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Shashank Savla, Asia Income: Delhi election defeat not a major setback for Modi

Today’s defeat for the Bharatiya Janata Party (BJP) in the Delhi assembly elections was quite a surprise with the Aam Aadmi Party (AAP) winning 67 seats to the BJP’s three.  This is being reported by some as the first major setback for Narendra Modi’s government. We disagree with this interpretation, and the Indian equity market this morning also seemed relatively untroubled, closing 0.5% higher.

Assembly elections can be considered as equivalent to the UK’s council elections, where the local winners are not Members of Parliament and have no direct bearing on the national government. There are several parties in India who are strong at the assembly elections, but not at the national level, as people vote differently in both elections. In last year’s national elections for the Lok Sabha (Lower House) in May 2014, the BJP won all seven seats in Delhi on its way to the first single party majority in India for 30 years.

John Husselbee: The art and science of fund manager selection

One of the key lessons I have learnt from my thirty years’ experience in the industry is the importance of marrying the quantitative aspects of fund manager selection analysis with ‘softer’ qualitative considerations such as the skills and motivations of the manager. I like to think of this as combining the art and science of fund selection which, in simple terms, means that I have to not only crunch the numbers but meet the managers.


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