Newsletter
A Letter to Investors
In this letter we discuss the uncertainties faced currently, the elevated geopolitical scenario and the impact it is having on equity markets. Nevertheless, we believe over long term these issues normalise.
We may be in bear markets currently, but circumstances may change going ahead. Many investors who wait for clarity and confirmation of cycle turning may miss the alpha generation opportunities.
Money cannot be made predicting bottoms but participating in markets when uncertainty and pessimism is high. Initial part of the letter discusses about tariffs and geopolitics while later part focusses on investor behaviour, historical instances of market corrections and subsequent rallies.
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Rough Patches and Cycles
Imagine cruising down an expressway at high speed, with barely any traffic. The road is wide and smooth, with greenery stretching endlessly on both sides. The drive feels effortless and pleasant.
Now imagine coming to a rough patch on this road. The speeding cars are suddenly forced to slow down, and traffic converges into a bottleneck. The open road disappears under a sea of cars, and the greens are replaced by the reds from the taillight of the cars in front of you.
To make matters worse, it feels like every other lane is moving faster than yours.
You feel stuck, with a growing urge to switch lanes.
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