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Category: Companies

Banks / NBFIsPosted onJune 7, 2020June 7, 2020

Manappuram / Muthoot – looking from a different lens

Traditionally, gold loan companies are thought of as NBFCs. But lets look at them from a slightly different perspective – as pawn brokers, which they…

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Bajaj FinancePosted onMay 31, 2020May 31, 2020

Bajaj Finance – Retail Finance Franchise

Bajaj Finance has been one hell of a wealth generating machine over the last decade. Their stock has appreciated at a CAGR of 35% pa…

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Booking HoldingsPosted onMay 25, 2020May 25, 2020

Booking Holdings

Booking is the largest OTA (Online Travel Agency) globally. It also owns Priceline, Kayak, Agoda. Major Shareholders Shareholding is widely dispersed with the highest with…

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Company notesPosted onMay 24, 2020May 27, 2020

Keywords Studios PLC – picks and shovels for the Gaming industry

Keywords Studio is the largest and most diverse provider of outsourced services to the video game industry. They have grown over the years through acquisition…

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Banks / NBFIsPosted onApril 14, 2019May 31, 2020

Manappuram / Muthoot – enduring or fleeting competitive advantage?

Manappuram and Muthoot are the most profitable NBFCs in India. You can see this from Figure 2 of an earlier post here. I’m using return…

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BlogPosted onMarch 21, 2019May 26, 2020

Sterlite – a complicated story

Introduction Sterlite is a vertically integrated manufacturer of fiber optic cables. The manufacturing of fiber optic cable starts from silicon chemicals which is converted into…

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BlogPosted onMarch 2, 2019May 31, 2020

Oberoi Realty – quality real estate business

Following up from the first two articles about real estate (you can find them here and here). Since the articles were quite long, I’m going…

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BlogPosted onMarch 2, 2019May 26, 2020

Mahindra Holidays – a melting ice cube?

Mahindra Holidays is a company which sells vacation ownership for 7 days per year for 25 years – also known as timeshare. The company earns…

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BlogPosted onDecember 28, 2018May 26, 2020

Narayana Hrudayalaya – Building an affordable model of healthcare at scale

Hospitals provide a necessary service and are hence relatively immune to economic cycles. On the other hand, it is a highly capital intensive business and…

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BlogPosted onAugust 19, 2018May 31, 2020

MCX – time is a friend for this business

I want to find businesses which get better with time like aged whisky. These are businesses which have a competitive advantage which is not only…

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Mental Models

  • Dominate a small market first
  • Economies of scale
  • High return high reinvestment
  • High return low reinvestment
  • Monopoly
  • Network effects
  • Power law
  • Pricing power
  • Product market fit
  • Retail Finance Franchise
  • Surfing

Companies

  • Ambika Cotton
  • Bajaj Finance
  • Booking Holdings
  • Hawkins Cookers
  • Keywords Studios
  • Mahindra Holidays
  • Manappuram
  • Max Ventures
  • MCX
  • Muthoot
  • Narayana Hrudayalaya
  • Oberoi Realty
  • Sterlite

Industry

  • Banks / NBFIs
  • Exchanges
  • Gaming
  • OTA
  • Pawn shops
  • Real Estate

Book Review

  • Superintelligence by Nick Bostrom
  • There is no such thing as a self-made man by P P Chhabria
  • When breath becomes air by Paul Kalanithi
  • Zero to One by Peter Thiel

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