Weekly Recap: Graham-and-Doddsville

nifty weekly performance heatmap

The Nifty ended the week down -1.63% (-2.17% in USD terms).

Index Performance

Other than IT, almost all other indices got shellacked…

weekly index performance

Top winners and losers

CONCOR +4.08%
ASHOKLEY +14.20%
M&M -6.92%
BPCL -6.36%
Adani Enterprises lived up to its reputation of a punter stocks. Average true range of prices: [256.05, 244.50], Beta: 1.61, volatility: 85.65 (vs. 15.87 of VIX)


Infrastructure gave up all its previous gains (+2.63% move last week, +4.79% last month.)

Advancers and Decliners

advancers and decliners

Yield Curve

Look at the 50bps move on the short-end of the curve…

india yield curve

Investment Theme Performance

Quantitative value themes ended up out-performing momentum and smart-beta strategies.

*Contributed Themes

Sector Performance

weekly sector performance

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.


Source: That time Buffett smashed the Efficient Market Hypothesis

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