2022 May

[Investor Memo] Wise to Optimise Expectations & Review Asset Allocation

Posted by | Indian Markets, Investing Framework | No Comments

In April 2022, we published an important subscriber memo titled ‘Wise to Optimise Expectations & Review Asset Allocation’ While the two pillars of the bull market: Liquidity & Growth are slowing, Export is the bright spot. Following are some edited excerpts from the same. After crashing in March 2020, markets have been on steroids ever since, which implies the ongoing bull market is now two years old. The last six months though have been tepid for markets, but thanks to some outliers in our portfolio like Usha Martin & Gujarat Ambuja among others, the portfolio has continued to show outperformance even during this tepid phase. Extra-ordinary periods like this are generally followed by some pullback or a decent time correction (sideways market). Accordingly, instead of extrapolating this into the future …

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