The Nifty ended the week down -1.63% (-2.17% in USD terms).
Other than IT, almost all other indices got shellacked…
Top winners and losers
Advancers and Decliners
Look at the 50bps move on the short-end of the curve…
Investment Theme Performance
|Financial Strength Value||+1.21%|
|Quality to Price||+0.56%|
|Magic Formula Investing||+0.00%|
|Growth with Moat||-1.01%|
|Long Term Equity*||-1.31%|
Thought for the weekend
Charlie Munger on the Efficient Market Hypothesis:
Efficient market theory is a wonderful economic doctrine that had a long vogue in spite of the experience of Berkshire Hathaway. In fact one of the economists who won — he shared a Nobel Prize — and as he looked at Berkshire Hathaway year after year, which people would throw in his face as saying maybe the market isn’t quite as efficient as you think, he said, “Well, it’s a two-sigma event.” And then he said we were a three-sigma event. And then he said we were a four-sigma event. And he finally got up to six sigmas — better to add a sigma than change a theory, just because the evidence comes in differently. [Laughter] And, of course, when this share of a Nobel Prize went into money management himself, he sank like a stone.