EQ Saturday Sapience #127
Equity Intelligence 12th July 2025
Quote for the Week
“Understanding and anticipating the power of correlation—and thus the limitations of diversification—is a principal aspect of risk control and portfolio management, but it’s very hard to accomplish. The failure to correctly anticipate co-movement within a portfolio is a critical source of investment error. Investors often fail to appreciate the common threads that run through portfolios. Everyone knows that if one automaker’s stock falls, factors they have in common could make all auto stocks decline simultaneously. Fewer people understand the connections that could make all U.S. stocks fall, or all stocks in the developed world, or all stocks worldwide, or all stocks and bonds, etc. So failure of imagination consists in the first instance of not anticipating the possible extremeness of future events, and in the second instance of failing to understand the knock-on consequences of extreme events.” —Howard Marks
Picture for the Week
Podcast for the Week
How can India 8X its Space Economy by 2047? - ORF conversation… Watch more
Articles for the Week
The slow death of small cars... Regulations and affordability have come in the way of what was once the entry point for the first time car buyer… Read more
A Screenless Future... To reach a truly screenless future, we’ll likely need three things: new hardware, more natural voice dictation, and a step change in motion detection. The most profound technologies are those that disappear. They weave themselves into the fabric of everyday life until they are indistinguishable from it… Read more
‘Eight years of GST – a time to reflect, a time to reform’... PWC’s report highlights strong progress, with average monthly collections doubling from FY18 to FY25, peaking at $27.9B in April 2025—a 12.6% YoY rise. E-invoicing, AI-based audits, and real-time data integration have driven this growth. Key reforms include operationalising the GST Appellate Tribunal, clarifying tax rules, and launching a GST waiver scheme to reduce litigation… Read more
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