value investing

Making Time Your Enemy

I've always maintained that to be a successful investor, one has to make time a friend and not an enemy. There are innumerable potential opportunities in life where we know the eventual outcome but we don't know when the outcome will take place. Such situations are not risky but uncertain. More...

It Does Not Have To Be Exciting

Financial markets globally have lost their zing and excitement. Pension funds and insurance companies with assumptions of 8% nominal returns are starting to appear over optimistic. There is no big theme, or story or mania that can make equity investors rich overnight. All the old themes and stories appear to be fizzling out. Even Web 3.0 and Apple have become so big that there is not much left on the table for investors. More...

Scalability Is Not Accidental

I spend most of my time researching listed companies in India. India has thousands of companies that have a market capitalization of less than $200 million. I spend a lot of time trying to figure out whether companies are scalable or not.

In my research I've found that many companies become big by accident. They either catch a product/demand wave or a capital wave or a regulatory wave etc. However, none of the companies that become big by accident are able to stay big and sustain themselves as organizations. If the company is extremely lucky, it gets acquired at its inflated size and implodes inside the acquirer. Most of the time, however, the disarray that sets in at its inflated size is publicly visible. More...