Dear Readers,

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This is not a time to celebrate. When a deadly virus is wreaking havoc across the world, taking lives and destroying livelihoods, the only celebrations in these desperate times should be of victories against the virus and the heroism of frontline workers fighting the pandemic.

And yet, we believe that Moneycontrol Pro is all the more necessary for investors now. It is now, more than ever, that investors need credible and timely information that will allow them to take decisions in the midst of this extraordinary uncertainty. As the dramatist and poet Bertolt Brecht wrote:

‘In the dark times

Will there also be singing?

Yes, there will also be singing

About the dark times.’

That is why we mark our first anniversary, to shine a light in the dark, to reaffirm to our readers our commitment to provide you reliable information and insightful analyses, based on the values and principles that have guided us in our journey over the past year.

And what a ride it has been! It featured the Sino-US trade war, general elections in India, market euphoria, Brexit, a faltering Indian economy, a crisis in the non-banking financial sector, a bank collapse and rescue, a U-turn by the US Fed and the virus attack, a meltdown in the markets and a lockdown.

We have been beside the investor at every step of the journey, guiding her, whispering words of advice, cautioning her and dancing with her till the music stopped. We have since been calming her, listening to her worries, holding her hand, picking up diamonds in the dust and preparing her for the next dance.

If I were to single out one value that we prize above all else, it is, simply put, an unflinching commitment to the unvarnished truth. We have always called a spade a spade, often preferring to call it a bloody shovel.

There are numerous examples --- we had, for instance, consistently raised red flags about the bubble that had formed in the equity markets before the virus hit, a bubble that was in search of a pin. We had at an early date pointed out the weakness in the Indian economy and how the equity markets were increasingly divorced from fundamentals. And we were one of the first to warn that the virus could lead to a financial crisis.

In short, we call it as we see it. And the reason we can do that is because we are completely independent. Our team of research professionals is not in the business of selling stocks and our opinion writers have no political axe to grind.

That is why we haven’t just recommended stocks, we have also told you which stocks and sectors and asset classes you should avoid. We have criticised the powers that be when they goof up, but we have also praised them for a job well done.

We have, right from the start, tried to ensure quality at Moneycontrol Pro. That is why we decided to completely avoid ‘hot tips’. Instead, we bring you deeply researched stock picks after crunching the numbers, after weighing all the pros and cons.

In our ‘Learn’ series we have laid bare investment principles, styles and financial ratios that will help you form an opinion about companies and stocks by yourself.

Our opinion pieces analyse the economic environment and policy actions, to enable you to get a clear idea of the broader context in which businesses operate.

Our technical analysts identify the short-term trades you may want to put through.

GuruSpeak brings to you the distilled wisdom of successful professionals in the markets.

Our Personal Finance section has tried to answer the questions investors have about mutual funds and asset allocations.

In this age when capital knows no borders, limiting ourselves to analysing domestic economic conditions is not enough. That is why we have spared no effort in bringing you the gist of reports brought out by international agencies and analysed the policies of central banks in the developed countries that have an impact on fund flows to India and emerging markets.

To take one important instance, we have always pointed out the role central banks in the developed world have played in boosting the asset markets.

And finally, we have endeavoured to say all these things in simple, sharp, direct, jargon-free language, for your reading pleasure.

We are passing through a painful time, but it is also a historic one. There is great uncertainty. Which businesses will thrive after the virus passes, which will go under?

Will there be a wave of bankruptcies? Will globalisation, already under threat before the virus reared its ugly head, go into reverse? What will be the impact of the tsunami of debt and liquidity that central banks and governments have unleashed?

Will it create an even bigger asset bubble? If central banks in the developed nations were riding the tiger of ultra-loose monetary policy before the virus came, they are riding a Godzilla now.

We hope you will continue to accompany us on this fascinating journey.

P.S.: On the occasion of Moneycontrol Pro’s 1st Anniversary, as a token of gratitude to its readers, Pro has introduced a range of exciting exclusive benefits worth Rs. 20,000 for existing users. Potential users who subscribe by May 7 too can avail these benefits.

Cheers,

Manas Chakravarty