Dear Reader, Nifty is still below our Jun 27th call of temporary peak at 25,700 and Gold’s international price is near consolidation levels of ~$3300/oz.. While both Gold and Indian equities will do well in the long term, some time correction is warranted. Several renowned fund managers have taken to public platforms to raise their concerns on valuations of Indian equities GoI is responding and attempting to revive the economic growth. The big macro change since our last news

Dear Reader, We fear we’ll sound like a broken record if all we discuss is valuations, keeping cash and doing staggered deployments on falls. Hence, we’ll include a short story this time. Once upon a time, there was a powerful king. His palace was a massive consumer of the kingdom's resources as well as producer of technology and science. The wonderful technology built in the palace brought prosperity to the whole kingdom. But the king lived more lavishly than he could afford

Dear Readers, This is an out of band communication because we felt that the financial news industry was not doing justice to the issue of Tariffs. Below, we deconstruct the worst case and then assess the possible impact. The goods exported from India to the US are roughly $81B, out of which ~$15B is exempt (Pharma, Steel etc.). The 25% tariffs on $66B amount to $16.5B. Indian exports to US can be estimated to have a GDP multiplier of 1.3*. That means a GDP loss of ~$21B. That

Dear Reader, We are not going to bore you with yet another post on Jane Street. Our job is to keep an eye out for things that impact your wealth and that requires filtering out the noise. In case you want to read our views on why F&O is a bad idea, you can read our older blog here. Markets have been on a downtrend in India since our last newsletter on 28th June where we pointed to elevated valuations. The critical earnings season has just started. The markets had run up in an