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It has been an interesting patch for the market. On one side, markets are excited about what is happening to metal prices, how growth is normalising and how capex is coming back. On the other hand, markets are worried about inflation and other issues which are affecting profitability and margins. Are we going through a confusing patch?
Let me rephrase my answer with a little bit of macro view. The macro is always a challenging thing. As the new Howard Marks memo tells us, macro forecasting is not something that one should be attempting. But at the same time, the way we look at it is weather forecasting. While one is better off forecasting the season, one is forecasting the daily weather! One has to realise that we are in the midst of a bull market that is driven by central bank liquidity and it is not ending at any point soon. Now within that ebb and flow of the larger wave, there are going to be smaller waves like opening up the economy or the Covid wave that is panning out and the beneficiaries and the companies that get affected by those things tend to perform and not perform within those smaller waves.

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