Friends and Partners, I’ve been thinking about the long road. And I’ve come to the conclusion that most fortunes in the investment industry don’t arrive in a straight line. They look slow for a while (actually, quite a while), and then impossibly fast. Years of groundwork, months of doubt, weeks of grind, and then one day the compounding speaks for itself. Let me say that this quarter felt like one of those days.... Important Disclaimer This article is provided for informatio
Friends and Partners, What difference does a year make? Just a few quarters ago, we were quietly building something bold—dissecting data, refining our model, and pushing forward with conviction, when the markets gave us every reason to retreat. And we have failed! Terribly. Lessons have been learnt. Markets have been studied. Cash burn rate has been over the roof. But strict discipline has been instilled. And, today, we’re not just seeing the fruit of that discipline.... Impo
Friends and Partners, Is this the right time to be invested? Five years ago, it was March 2020. COVID-19 was here. The world was locked down, the markets were in free fall, and fear was everywhere. I remember watching prices swing wildly each day—not with clarity, but with fear that the world was coming to an end. Did it end? No. For those who remained resilient, patient, and focused on long-term fundamentals, the years that followed offered some of the best investment opport
