technology
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If Everybody Has a Moat, Nobody Does!
“Moat” is probably one of the most overused words in investing today. Every equity report has one: brand moat, distribution moat, technology moat, data moat, ecosystem moat, relationship moat, behavioural moat, runtime moat, access moat, regulatory moat – and increasingly, moats that seem to be invented specifically for the company being analysed. A moat is… Continue reading
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Who Gets to Own India’s Future?
Today, India has developed one of most vibrant start-up ecosystems in the world. We now have more than 2.2 lakh “recognised” start-ups, and have created more than a hundred “unicorns” in the last decade or so. Many of our smartest kids today dream of “doing” a start-up, instead of migrating to the US. This is… Continue reading
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The Real Story Behind Skyroot
The most newsworthy event last week (apart from the World Cup) was the success of Skyroot’s orbital rocket and satellite launches. India is now only the third country where a private company can put satellites into orbit. Not only is this incredible, it seems almost unbelievable. In a world where India lags far behind in… Continue reading
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The Comfort Trap
Indian companies have record cash reserves. Banks have clean balance sheets and want to lend. Yet private Capex remains subdued. Instead of leveraging excess cash and cheap loans to invest, companies are hoarding cash, buying government bonds, or returning money to shareholders via dividends and buybacks. So why is this? The usual excuse is poor… Continue reading
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The Madness of Crowds, Version 2026
The most talked-about event in recent days has been the SpaceX listing. Every day, there are stories about Elon Musk’s net worth, and how he made more money in a single day than Warren Buffett made in a lifetime. The SpaceX frenzy is not an isolated event but the latest episode in the unparalleled boom… Continue reading
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Your Moat Has an Expiry Date
Warren Buffet and other gurus have long argued that the best businesses have “moats” or durable competitive advantages. But moats too, have a shelf life, especially with technology disrupting every industry. In an earlier article, we saw how the powerful distribution advantages of large FMCG companies are being breached by D2C players leveraging e-commerce and… Continue reading
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The End of Anonymity
Even as we fret about the loss of privacy thanks to apps, government, social media, banks and hackers; a new dimension is quietly being hyper-enabled by AI. And that’s the humble street camera. Last week, I stumbled on a link that placed Indian cities among those with the largest CCTV camera networks. Apparently, Hyderabad has… Continue reading
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Banks Are Not Dinosaurs — Yet
I recently read an article claiming that fintechs and NBFCs will use AI to dominate lending, while traditional banks fade into irrelevance. It sounded plausible at first. But the more I thought about it, the less convinced I became. The essence of the argument is as follows: Today’s consumer wants speed and convenience (i.e. instant… Continue reading
