Investing
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Indian of the Year 2025
Awards or titles are usually controversial. Only one wins, while all the others are unhappy. Take Donald Trump, still upset about not getting the Nobel prize despite “stopping” several wars. So much so, that he abducted a President. But this article is not about Mr. Trump, despite his best efforts. This is about a strong, Continue reading
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An inflection point for e-commerce and quick-commerce
Quick commerce redefined Indian retail in 2025. Blinkit, Instamart and Zepto delivered explosive growth, pushing incumbents like Flipkart and Amazon to (reluctantly?) launch rival formats. Blinkit, Instamart and Zepto all doubled revenues in FY25, with momentum continuing through 2025. In a single quarter (Q2FY26), Blinkit delivered a net order value of ₹11,679 crores, up 137% Continue reading
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Ten Predictions for 2026
Most (all?) predictions are useless, but they’re fun to make – so why not join the party? Here’s my list, in no particular order of importance. Trump will continue to create mayhem, while getting richer: This is a given. Stealing oil tankers, arbitrary tariffs and sanctions, fights with institutions and friends will no longer be Continue reading
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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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Investor or speculator: Know thyself
At dinner tables and WhatsApp groups in India, everyone is suddenly an investor. It doesn’t matter whether they’re flipping IPOs, or day-trading, or punting on F&O, or buying and holding. If you ask them what they do, the answer will be, “I am investing”. Nobody says “I’m speculating”, just like nobody says “I’m on a 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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Diwali Fireworks and FDI
While complaining to a friend about writer’s block (side effect of an overdose of Diwali sweets?), he suggested I look at the recent Emirates NBD acquisition of RBL Bank. This deal is significant for several reasons. It’s the first time we’re seeing a majority stake sale in a listed Indian bank. The investment amount is 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
