!

“The inflation-adjusted Case Shiller Home Price Index has is set to break above 300 for the first time in history. Nominally, home prices have skyrocketed 143% since 2011, per Reventure.

Adjusted for inflation, home prices have risen 66% during the same period.

Furthermore, inflation adjusted home prices are now 12% HIGHER than during the 2006 peak.

To put this into perspective, from 1890 to 1990, inflation-adjusted prices never exceeded their long-term trend by more than 15%.”

Source: Kobeissi Letter

Sar pe laal top(i) thi Russi!

During the License Raj era (70-90s), defence manufacturing was effectively a government monopoly. Private companies were prohibited from building major defence platforms, creating a system with no competition and little innovation.

India relied heavily on the Soviet Union for advanced weaponry, especially after the US and Britain imposed arms embargoes during the 1965 war. Indian factories produced basic equipment, while advanced systems—MiG fighters, submarines—came from abroad through imports or license production.

Source: Nirmal Bang