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We follow bottoms up buy and hold approach in managing Equity investments. We don’t believe that one can create sustainable long term wealth by betting on short term price movement of stocks. We make Equity investments with the mind-set of an owner. We invest to participate in the growth journey of a business. We are market cap agonistic and invest only in long term structural stories which can compound wealth on a sustainable basis. We don’t invest in deep cyclicals where timing the market is more important than time in the market. We don’t claim that we can enter a cycle at the bottom and exit it at the peak.

              Our strength lies in identifying industries that have a solid structure as per Porter’s five forces framework and that are riding on structural tailwinds. We deep dive into companies to understand moats around their business, to gauge the intent and capability of the promoters and to foresee how the business will be more valuable in future that it is worth today. We stay within our circle of competence. Our understanding of the businesses that we own lays the foundation for conviction with which we hold investments across market cycles. We construct a concentrated portfolio of not more than 15 stocks. Our deep research and conviction get reflected in portfolio weight we give to each stock that we own. If we are not able to construct a high quality concentrated portfolio, it is our cue that we need to work on our business understanding and expand our circle of competence. We don’t hedge our ignorance with diversification. Our philosophy of “1% better every day” keeps us on the path of constant learning to ensure our investment decisions stay relevant in fast changing business world.