Millennium Finance

There is nothing like writing to force you to think and get your thoughts right – Warren Buffett

Month: July 2020

COVID-19 pandemic – A blessing in disguise for the Brokerage Industry

The COVID-19 pandemic continues to evolve. As I write this, COVID-19 cases have exceeded 14 million worldwide and more than a million in India. There are nearly 220+ vaccine candidates in development and nearly 17 in human clinical trials. Few drugs have been effective in reducing the mortality rate and improve recovery time. The vaccine […]

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Crisis Investing – Where to hunt?

After the brutal, but not completely irrational, crash across the global indices in the past two months and along with very high volatility, there is widespread pessimism and negative investor sentiment. This was precipitated by the realization that depressing the economy was the only way to contain COVID-19 pandemic. The equity market and economies across […]

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Magic Formula: The new 2020-2021

We wrote an article on Joel Greenblatt’s Magic formula in Indian Context where we backtested the strategy between FY02 and FY20. The strategy invests in the businesses with high RoCE and low earnings yield i.e. buying good companies (that have a high return on capital) and to buying those companies only at bargain prices (that have a […]

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Joel Greenblatt’s Magic Formula Backtesting (FY02 – FY20)

As the students of investment management domain, the one thing which we have learnt is that every professional investor or fund manager is under pressure to generate alpha with the rise in the allocation to index funds and ETF’s by investors globally. The portfolio managers are trying numerous strategies to create the edge in the […]

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