Re-introduction to Asian Century Stocks
An introduction for those of you who are new to the newsletter
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The DRAM capital cycle
My friend MacroValue recently noted that the spot price for DDR5 memory chips has started declining, after an incredible rise from September 2025 onwards: This decline begs the question: Is the DRAM capital cycle nearing its peak? The "capital cycle" concept comes from Edward Chancellor who put together
India's development trajectory
Last week, I read Amitabh Kant's book Made in India, which examines the growth of private-sector entrepreneurship in India. Let me share the key insights from the book: One is that many of today's conglomerates – Tata, Birla, Godrej, Bajaj, Cipla, etc. – were formed during the British
