1st Jan is widely celebrated as “New Year” globally. Scientifically speaking, this is just another point in ad infinitum; and no different from the millions of other similar points in the history of mankind. Nonetheless, we celebrate it as a new beginning, after every 12 Gregorian calendar months. The idea perhaps is to take a break from the routine and reflect on events of the past 12m to review, reassess, revise, retreat a bit if required, and resume. It is common for people to take a pledge on this occasion, to take corrective measures for improving their lifestyles and behavior, and to set new goals for themselves.

In the financial markets also, it is a tradition to use this occasion to reflect on the market behavior, outline the events to be watched over the next twelve months, and make an assessment about what may work best for investors and what may not. I have always believed that without having a solid investment strategy, equity research is likely to fall flat and significant opportunity costs can be incurred in the best of bull markets. We want to attract the right clients in every market cycle, hence continuously providing clarity on our thought process about market outlook is critical. Not every outlook needs to be actioned with a buy/sell but it is important to do a risk mitigation exercise regularly.

PFA (see here) our investment outlook and strategy for 2024. We thank you for supporting us, and promise to keep bringing you honest analysis in 2024 too!