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		<title>Carnelian Capital</title>
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		<description><![CDATA[Carnelian Capital]]></description>
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			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/structural-tailwinds-vs-cyclical-headwinds]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/structural-tailwinds-vs-cyclical-headwinds]]></link>
			<title>Structural tailwinds vs Cyclical headwinds</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:52:34 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/an-idea-whose-time-has-come-another-magic-story]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/an-idea-whose-time-has-come-another-magic-story]]></link>
			<title>An idea whose time has come – another magic story</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:42:10 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/who-stole-my-returns-me-or-marketa-different-perspective-on-risk]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/who-stole-my-returns-me-or-marketa-different-perspective-on-risk]]></link>
			<title>“Who Stole My Returns &#8211; Me or Market?”A different perspective on risk</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:39:49 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/next-pot-of-gold]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/next-pot-of-gold]]></link>
			<title>Next pot of Gold!</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:37:40 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-life-changing-experience-power-of-internal-compounding]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-life-changing-experience-power-of-internal-compounding]]></link>
			<title>A life changing experience! &#8211; Power of internal compounding</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:35:40 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/type-a-risk-one-of-the-biggest-wealth-destroyers-a-deep-dive]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/type-a-risk-one-of-the-biggest-wealth-destroyers-a-deep-dive]]></link>
			<title>Type A risk – one of the biggest wealth destroyers – a deep dive</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:33:41 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/speed-bumps-ahead-focus-on-risks-and-brics-in-samvat-2078]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/speed-bumps-ahead-focus-on-risks-and-brics-in-samvat-2078]]></link>
			<title>Speed bumps ahead: Focus on Risks and BRICs in Samvat 2078</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:31:16 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/fad-fomo-fade]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/fad-fomo-fade]]></link>
			<title>FAD-FOMO-FADE</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:29:32 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/2022-to-be-the-year-of-de-rating-modest-earnings-growth]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/2022-to-be-the-year-of-de-rating-modest-earnings-growth]]></link>
			<title>2022 to be the year of de-rating &amp; modest earnings growth</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:27:13 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/2023-tailwinds-amidst-headwinds]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/2023-tailwinds-amidst-headwinds]]></link>
			<title>2023: Tailwinds amidst headwinds…</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:25:20 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-magical-delivery]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-magical-delivery]]></link>
			<title>A “Magic”al Delivery!</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:23:29 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/manufacturing-all-stars-aligned]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/manufacturing-all-stars-aligned]]></link>
			<title>Manufacturing – All Stars Aligned</title>
			<pubDate><![CDATA[Wed, 27 May 2026 08:21:32 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/blog/the-2026-pms-tax-checklist-7-essentials-for-every-hni-portfolio]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/blog/the-2026-pms-tax-checklist-7-essentials-for-every-hni-portfolio]]></link>
			<title>The 2026 PMS Tax Checklist: 7 Essentials for Every HNI Portfolio</title>
			<pubDate><![CDATA[Wed, 27 May 2026 06:01:24 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://carneliancapital.co.in/presentation-factsheets]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/presentation-factsheets]]></link>
			<title>Presentation &#038; Factsheets</title>
			<pubDate><![CDATA[Wed, 20 May 2026 09:07:51 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://carneliancapital.co.in/blog/what-is-a-family-office-and-when-should-hnis-consider-one]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/blog/what-is-a-family-office-and-when-should-hnis-consider-one]]></link>
			<title>What Is a Family Office and When Should HNIs Consider One?</title>
			<pubDate><![CDATA[Tue, 26 May 2026 08:50:33 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/should-you-really-diversify-globally]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/should-you-really-diversify-globally]]></link>
			<title>Should you really diversify globally?</title>
			<pubDate><![CDATA[Tue, 26 May 2026 08:16:52 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/budget-adani-and-fed]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/budget-adani-and-fed]]></link>
			<title>Budget, Adani and Fed!!!</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:27:15 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/sailing-amidst-uncertainties]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/sailing-amidst-uncertainties]]></link>
			<title>Sailing amidst uncertainties</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:13:52 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/3-years-of-our-journey-so-far-then-and-now]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/3-years-of-our-journey-so-far-then-and-now]]></link>
			<title>3 years of our journey so far…. then and now</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:12:10 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/embrace-volatility-build-this-vintage]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/embrace-volatility-build-this-vintage]]></link>
			<title>Embrace volatility &#038; build this Vintage</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:10:38 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/clear-vision-avoids-casualties]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/clear-vision-avoids-casualties]]></link>
			<title>CLEAR vision avoids casualties…</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:09:11 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/predictably-irrational-psychology-of-investing]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/predictably-irrational-psychology-of-investing]]></link>
			<title>Predictably Irrational – Psychology of Investing</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:07:37 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/three-peaks-twin-engine-will-lead-to-70000]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/three-peaks-twin-engine-will-lead-to-70000]]></link>
			<title>Three Peaks &#038; Twin Engine will lead to 70,000</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:04:30 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/service/carnelian-bespoke-strategy]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/service/carnelian-bespoke-strategy]]></link>
			<title>Carnelian Bespoke Portfolio (Temporarily closed for subscription)</title>
			<pubDate><![CDATA[Wed, 20 May 2026 09:06:47 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-series-biggest-mega-trend-youngest-largest-aspiring]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-series-biggest-mega-trend-youngest-largest-aspiring]]></link>
			<title>Bharat Amritkaal Series &#8211; Biggest Mega Trend &#8211; Youngest, largest &amp; aspiring!</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:50:30 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/culture-the-compounding-machine]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/culture-the-compounding-machine]]></link>
			<title>Culture – The compounding machine</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:06:01 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/small-is-beautiful-what-makes-them-big]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/small-is-beautiful-what-makes-them-big]]></link>
			<title>Small is beautiful – What makes them big?</title>
			<pubDate><![CDATA[Tue, 26 May 2026 06:56:56 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/demand-creates-its-own-supply]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/demand-creates-its-own-supply]]></link>
			<title>Demand creates its own supply</title>
			<pubDate><![CDATA[Tue, 26 May 2026 06:54:45 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/connecting-dots]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/connecting-dots]]></link>
			<title>CONNECTing dots</title>
			<pubDate><![CDATA[Mon, 25 May 2026 11:52:08 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/beyond-narratives]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/beyond-narratives]]></link>
			<title>Beyond Narratives…</title>
			<pubDate><![CDATA[Mon, 25 May 2026 11:51:05 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/journey]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/journey]]></link>
			<title>Our Journey</title>
			<pubDate><![CDATA[Mon, 25 May 2026 06:18:06 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/team]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/team]]></link>
			<title>Team</title>
			<pubDate><![CDATA[Mon, 25 May 2026 05:17:21 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/we-dont-find-the-market-expensive-simplifying-asset-valuation]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/we-dont-find-the-market-expensive-simplifying-asset-valuation]]></link>
			<title>We don’t find the market expensive – simplifying asset valuation…</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:50:11 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-the-india-story-re-begins]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-the-india-story-re-begins]]></link>
			<title>Bharat Amritkaal!!! – The India story re-begins…</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:51:51 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/when-to-sell-an-investors-dilemma]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/when-to-sell-an-investors-dilemma]]></link>
			<title>When to sell?? – An investor’s dilemma</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:48:26 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/choices-that-one-makes-a-fund-managers-dilemma]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/choices-that-one-makes-a-fund-managers-dilemma]]></link>
			<title>Choices that one makes! a Fund Manager’s dilemma&#8230;.</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:53:03 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/show-me-the-margins]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/show-me-the-margins]]></link>
			<title>Show me the Margins!</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:46:45 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/us-recession-geo-politics-this-time-it-is-different]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/us-recession-geo-politics-this-time-it-is-different]]></link>
			<title>US recession, Geo-Politics – this time it is different.</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:44:36 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/charlie-our-north-star]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/charlie-our-north-star]]></link>
			<title>Charlie &#8211; Our North Star</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:43:03 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/2023-a-momentous-year-reflecting-on-our-journey]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/2023-a-momentous-year-reflecting-on-our-journey]]></link>
			<title>2023, a momentous year – reflecting on our journey…</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:41:08 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-different-perspective-on-active-vs-passive-investing]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/a-different-perspective-on-active-vs-passive-investing]]></link>
			<title>A different perspective on Active vs Passive Investing</title>
			<pubDate><![CDATA[Thu, 21 May 2026 06:33:46 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-series-india-factory-to-the-world]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/bharat-amritkaal-series-india-factory-to-the-world]]></link>
			<title>Bharat Amritkaal Series – India, factory to the world</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:48:52 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/power-shift-from-bjp-to-nda-will-this-change-the-policy-mood]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/power-shift-from-bjp-to-nda-will-this-change-the-policy-mood]]></link>
			<title>Power shift from BJP to NDA – Will this change the policy mood?</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:47:25 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/this-time-its-different-updated-dec-12-2022]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/this-time-its-different-updated-dec-12-2022]]></link>
			<title>This time it’s different</title>
			<pubDate><![CDATA[Tue, 26 May 2026 07:02:18 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/carnelian-bharat-amritkaal-series-infrastructure-rebuilding-india-for-amritkaal]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/carnelian-bharat-amritkaal-series-infrastructure-rebuilding-india-for-amritkaal]]></link>
			<title>Carnelian Bharat Amritkaal Series &#8211; Infrastructure: Rebuilding India for Amritkaal</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:45:36 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/more-new-and-better-india-consumption-story]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/more-new-and-better-india-consumption-story]]></link>
			<title>More, New and Better! &#8211; India consumption story</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:44:23 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/small-is-beautiful-what-makes-them-big-2]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/small-is-beautiful-what-makes-them-big-2]]></link>
			<title>Is a financial crisis looming?</title>
			<pubDate><![CDATA[Tue, 26 May 2026 06:58:12 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/temporary-headwinds-amidst-structural-tailwinds]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/temporary-headwinds-amidst-structural-tailwinds]]></link>
			<title>Temporary headwinds amidst structural tailwinds</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:38:55 +0000]]></pubDate>
		</item>
					<item>
			<guid><![CDATA[https://carneliancapital.co.in/letters-to-investors/beyond-narratives-is-consumption-slow]]></guid>
			<link><![CDATA[https://carneliancapital.co.in/letters-to-investors/beyond-narratives-is-consumption-slow]]></link>
			<title>Beyond Narratives – Is consumption slow?</title>
			<pubDate><![CDATA[Wed, 20 May 2026 06:36:35 +0000]]></pubDate>
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					<item>
			<guid><![CDATA[https://carneliancapital.co.in]]></guid>
			<link><![CDATA[https://carneliancapital.co.in]]></link>
			<title>Home</title>
			<pubDate><![CDATA[Tue, 12 May 2026 10:59:52 +0000]]></pubDate>
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