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Long-term investments in companies that have a sustainable competitive advantage reward investors handsomely.
The last three years have been a roller-coaster ride for business leaders globally who have had to manage COVID-19 related lockdowns, central banker-driven consumption boost, supply chain challenges, RussiaUkraine war, record inflation, sharp interest rate increases and most recently a global slowdown.
Given an option of investing in one of two stocks below – which one would you choose?
While our unwavering focus is on bottom-up fundamental investing, in this newsletter we take a top-down view and discuss a unique characteristic of ‘small-caps’.
While headline Indian indices are down between 15-20% from their peak this year; 20% of all companies listed on the National Stock Exchange are down more than 50% and 85% are down more than 20%.