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Category: Banks / NBFIs

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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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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Banks / NBFIsPosted onJanuary 3, 2018June 10, 2020

Opportunity in financials in India

Introduction Companies in the financial sector in India including banks and NBFIs have created tremendous amount of value over the years. There is a good…

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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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