Investing
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Opportunities in disorganized industries
Why fragmented, unorganized sectors often produce the biggest long-term winners One of the challenges of doing business in India is the intensity of price competition. No matter what your price is, someone will under-cut you – often, by a large margin. Almost every product or service has innumerable competitors, many from the loosely defined “unorganized” Continue reading
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Are IPO investors really that irrational?
In recent weeks, much has been written about the great IPO frenzy of 2025, with analysts and fund managers warning retail investors not to take undue risk. The latest trigger has been the Lenskart IPO, which many wise men have termed as being excessively overvalued. Yet, when I read most of the doomsayers and experts, Continue reading
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The needless search for certainty
Humans don’t like uncertainty. And nowhere is this more evident than in economic or business forecasts. Our analysts and economists cater to this need, with a great degree of apparent precision and accuracy. These forecasts further reinforce our belief that such things can actually be predicted. Consider these statements: Sure. As long as no pandemics, Continue reading
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Have we moved the valuation goalposts?
Investing’s golden rule is simple: buy cheap! Every investment guru has said this — sometimes in books, sometimes on Twitter, sometimes while sipping Cherry Coke. In other words: buy cheap. Easy, right? Then why do we keep forgetting this the moment the market turns green? I admit – judging valuations is not easy, given the Continue reading
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Is the distribution moat drying up?
Investing history has it that Warren Buffet popularised the usage of the word “moat” to simplify or explain the idea of a company’s competitive advantage. The width or impregnability of the moat is what makes businesses more durable. And in today’s investing literature, “moat” is almost de rigueur. Every broker, analyst or their cousin trying Continue reading
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