Patient capital for enduring businesses.
We buy good, solid businesses when the market has lost interest in them, and we hold them for years. Independent thinking, a long horizon, a narrow circle of investors.
Quality, bought in distress.
A good investment is a confluence. Value alone is a trap. Growth alone is fully paid for. Contrarianism alone is stubbornness. We commit capital only when all three arrive together: a growing business, at a below-market price, in a corner of the market that is currently out of favour.
Every judgment begins with the downside. Minimise what an idea can lose, and the probability of being right rises on its own. The rest is patience.
Read the full philosophy →Chambal Fertilisers — a record profit and a decade-low multiple, in the same year.
India's leading private urea maker, earning above-market returns on a net-cash balance sheet, with a funded second act in industrial chemicals. The market prices it as a commodity in run-off. The numbers say otherwise.
Read the full note →