hi Maneesh, wish you also a very happy new year 2023 !
i liked your write-up. esp the FII and DII MF flows as a %age of mcap- i dont remember seeing that elsewhere.
being a bond mkt man for so many years, i suppose you are more comfortable with that mkt ? I wonder if you have done a backtest, for changing asset allocation between bonds and equities based on some of the valuation parameters mentioned ?
typically equity guy always insist that long only equity for long term gives best returns. is that really so ? given that debt mkt (in India at least) has given healthy nominal returns in many phases, i am inclined to believe active asset allocation wud have given better outcomes, at least in the past 25 yrs. wud love to hear your views / analysis on this. cheers n regds.
@ramana -There exist three strategies of asset allocation- buy-buy-buy equities, buy cheap- sell expensive and asset rotation (bond vs equity basis risk premiums). i hope to convince as many for the last one. How to do it? I have written extensively. But a lot more is needed.
Amazing write up Maneesh. Wish you a very Happy new year. I haven’t read a better macro perspective anywhere else. Also I eagerly wait for your write ups which come up once a quarter. Wish you write more often as every write up has so much to absorb. Thanks a lot for sharing
Good write-up Maneesh, wishing you a happy new year!!
hi Maneesh, wish you also a very happy new year 2023 !
i liked your write-up. esp the FII and DII MF flows as a %age of mcap- i dont remember seeing that elsewhere.
being a bond mkt man for so many years, i suppose you are more comfortable with that mkt ? I wonder if you have done a backtest, for changing asset allocation between bonds and equities based on some of the valuation parameters mentioned ?
typically equity guy always insist that long only equity for long term gives best returns. is that really so ? given that debt mkt (in India at least) has given healthy nominal returns in many phases, i am inclined to believe active asset allocation wud have given better outcomes, at least in the past 25 yrs. wud love to hear your views / analysis on this. cheers n regds.
@ramana -There exist three strategies of asset allocation- buy-buy-buy equities, buy cheap- sell expensive and asset rotation (bond vs equity basis risk premiums). i hope to convince as many for the last one. How to do it? I have written extensively. But a lot more is needed.
Cheers!
Amazing write up Maneesh. Wish you a very Happy new year. I haven’t read a better macro perspective anywhere else. Also I eagerly wait for your write ups which come up once a quarter. Wish you write more often as every write up has so much to absorb. Thanks a lot for sharing
thank you vikas