Dalal Street Rules – Year 2017
Year 2017 – The gloom and doom pundits were in business in India. A famous fund manager said demonetization would result in the economy crashing albeit may be for few quarters but the effect would be as extreme as a... Read More →
Annual Investor Letter – 2019-20
Dear Investors, It would be an understatement to say that we live in unprecedented times. While we have seen our share of local epidemics like SARs, MERs, Swine Flu etc. a pandemic of this magnitude was last seen over a... Read More →
The Most Awaited Bear Is Here. But there is no reason to panic.
Dear Investors and friends, This last few weeks are perhaps the most volatile and fastest markets have been in post 2008. We have the distinction of seeing the fastest fall in stock market history ever. In 19 trading sessions most... Read More →
Dalal Street Rules – Years 2015 and 2016
Never send a human to do a machine’s job Agent Smith, The Matrix Aks capital was having the best of times. Ajay Kaul was meanwhile going through a experience which was causing him immense internal dissonance. It had been four... Read More →
Dalal Street Rules – Year 2013 and 2014
“We never believed our models reflected reality-just some aspects of reality.” Nick Patterson, Cryptologist, Renaissance Technologies 2013 was a washout for the broader midcap space. But not for MIDAS. And 2014, the midcap index rebounded with a vengeance and the... Read More →
Dalal Street Rules – Year 2012
All models are wrong, but some are useful. George Box, Statistician The year 2011 had been mildly down for MIDAS but a brutal one for the market benchmarks. Investors were quite pleased with the performance, this being a long only... Read More →
Dalal Street Rules – Year 2011
World Cup is getting hot, Dhoni hits the winning shot. Kalmadi thinks we are retards, Raja gets a "go to jail" card. Anna fasts for Lokpal, Mamata wins her first election in Bengal, S&P Downgrades US Treasuries, adds to our miseries.We... Read More →
Dalal Street Rules – Year 2010
BJP’s blown away, Manmohan has his say, CAG smells a scam, Run as fast as you can. Coal Blocks, Spectrum locked, Games can, feed the flock. In June 2009, Congress came back with a much larger seat tally than was... Read More →
Dalal Street Rules – Going Quant
Background: Efficient Market Hypothesis Vs Factor Investing Efficient Market Hypothesis (EMH) and Bill Sharpe and his Capital Asset Pricing Model (CAPM) model were the accepted framework for evaluating expected returns from stocks for almost 3 decades between 1960 and 1990.... Read More →
Dalal Street Rules
Prologue – Circa 2008 I made a mistake in presuming that the self-interest of organisations, specifically banks and others, was such that they were best capable of protecting their own shareholders. Alan Greenspan, Oct 2008, Congressional Hearing Post the Great... Read More →