Newsletters

Better Days Ahead - June 2026

Headline indices in India are down between 5-12% from their Sep-24 peaks at a time when major Western markets such as US, Germany, and UK are up between 25-35% and Asian markets such as Japan, South Korea and Taiwan are up between 70-200%+ over the same period.

Headwinds - Nov 2025

The last fourteen months have been a tough period in Indian equity markets especially at the small-cap end of the spectrum – the BSE Small Cap index is still down 10% from its peak in Sep-24.

Sectoral shift underway? – June 2025

Since reaching their peak on September 26, 2024, India’s equity markets have experienced significant volatility driven by a cyclical slowdown in the domestic economy, geopolitical uncertainties, and global trade tensions.

The relentless rally takes a breather! – Jan 2025

In our previous newsletter, “The relentless small-cap rally”, we had discussed how India’s slowing economy
poses a significant risk to stocks especially small-caps (read section: “How small-cap rallies have ended
in the past” in the above newsletter).

The relentless small cap rally – Sep 2024

Mid, smallcaps reach for the sky despite analysts sounding caution” was the headline of a Business Standard article dated Aug 1, 2023.

An Investment Lesson from Tennis | Jul 2024 Newsletter.

Summary The previous quarter was an eventful one for Indian investors. General elections 2024 were held in India between April…

Third Anniversary Newsletter – Apr 2024

Burman Capital Management completed three years of managing money under the SEBI PMS license in March 2024.

Time to reassess portfolios – Dec 2023

CY23 was a good year for Indian equity markets as local developments such as strong corporate earnings, expectations of easing interest rates,

Sizing-up Narratives – Sep 2023

IMF expects India’s real GDP to grow at 6.5% over the period 2020-28E making it the fastest growing major economy in the world.