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Resurgent Safe Havens In a world marked by escalating geopolitical tensions, wavering trust in the U.S. dollar, and unprecedented monetary experimentation, precious metals are poised to reclaim their historical role as premier stores of value. Gold has already broken through the $3,000 per ounce barrier in 2025, with many analysts projecting further gains ahead. Silver,
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Introduction: Deciphering a World at a Crossroads The contemporary global geopolitical environment is one of unprecedented complexity, characterized by shifting alliances, resurgent great power competition, and a fragile international order. This analysis aims to map these intricate power dynamics. A significant portion of this report will examine the conflict in Ukraine, viewing it as a
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Introduction: Navigating a Multipolar and Tense World The contemporary international security environment is characterized by its complexity and volatility, marked by resurgent great power competition, shifting alliances, and numerous regional flashpoints. This analysis addresses the request to understand the key geopolitical actors, their intricate relationships, and potential alignments in a hypothetical World War 3 scenario.
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Introduction: A World on Edge The contemporary global landscape is one of profound flux, defined by shifting power dynamics, resurgent great power competition, and a complex web of interdependencies and rivalries. This analysis seeks to map this intricate geopolitical terrain, identifying key actors, alliances, contentious issues, and resource competitions. Critically, it will delve into the
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Should you diversify? In the classroom, students are told that diversification is the only free lunch in finance. The idea is that a portfolio of many stocks is more likely to produce better risk-adjusted returns than a single stock. There is too much idiosyncratic risk in a single stock or a highly concentrated basket of
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An industry is the sum of its parts In theory, you would think that if a sector is expected to grow at a certain rate, then the weighted average growth of its constituents would also grow at a similar pace; this is basic math and logic. However, if we look at certain sectors of the
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Portfolio construction and fundamental screening When I first started studying the markets, I was obsessed with finding the right metrics that could build the best portfolio over a long period. Essentially, the idea was to algorithmically manage a portfolio, choosing and rebalancing among stocks just by looking at screeners of fundamental ratios. If you read popular books on this style of
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Comparing P/E and EV/EBITDA One of the first things that portfolio managers see is the vast difference in valuations that the market is willing to pay across sectors. This later develops into biases regarding which are “cheap” and which are “expensive.” Finally, and more dangerously, these statements morph into the false arguments of “cheap P/E companies/sectors
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Nothing new under the sun Everyone in the world has heard of the 2008 mortgage crisis in the US. But how many have heard about a comparable version of credit risk in India? Infrastructure Leasing and Financial Services Limited (IL&FS) was a systemically important investment company. It was operating as a Non-Banking Finance Company (NBFC)
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The elephant in India Indians are no strangers to depreciation in the INR. Many families are reminded of this problem when they prepare to send their kids abroad for higher education; they reminisce about the days when 8 INR bought you 1 USD. It’s closer to 85:1 now. While this looks bad prima facie, it hasn’t been so when we look
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Revathi Asset Management 