The Atlantic
진보 성향
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The Philosophy of the Out-of-Office Email
These messages can be a rote obligation or an opportunity to make a grand statement about work and life.
"PHILOSOPHY" · 총 36건
필터 보기현재 지수
50.3
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 88,547건을 분석한 결과, 뉴스 심리지수는 50.2(균형)입니다. 긍정 4,312건(4.9%)·중립 82,081건(92.7%)·부정 2,154건(2.4%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 14.9(중도 균형)입니다.
These messages can be a rote obligation or an opportunity to make a grand statement about work and life.
“The good physician treats the disease; the great physician treats the patient who has the disease” — Sir William Osler (1849-1919) IN 1986, Carlo Petrini founded the ‘slow food’ movement in Italy to counteract the so-called ‘fast food’, by promoting local food cultures, traditional cooking and sustainable farming. Inspired by this, the concept of ‘slow medicine’ took birth: a patient-centred approach to healthcare that prioritises time, listening, and comprehensive care over rapid, high-tech, intensive interventions. It emphasises quality, the patient’s context and shared decision-making to avoid hurried, unnecessary, harmful treatments. There is no doubt that modern medicine is revolutionising healthcare. In emergency situations diagnoses are generated in minutes. Imaging technologies are replacing exploratory surgery. Algorithms now identify patterns invisible to the human eye. This advancement has saved countless lives. Yet amid this relentless drive for efficiency, questions are emerging: what do we lose in this fast-paced medicine? Most health challenges are the result of an imbalance in our lives, and most quick-fix solutions actually exacerbate these imbalances. The slow medicine approach focuses on identifying the root cause of our health challenges, creating a thoughtful, step-by-step and long-term response to restore balance in our lives, because good care requires time, attention, and reflection. It reminds us that patients are not just a set of signs and symptoms to be fixed, but individuals whose illnesses are embedded in social, psychological and cultural contexts. For countries like Pakistan, slow medicine is particularly relevant. Slow medicine is built on three principles: careful deliberation before intervention; minimal necessary treatment rather than maximal possible treatment; and respect for the patient’s lived experience and values. It asks physicians to pause and think before acting. In medicine, as in life, acting quickly is not always acting wisely. The concept has gained attention in response to the global problem of overdiagnosis, overtreatment and rising costs of healthcare. As diagnostic tools become more sensitive, medicine increasingly detects abnormalities that may never cause harm. Small lesions, borderline results and incidental findings often mean further tests and interventions, leading to unnecessary physical, psychological and financial stress. Slow medicine offers a different approach. It suggests that not every abnormal result or every symptom requires a battery of tests and immediate action. Observation, patience, context and careful history-taking can be more valuable in many situations. Although the principles of slow medicine can be applied to any clinical interaction, there are at least four areas where they are most relevant. Chronic diseases such as diabetes, hypertension and cardiovascular disease evolve over years, shaped by lifestyle, environment and stress. Managing them effectively requires careful and thoughtful history-taking, a good doctor-patient relationship, continuity of care and gradual adjustment. Understanding why the condition exists in the first place is more important than simply making changes to the prescription. Secondly, mental health conditions such as depression, anxiety and trauma are closely related to relationships and social contexts. In healthcare systems like Pakistan, mental health consultations are brief, fragmented and heavily reliant on medications. Very few psychiatric consultations end without a prescription. Yet psychological healing often depends on something more essential: being listened to and understood — things that cannot be rushed. Geriatric care is another area. Older patients frequently have multiple conditions, medications and vulnerabilities. Aggressive interventions may prolong life but at the cost of dignity and comfort. Slow medicine shifts the question from ‘what more can we do?’ to ‘what is worth doing?’ In many cases, less intervention results in better quality of life. End-of-life care perhaps represents the most profound expression of slow medicine philosophy. The goal is no longer cure but care: relief of pain and suffering, preserving dignity, and respecting patients’ and family’s wishes. This requires patience, tolerance and time and cannot be rushed. For countries like Pakistan, slow medicine is particularly relevant. Many of the country’s health problems are shaped by societal conditions: poverty, unemployment, rampant inflation, political uncertainty, violence, etc leading to medicalisation of social distress. Patients and physicians both get trapped in seeing these problems through the biomedical lens, ie, quick assessment in which patients’ complaints are addressed through various lab and radiology tests, followed by medicines, while the root cause of their complaints are hardly ever asked about or addressed. Doctors are neither trained nor feel comfortable enquiring about social factors as most wonder that even if they inquire about them what can they can do about it. No wonder the burden of almost all conditions — communicable and non-communicable — is extremely high in Pakistan. Ultimately, slow medicine is not about rejecting urgency where it is necessary — emergencies demand rapid action, and modern medicine excels in such moments. It is about recognising that much of healthcare does not occur in emergencies. It unfolds over time — in chronic illness, in mental health, in ageing and in recovery. In these areas, haste can do more harm than good. At its heart, slow medicine is a reminder of what medicine has always aspired to be: not just a technical but a human one — one that demands not only scientific advancement, but also wisdom, humility, compassion and humanity. It asks clinicians to see beyond the scan, the lab report and the prescription pad, and to engage with the person behind the patient. It reminds us that the true practice of medicine is in caring for people. In 1953, Sir Robert Hutchison wrote A physician’s prayer: “From inability to let well alone; from too much zeal for the new and contempt for what is old; from putting knowledge before wisdom, science before art, and cleverness before common sense; from treating patients as cases; and from making the cure of the disease more grievous than the endurance of the same, Good Lord, deliver us.” More than 70 years later, his prophetic words remain strikingly relevant to modern medicine. The writer is professor emeritus, psychiatry, Aga Khan University. mmkarticle@gmail.com Published in Dawn, June 6th, 2026
Laneige, a beauty brand under AmorePacific, has opened its first global flagship store in Myeongdong on Friday. Laneige Seoul is designed for consumers to experience up-to-date technology and the brand's "Open to Wonder" philosophy. With hyper-personalized beauty services and products, the brand aims to provide a unique consumer experience, the company said. At the Lip Sleeping Mask Swirl experience, inspired by an ice cream bar, consumers can choose two out of ten scents. The machinery — equipp
Written in breathless multilingual prose, this coming-of-age meets state-of-the-nation novel is an incredible literary performance Three twentysomethings “drive and dream of an impossible night on an endless street. moving as a massive through mad sticky traffic, destination: where else? manchester, wilmslow road, the curry mile, yo!” Thus opens Sufiyaan Salam’s high-octane debut novel, written largely in gen Z lowercase – and you’re in for a ride. The Boyz are British Pakistani friends in their early 20s. Immy is “something of a bad-boy muslim slut who don’t never text back”; Khan is “the mogul mowgli himself … the type to recite Warren Buffett epigrams like they’re hadiths”; and Haris has “a mind that never switches off, philosophy subreddits doing bares”. Each is looking for an escape – from their past, present, someone else, or themselves – and they come together for one night “cruising and bruising in a hire car towards what might just be the natural elastic endpoint of a friendship beginning to fray”. Continue reading...
Ben Sasse discusses his pancreatic cancer diagnosis, parenting philosophy, and frustrations with political tribalism in a new Ruthless Podcast interview.
Broadway actor André De Shields discusses his Tony-nominated performance in CATS: The Jellicle Ball, turning 80 and his philosophy on life.
Broadway actor André De Shields discusses his Tony-nominated performance in CATS: The Jellicle Ball, turning 80 and his philosophy on life.
Quote of the day by Muhammad Ali, “To be a great champion, you must believe you are the best,” reflects the mindset he consistently expressed throughout his boxing career — confidence, self‑belief, and determination were central to his philosophy and public persona.
This line captures the essence of Jean-Paul Sartre’s existentialist philosophy - our identity is not given but forged through the decisions we make. Each choice reflects our values, character and freedom, underscoring the responsibility we bear for shaping our own lives.
Steve Carell, a beloved actor, champions a rare comedic philosophy: finding humor without cruelty. His career, from 'The Office' to 'The Big Short,' showcases a fundamental decency, prioritizing sincerity and dignity over mockery. Carell believes in laughing with characters, not at them, a principle that defines his impactful performances and resonates deeply with audiences.
In the Nordic country, books covering subjects such as childbirth and sex have become bestsellers among younger readers – and an export hit. Behind their success lies a unique philosophy of childhood learning ‘I wasn’t aware that I am such a brave writer and illustrator,” says Anna Fiske, a softly spoken Swedish-born author living in Norway who received death threats for a book she wrote in 2019. “I just tell things as they are.” Fiske doesn’t write political polemics but books for children: the title of the offending book is Hvordan Lager Man en Baby?, “How Do You Make a Baby” – and, yes, there are illustrations. Distributed in English-speaking territories through Fiske’s New Zealand publisher, it triggered threats from Canada and was banned from several school libraries in the US. “They said it was pornographic.” Continue reading...
For German painter Andi Fischer, some of the most important moments in painting happen when things do not go according to plan. "Failure is not the opposite of success, but part of the same process," Fischer said in a recent written interview with The Korea Herald. The artist’s latest exhibition in Seoul, "Feil Good" at Gallery Baton in the spring, reflected a philosophy that embraces uncertainty, mistakes and unexpected outcomes. Rather than treating failure as something negative, Fischer sees
Reem Raouda is a certified conscious parenting coach whose philosophy centers around emotional safety. After studying over 200 kids, she shares the key signs of emotionally intelligent kids.
While the midcap index flirts with new peaks, strong corporate earnings have helped cool down previously stretched valuations. Nippon India's Rupesh Patel analyses the resilient Q4 FY26 earnings season, breaking down how a bottom-up investing strategy can help investors uncover reasonable entry points despite building geopolitical and macroeconomic headwinds.Edited excerpts from a chat with Rupesh Patel, Senior Fund Manager - Equity Investments, Nippon India Mutual Fund:Your Nippon India Growth Mid Cap Fund delivered a strong 22% over the last 5 years, beating the benchmark. But given your Growth at Reasonable Price (GARP) philosophy, where are you actually finding "reasonable" valuations in a midcap market that many currently see as overheated?On an aggregate basis, the NSE Midcap 150 index has remained almost flat since September 2024. However, during this period, earnings have grown at a reasonable rate. In fact, midcap as a category has been the most resilient and delivered higher growth compared to other segments of the market. As a result, valuations today, though they appear higher compared to long-term averages, have corrected as compared to where we were in September 2024.Coming to Nippon India Growth Fund, we follow a bottom-up approach to construct the portfolio and buy stocks based on their relative attractiveness on risk-reward equation. Some of the businesses in the category may appear expensive in the near term; however, the size of the opportunity and their ability to maintain earnings growth at a reasonable rate over the long term make them attractive from a medium to longer-term perspective. You are overweight financials and underweight technology in the midcap fund. What's the rationale? How do you think midcap lenders and midcap IT companies are placed at this stage?Our OW stance on financials is on account of our exposure to lenders as well as other beneficiaries of financialization of savings like Life Insurance companies, asset management companies, Exchanges, etc. On the lending side, most of our exposure is to well-capitalised lenders where asset quality is largely expected to hold, Return on Assets/ Return on Equity remains healthy, and valuations are reasonable in the context of the overall market.In IT companies, we have been underweight since the last few quarters, largely owing to the risk of a slowdown in earnings growth on account of current geopolitical uncertainties and the impact of disruptions like AI. Valuations were also a concern till a few quarters back. Going ahead, as the dust settles and some of these companies evolve and adapt to new realities, growth will recover from current lows. Companies in this sector are generally capital efficient and generate free cash flow, making them attractive bets again as valuations turn favourable.Within the midcap space, how do you read the Q4 earnings season? What are your biggest takeaways for investors?Q4 earnings season for midcaps has turned out to be quite resilient, and most companies are delivering on expectations. However, going ahead, risks related to deterioration in the macro environment, cost inflation, and logistics remain relevant. If current geopolitical uncertainties continue, we must be cognizant of these risks and their impact on earnings and valuations. Given the growth trajectory, valuations and earnings, midcap companies are in a sweet spot. Would you agree?If we look at the last few quarters, midcap companies’ earnings have remained resilient. Most of them have delivered healthy earnings growth even in Q4, FY’26. However, aggregate returns of midcap companies as represented by the NSE Midcap 150 index have remained flat since September 2024, resulting in a valuation correction over this period. Further, midcap is a very diverse category with a universe representing multiple sectors and some unique and fast-growing profit pools that have the potential to grow meaningfully over the medium to long term; hence, on a bottom-up basis as well, opportunities exist in this segment of the market. How have you been reshuffling your portfolio to realign it with the realities of war?As mentioned earlier, we remain cognizant of risks arising on account of deteriorating macro conditions, inflation in costs and logistical challenges, if current geopolitical uncertainties persist. We also remain aware of the potential impact of these risks not only on earnings growth but also on market valuations. In some instances, current stock prices may already be reflecting risks of these uncertainties, making the risk-reward favourable. Hence, our approach is to remain aware of valuations and avoid vulnerable businesses.From a 3-5 year perspective, which sectors do you think are best placed at this stage - both from a growth as well as a valuation perspective?We remain positive on Financials, Consumer Discretionary, and select industrials.Within financials, we are positive on lenders as well as companies that benefit from a bigger trend on the financialization of savings. Accordingly, we have exposure to companies in the insurance space, Asset Management Companies, Exchanges and other financial services companies. On lenders, asset quality remains benign, they are well capitalised, generate decent Return on Assets (RoA) and Return on Equity (RoE) and valuations are reasonable.Consumer discretionary companies are likely to benefit from favourable demographics, growth in per capita incomes and trends on premiumization playing out in multiple categories over the medium to long term.On the industrial front, the reason to be positive is on account of various initiatives taken by the government to encourage manufacturing in India. Select companies in Auto ancillaries, Electronics manufacturing, precision engineering and defence-related segments can also do well. However, these are broad sectors, and winners will have to be picked on a bottom-up basis, considering factors like their manufacturing prowess, management strength and cost competitiveness.The midcap index has already hit a new peak this month, ahead of both small and largecaps. What's the reason behind this optimism, and do you see valuation risk building?Although the midcap index is close to an all-time high, its last 20 months' returns have been flat despite midcap companies as an aggregate delivering superior growth. In that sense, valuations today have turned favourable on account of this time correction. Even if we look at the last 3 years' earnings on a CAGR basis, midcap as a category has reported superior earnings growth as compared to broader markets. Going ahead as well, the outlook on midcap companies’ earnings growth continues to remain healthier. In that sense, the performance of the midcap index is largely a reflection of underlying earnings growth. (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times.)
President Javier Milei said that installing morality as a state policy would be a central pillar of his administration but his philosophy in real life seems much closer to the “might makes right” now being made fashionable by his idol Donald Trump Leer más
In an environment where global equities are swinging between optimism around AI-led growth and anxiety over persistent inflation, elevated interest rates, and geopolitical uncertainty, investors are once again being tested, not on intelligence, but on psychology.Charlie Munger’s famous list of “human misjudgment tendencies” is not just a philosophical framework. It is, in today’s market, a practical survival guide.Markets in 2026 are still being shaped by three dominant forces:(1) higher-for-longer interest rates, (2) liquidity concentration in a few mega-cap stocks, and (3) emotionally driven retail participation.Against this backdrop, Munger’s behavioral warnings feel unusually relevant.1. The real enemy is not volatility, but emotional distortionMunger repeatedly warned that investors don’t lose money because they lack information, they lose because they misprocess it.Today’s markets amplify that problem.Every CPI print, Fed commentary, or geopolitical headline triggers immediate overreaction. Investors are constantly pulled between fear of missing out (FOMO) in AI-led rallies and fear of correction during rate jitters.This is a classic combination of:Availability bias (overweighting recent news)Social proof (following crowded trades)Stress-induced reaction (panic buying or selling)In Munger’s language, this is the setup for “avoidable stupidity.”2. “Envy and FOMO” are silently driving modern portfoliosOne of Munger’s strongest warnings was about envy, not as emotion, but as a financial destroyer.In today’s market, envy doesn’t look like jealousy of a neighbour. It looks like:Chasing AI stocks after they’ve already rerated sharplyComparing portfolio performance with index benchmarks dailyAbandoning long-term positions because “others are making faster money”When liquidity is abundant in a narrow set of names, envy becomes structurally embedded in portfolio behaviour. Investors are no longer asking “Is this a good business?” but “Am I missing this move?”That shift is dangerous in a market where leadership is concentrated and reversals can be abrupt.3. The “Lollapalooza effect” is stronger than everMunger described the Lollapalooza effect as multiple biases reinforcing each other into extreme outcomes.Today’s version looks like this:Social media hype amplifies narrativesAlgorithmic flows reinforce momentumPassive inflows concentrate capital into large indicesRetail traders amplify short-term spikesThe result: prices detach from fundamentals faster, and corrections become sharper when sentiment shifts.This is why today’s rallies often feel effortless, but reversals feel violent.4. Overconfidence is rising with “easy market memories”A prolonged period of strong returns, especially in largecap tech, creates what Munger called “excessive self-regard”.Many investors now assume:“Buying dips always works”“Quality stocks never go down much”“The Fed will rescue markets eventually”But in a higher-rate regime, that assumption is no longer guaranteed. Valuation compression risk is real, and earnings must now do more of the heavy lifting.Confidence built in one regime often breaks in another.5. The biggest risk today: avoiding pain too aggressivelyOne of Munger’s less discussed but critical ideas is “pain-avoidance behavior”.In today’s context, it shows up as:Selling winners too early to “lock in gains”Avoiding fundamentally strong but volatile sectorsSitting excessively in cash due to fear of drawdownsIronically, in trying to avoid discomfort, investors often underperform the very market they are trying to survive.6. What works in today’s market: Munger-style disciplineIf we translate Munger’s philosophy into today’s environment, a few principles stand out:(1) Concentrate only when conviction is realNot based on stories, but on durable cash flows and long-term pricing power.(2) Expect volatility as a feature, not a flawEven high-quality companies will see sharp drawdowns in a rate-sensitive world.(3) Reduce decision frequencyMost mistakes come from over-trading emotional signals disguised as “information.”(4) Build a bias checklistBefore acting, ask:Am I reacting to news or value?Am I following the crowd?Would I make this decision in isolation?7. The current market lesson in one lineIf Munger were observing today’s markets, the warning would likely remain unchanged:“The biggest returns still come from avoiding obvious psychological errors, not from predicting the next move.”Bottom lineToday’s markets are not irrational, but they are emotionally amplified. Liquidity, technology, and information speed have not removed human bias; they have accelerated it.That is exactly the environment where Munger’s framework becomes most powerful. Because in the end, investing success is still less about knowing more, and more about misbehaving less.
With Indian markets trading near elevated long-term averages, relying on a single, static asset class carries higher risk. According to Ihab Dalwai, Senior Fund Manager at ICICI Prudential AMC, high return dispersion means the real opportunity over the next three years lies in a flexible asset allocation framework that actively shifts capital between equities, debt, and commodities to deliver better risk-adjusted outcomes.Edited excerpts from a chat with the fund manager:How different is Active Asset Allocator Long-Short strategy from your existing Balanced Advantage Fund or Multi-Asset Fund, which you already co-manage?Unlike the traditional mutual fund offerings such as Balanced Advantage Funds (BAF) or Multi-Asset Funds, the Active Asset Allocator Long-Short strategy is structurally different as it operates within the Specialized Investment Fund (SIF) framework, which provides decent higher portfolio flexibility.While BAFs and Multi-Asset Funds primarily manage net exposure through hedging and dynamic allocation, the SIF structure allows us to deploy a wider range of derivative-based strategies. This enables the portfolio to potentially generate returns not only from directional market participation but also from relative opportunities across asset classes and market conditions.Another key difference is the breadth of the opportunity set. The strategy dynamically allocates across equities, debt, commodities, InvITs and derivatives, with the flexibility to actively recalibrate exposures depending on valuations, macros and risk-adjusted opportunities. The objective is to create a more adaptive portfolio that seeks smoother outcomes across cycles while maintaining a disciplined buy low, sell high philosophy.At a time when Indian markets are trading near elevated long-term averages, how are you reading the current risk-reward equation across equities, debt and commodities? Which asset class currently looks most attractive from a three-year perspective?From a three-year perspective, we believe investors should avoid thinking in terms of a single winning asset class. The current environment is more suited for dynamic asset allocation because return dispersion across asset classes could remain high.Equity valuations have corrected in pockets where expectations are low and such opportunities have increased over the last 1-2 years. At the same time, fixed income has become relatively more attractive after the sharp repricing in global rates. Commodities, especially precious metals, performed well over the last year due to dollar devaluation, however that trend has currently paused because of rising rates in the US.In our view, the opportunity today lies in actively shifting between these asset classes rather than remaining concentrated in one asset class. Over the next three years, a flexible allocation approach may potentially deliver better risk-adjusted outcomes than static exposure.Your framework talks about “being invested the right way at the right time.” What are the biggest macro variables driving your current asset allocation stance?Our framework for equities combines a valuation plus earnings overlays. In case of debt and commodities, our allocation is based on various macro indicators. The key macro variables we monitor include growth trends, inflation trajectory, liquidity conditions, real interest rates, currency movements and earnings cycles. At a broader level, we try to identify the prevailing growth-inflation regime because different asset classes tend to perform differently across economic phases. For example, equities and cyclical commodities generally perform better during growth-led expansions, while gold and duration assets tend to outperform during slowdown or uncertainty-driven phases.Commodities are emerging as a bigger allocation theme globally. Do you believe Indian investors remain structurally underallocated to commodities if we exclude household gold?Commodities has to be seen from a tactical allocation perspective rather than a structural allocation as they don’t pay either dividend or interest as other asset classes do. Hence, give the sharp run up in commodity prices, we don’t see an issue with relatively lesser allocation to commodities today.How do you see gold behaving if global growth weakens but inflation remains sticky?It is a tricky situation because the outlook on real rates is not clear. Historically gold as an asset class tends to do well when US real rates come off.What role do InvITs play in the portfolio construction process, especially in a rising interest rate environment?InvITs can play an important diversification role within the portfolio because they provide exposure to infrastructure-linked cash flow assets that are relatively distinct from traditional equity and debt instruments.In a rising rate environment, there can be near-term valuation pressure on yield-oriented assets, including InvITs. However, the impact also depends on the strength and growth visibility of the underlying assets and cash flows. Therefore, selective allocation becomes important rather than taking a broad-based view.Do you think that midcaps are now in a sweet spot and, barring a few pockets, unimpacted by the geopolitical conflict? In your Large and Midcap Fund, how overweight are you on midcaps?Midcaps continue to offer selective opportunities, particularly in businesses benefiting from domestic economic formalisation, manufacturing expansion, financialisation and government-led capex. However, after the strong rally seen over the last few years, valuations in certain parts of the midcap universe continue to remain elevated. Therefore, midcaps are not a homogeneous segment. Stock selection and valuation discipline become increasingly important in the current environment.Within the midcap universe, which sectors do you like from a 3-5 year perspective and why?The approach to midcaps has to be bottom up. Having said that, there are opportunities in certain platform companies and consumer facing businesses which have meaningfully underperformed over the last three years and have muted expectations from the market which makes them a good investment case today.
With Indian markets trading near elevated long-term averages, relying on a single, static asset class carries higher risk. According to Ihab Dalwai, Senior Fund Manager at ICICI Prudential AMC, high return dispersion means the real opportunity over the next three years lies in a flexible asset allocation framework that actively shifts capital between equities, debt, and commodities to deliver better risk-adjusted outcomes.Edited excerpts from a chat with the fund manager:How different is Active Asset Allocator Long-Short strategy from your existing Balanced Advantage Fund or Multi-Asset Fund, which you already co-manage?Unlike the traditional mutual fund offerings such as Balanced Advantage Funds (BAF) or Multi-Asset Funds, the Active Asset Allocator Long-Short strategy is structurally different as it operates within the Specialized Investment Fund (SIF) framework, which provides decent higher portfolio flexibility.While BAFs and Multi-Asset Funds primarily manage net exposure through hedging and dynamic allocation, the SIF structure allows us to deploy a wider range of derivative-based strategies. This enables the portfolio to potentially generate returns not only from directional market participation but also from relative opportunities across asset classes and market conditions.Another key difference is the breadth of the opportunity set. The strategy dynamically allocates across equities, debt, commodities, InvITs and derivatives, with the flexibility to actively recalibrate exposures depending on valuations, macros and risk-adjusted opportunities. The objective is to create a more adaptive portfolio that seeks smoother outcomes across cycles while maintaining a disciplined buy low, sell high philosophy.At a time when Indian markets are trading near elevated long-term averages, how are you reading the current risk-reward equation across equities, debt and commodities? Which asset class currently looks most attractive from a three-year perspective?From a three-year perspective, we believe investors should avoid thinking in terms of a single winning asset class. The current environment is more suited for dynamic asset allocation because return dispersion across asset classes could remain high.Equity valuations have corrected in pockets where expectations are low and such opportunities have increased over the last 1-2 years. At the same time, fixed income has become relatively more attractive after the sharp repricing in global rates. Commodities, especially precious metals, performed well over the last year due to dollar devaluation, however that trend has currently paused because of rising rates in the US.In our view, the opportunity today lies in actively shifting between these asset classes rather than remaining concentrated in one asset class. Over the next three years, a flexible allocation approach may potentially deliver better risk-adjusted outcomes than static exposure.Your framework talks about “being invested the right way at the right time.” What are the biggest macro variables driving your current asset allocation stance?Our framework for equities combines a valuation plus earnings overlays. In case of debt and commodities, our allocation is based on various macro indicators. The key macro variables we monitor include growth trends, inflation trajectory, liquidity conditions, real interest rates, currency movements and earnings cycles. At a broader level, we try to identify the prevailing growth-inflation regime because different asset classes tend to perform differently across economic phases. For example, equities and cyclical commodities generally perform better during growth-led expansions, while gold and duration assets tend to outperform during slowdown or uncertainty-driven phases.Commodities are emerging as a bigger allocation theme globally. Do you believe Indian investors remain structurally underallocated to commodities if we exclude household gold?Commodities has to be seen from a tactical allocation perspective rather than a structural allocation as they don’t pay either dividend or interest as other asset classes do. Hence, give the sharp run up in commodity prices, we don’t see an issue with relatively lesser allocation to commodities today.How do you see gold behaving if global growth weakens but inflation remains sticky?It is a tricky situation because the outlook on real rates is not clear. Historically gold as an asset class tends to do well when US real rates come off.What role do InvITs play in the portfolio construction process, especially in a rising interest rate environment?InvITs can play an important diversification role within the portfolio because they provide exposure to infrastructure-linked cash flow assets that are relatively distinct from traditional equity and debt instruments.In a rising rate environment, there can be near-term valuation pressure on yield-oriented assets, including InvITs. However, the impact also depends on the strength and growth visibility of the underlying assets and cash flows. Therefore, selective allocation becomes important rather than taking a broad-based view.Do you think that midcaps are now in a sweet spot and, barring a few pockets, unimpacted by the geopolitical conflict? In your Large and Midcap Fund, how overweight are you on midcaps?Midcaps continue to offer selective opportunities, particularly in businesses benefiting from domestic economic formalisation, manufacturing expansion, financialisation and government-led capex. However, after the strong rally seen over the last few years, valuations in certain parts of the midcap universe continue to remain elevated. Therefore, midcaps are not a homogeneous segment. Stock selection and valuation discipline become increasingly important in the current environment.Within the midcap universe, which sectors do you like from a 3-5 year perspective and why?The approach to midcaps has to be bottom up. Having said that, there are opportunities in certain platform companies and consumer facing businesses which have meaningfully underperformed over the last three years and have muted expectations from the market which makes them a good investment case today.
A senior researcher at the Russian Academy of Sciences’ Institute of Philosophy has been charged with large-scale fraud in connection with the alleged theft of funds earmarked for a project to translate Aristotle’s works.
Life does not open doors equally for everyone. Yet a closed door does not mean a closed future. Progress is rarely linear and there is always hope.