Satwik Jain
@jain_satwik_
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Founder- | Fund Manager - Right Horizons PMS|Former investment banker, fitness entrepreneur & professional golfer
Green Park, New Delhi
Joined April 2017
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Pinned Tweet
1) Super stoked to go live with my fund, RH
#Perennial
Fund tomorrow at the beginning of the new financial year. It is inspired by the vision to protect the purchasing power of savers irreplaceable capital, & to increase such value over time in real terms with minimum volatility
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Building materials is probably only industry with Indian entreprership at full show from ground up after IT Services
Asian Paints, Berger Paints, Astral, Polycab, KEI Industries, APL Apollo
Built by India , first for India then globally
Hats off to the Indian entrepreneur 🇮🇳🇮🇳
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Have you seen the latest presentation?
PS: Years of learnings & mistakes compressed into 40 pages.
Our team really wants you to see it
Link:
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Nothing matches the excitement of finding a new business to research, not a luxury holiday, neither a new car, nothing comes even close
Been 7 years & countingof analysing businesses, but it's still day zero
Lucky to have my passion as my profession
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Music is probably one of the best unit economics industry in the listed space with huge capacity to reinvest at high ROICs
Source-
#SAREGAMA
Investor Presentaion
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#AdityaVision
- this is what true blitzscaling looks like
Scaled up from 19 stores in 2017 to 87 stores till Sep 23, 2000 cr, 100 cr FY 23 revenue/ PAT run rate.
Should scale to 200 stores as it expands in Jharkhand, Bengal, UP
Source - FY 22 AR
Disc- invested
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#Hindustanfood
- This is what serious hyper scaling looks like.
Almost perfect execution in a CAPEX heavy industry
Unit economics turning from good to great
Disc- tracking, not invested
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Starting this thread on the handpicked videos about investments & life I found intriguing. Looking forward to knowledge & Goodwill compounding
#gyanwithsatwik
#ValueInvesting
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Biggest learning in last bull bear market cycle over the last 3 yrs has been markets discount 8 yrs growth in 8 qtrs in blitzscalers once sure of growth
Key in entry exit at right time.
Eg, Dixon, Coforge, Angel, Indiamart, APL Apollo
Will come up with detailed writeup soon
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"Without passion you don't have energy, without energy you have nothing" - Warren Buffet
Having known
@ishmohit1
and
@soicfinance
team for a long time, one thing I can vouch for is thier passion for the markets is unparalleled
Upwards & onwards 🙌🙌
My journey coming up!
We are nothing without you. Thank you for the support and thank you to our mentors
@unseenvalue
@SamitVartak
@virajmehta16
@rohitchauhan
@Sanjay__Bakshi
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The more I deep dive into
#qsr
sector, the more I am in awe of what
#DominosIndia
has built.
Hats off to the hyperscaling by
#jubilantfoodworks
Disc- not invested
Source- CLSA report
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Reason we prefer midcap
#ITServices
over largecap are they can grow at 20-30% CAGR with 25% plus ROCE while reinvesting at high ROICs creating intrinsic value which might be reflected in share prices, rather than buybacks & dividends of latter
Disc- Invested in
#LTI
,
#coforge
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Superb insights by
@ishmohit1
. It's probably the most insightful video in the Indian markets I have seen till now.
Would recommend anyone following Indian markets to see this video by
@soicfinance
& make notes to enhance thier mental models toolkit
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Full recording of the webinar is available at
Special thanks to
@AdityaKhemka5
again for sharing differentiated and actionable insights
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#PrevestDenpro
- This is what high-quality defensive growth looks like
Huge optionality if mega CAPEX plan is executed well
Wrote about this a few months back -
Disc- invested & biased
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"High switching costs lock in the customers and incentivize them to stay with Syngene throughout their life cycle. Once the customer is locked in, Syngene gains pricing power."
Appreciate in depth hard work
@soicfinance
team.
Learnt lot of new things despite holding for few yrs
Detailed deep dive into the prospects of Syngene with Reverse DCF on valuations!
Link to read🔗:
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Knowledge par excellence of
@ishmohit1
and
@unseenvalue
Would have missed a lot if had not attended the sectoral analysis
SOIC Sectoral Analysis: API Landscape: Shifting Supply Chain|China+1 💊
Link to register🔗:
Date:23rd May
Timings:12pm-2:30pm
Speaker: Ishmohit Arora
@ishmohit1
Q&A with
@unseenvalue
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It was super exciting to track the journey of Indian Pharma from its humble beginnings to the pharmacy of the world
We also cover an interesting pharma company undergoing transformation, small in size but large in aspirations, JB Chemicals & Pharma
Let's understand the Business model of JB Chemicals|A Quasi FMCG company? JB has outperformed the IPM growth consistently and is a Business with solid return ratios and growth.
Link:
Written by
@jain_satwik_
who's a PMS Manager and a good friend 😁
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“The thought process was to be available 24x7 to our 42.6 million-plus customers and offer them everything”- Rajeev Jain,
#BajajFinance
Today, 60 % of its workload runs on the cloud. The company is one of the largest customers of Salesforce in India.
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No money can match the pride of wearing the Indian blazer and world cheering for you. Was fortunate to be in the position 10 years ago 🙏
Happy independence day to all 🇮🇳🇮🇳🇮🇳
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@ishmohit1
Requires serious focus to be ahead of the curve- APL Apollo, Saregama, now Tarsons likely
Hats off🙌🙌
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The great restructuring is in full swing and how
#LTI
reports 25% growth and 4000 new hires
High quality enablers who can execute digital transformation should be in earnings super cycle in near future
Disc- invested
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#Coforge
reports 39% revenue growth, 50% Ebitda growth.
Opens lot of doors post> $1 billion revenues
Has been another basement to rooftop story from govt heavy to capabilities for new technology, specially reinsurance
Covered from 27th min
Disc- invtd
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#LTI
becoming master of the great restructuring
- Highest ever QoQ growth of 9.2%
- providing customized solns at scale & speed
- Acquisition for capabilities rather than revenues
Should be leader of
#technology
bull run
Source
@LTI_Global
Disc invested
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Very few industries witness this sudden value migration from basement to rooftop towards high-quality unit economics in such short time
#Music
industry at forefront of it
Disc- Not invested in
#tipsmusic
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Amazing 4 days of learning at
@ias_summit
.
Very well organised by
@cautkarshpandey
@BahirwaniKrish
@MashraniVivek
and
@rigi_app
Heartiest congratulations to Vivek sir on the book launch.
Got an amazing opportunity to learn from veteran investors and present my learnings.
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Had to visit
#seescandies
when visiting Dubai - the epitome of wealth creation for
#berkshire
hathway
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#Titan
- Credit where due
3 yr CAGR 20% + is serious scale-up.
Going by
#HDFCBank
20% ,
#BajajFinance
30% growth & Dmart nos , credit & consumption on strong footing
Hard commodities cooling of > 20%, oil starting correction
Next few yrs interesting for hungry sharks in ocean
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As a 26 year old entrepreneur, realise things are getting serious when your employees home loan EMIs are dependent on the salary you pay
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It was super fun answering wide array of questions on global & Indian platforms, looking at global megatrends & identifying next winning sectors with
@ishmohit1
and
@soicfinance
tribe
Hope to have added value to the investor community 🙏
Link-
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#BajajFinance
- true king of consumer lending
Went into consumer durables when no one was looking, building 5 cr+ cust base with 70%+ cross sell
Now pivoting towards fin-tech with underlying 25% compounding engine
probably the best
#fintech
in 2030
Source-
#BAF
IP
Dic-Invested
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45) Very inspiring journey of
@MadhusudanKela
ji. You have been an inspiration to a generation of dreamers like me.
Thank you
@varinder_bansal
ji for doing heartwarming discussion
All the best with
@omkaracap
Link -
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#Titan
is now generating 100% plus roce in its
#jewelry
division with clear visibility of 20-25% growth.
mind-boggling franchise built by the
#TataGroup
Disc- invested
Source- Investor presentation
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Sensex and life at All time high
As Manish Chokhani sir said, we are still at the
#Everest
base camp on our way to the summit.
#SATdownforMALS
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52) Superb video on journey of Titan & evaluating retail industry by
@ishmohit1
of
@soicfinance
Very few retailers have blitzscaled post getting unit economics right. Most likely they deserve 50+ P/E multiples
Eg ,
#Titan
#Manyavar
#Dmart
#Trent
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1) Creating a two-sided network requires both buyers and sellers to show up if they believe the other side will also be present. Once it is established, it actually becomes stronger as more participants from either side engage.
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Leader of last bull run- midcap IT corrected like wholesale nbfcs post 2018.
My sense is these are stable cash generating businesses with double digit growth & higher terminal value in slow times also rather than the latter where earnings disappeared once situation became tough
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Honoured to be followed by
@Gautam__Baid
sir.
I still remember how he went out of the box advising me while making tough choice of doing MBA in India vs abroad despite not knowing me
Have learnt a lot from
#thejoysofcompounding
All the best for
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$ 227 billion revenues
5 million tech workers
Reskilling 2.8 lakh workers at scale
IT services exports> oil imports
Indian cost, global competence
Indian
#ITServices
sector truly has put India on global map over the past 30 years
Hats off to entrepreneurs
Source-
#LTI
AR FY 22
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A pattern this quarter has been tier 2, largish midcap IT reporting pretty decent growth, nos & execution compared to the big 5.
Interesting times ahead in the largest profit pool in India -
#ITServices
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Negative feedback loop playing in a leading conglomerate
Frozen NSDL accounts -> negative perception-> no buying interest -> pledges invoked -> further fall -> falling credit ratings and possible defaults
It was a very interesting conversation
Will be penning down my thoughts on theory of reflexivity soon at
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$LVMH Probably the highest quality luxury good retailer reported 28% growth
Others like Versace, Armani went to mass/affluent markets like Versace Jeans, Armani Exchange, Armani Collezioni leading to lower value creation
Key in veblan goods sellers is to maintain exclusivity
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Had a wonderful discussion with
@mehrotra_saket
and Harshwardhan Wadhwa on markets
Look forward to coming to Calcutta more often
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Most smallcaps of yesterday, large-mid Caps of today which created wealth grew earnings upwards of 20%, with 15% plus roic, were sector leaders/ creators with valuation rerating. Eg Astral, Relaxo, Kajaria, Cera
See same trends in paints, RTE foods, healthcare, streaming today
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32) What caught our attention at
@PrevestDenPro_
was the potential hyper scaling over the next 3-4 yrs. If mgmt executes, it could more than triple its revenues in industry where co buys product for INR 3 and sells it for INR 10.
Download pdf at -
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Somehow I feel, Bloomberg is consistently trying to portray the current government in a bad picture through biased narratives
Incidences like these only strengthen the perception
@andymukherjee70
Wow. Really?
First time somebody blocked me on twitter! None other than
@andymukherjee70
! Deleted his own replies as well.
For what? Asking questions and exposing a false narrative?
Unbelievable how intolerant people are. 🙄
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@soicfinance
Scarcity premium due to dominance in concentrated profit pools with exceptional mgmt. execution, visible mid teens growth with high ROICs, expanding TAM due to penetration into adjacencies
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Your story is very inspiring
@Gautam__Baid
sir. Hope to become as knowledgeable and a 'goodwill compounder' as you one day. All the best !!
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Workstation for the day
Perfect place for Annual Report marathon
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@sahil_vi
Saregama, Tarsons,
#Prevest
Denpro,
#Sirca
Paints in India
Roku ,
#MercadoLibre
,
#Tradedesk
globally
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High growth,quality cos trading at premiums, low quality inferior biz pose permanent loss risk.
Have seen this play out over past cycles. Eg, tier 2 NBFCs vs Bajaj Finance, Titan vs other jewelers. Would stay in former risking time correction, rather than permanent loss in latter
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@ishmohit1
#Saregama
,
#Tarsons
,
#Sirca
Paints,
#Prevest
Denpro,
#JBChemicals
,
#BajajFinance
,
#Astral
,
#LTI
,
#Coforge
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Contrary to popular notions, smaller cos in consolidated profit pools have created value, sometimes higher than leader
#Sirca
Paints in paints
Jyoti resins in adhesives
Aditya vision in retail
CUB in banks
In investing & in life need is balance b/w 2
Still day 1 still learning
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Though I usually don't give gyan but had to put it out- Volatility in mind is more harmful then volatility in markets.
Have seen so many clients/ friends panic at wrong end of cycle over last 8 yrs hampering financial goals
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"Never confuse genius with luck & bull market" - John Bogle
Sharp drawdowns like today, March 2019 and January 2018 are true tests of portfolio construction & risk management of fund managers
They should be welcome with both hands to stress test risk mgmt frameworks
#perennial
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Finally the course is out tomorrow 🔥
Was amazing working with
@PrateekLearnapp
and the
@LearnappHQ
team
Tried to share my experience of a decade of trying to build a portfolio of quality compounders using concepts of TAM, profit pools, Moats and forensics.
iPhone crossed 50% share of smartphones used in US
It's clear Apple enjoys a competitive advantage & as an investor you should look for gems like Apple to create long-term wealth.
Your new mentor,
@jain_satwik_
,will help you find such gems in our new course releasing tomorrow.
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Paints moving from "oligopoly" to perfect competition.
Feel same will be seen in adhesives (Pidilite vs Euro 700), pipes (APL Apollo vs Hariom, JTL etc), consumer durable retailing (Reliance vs Aditya Vision, EMIL), FMCG with regional players hyperscaling locally
Disc- No reco
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Unlearning is becoming the most imp part of my evolution as an investor
From fixed checklist of 10 yr track record of revenue growth, roce, perfect capital allocation to identifying new megatrends has been an eye opener
Eg, music streaming, CRAMS, IT Services, pipes, job search
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@soicfinance
Cut noise & ride the winners- hyperscalers with low float, high growth, quality mgmt & large TAM shouldn't be sold despite optically high valuation till growth lasts. Eg,
#Bajajfinance
,
#Dmart
,
#LTI
,
#infoedge
,
#Astral
Caveat- till growth lasts!!
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Ending CY 21 on new high
Things have panned out above expectations at 2nd stint at
#Entrepreneurship
Spending the last week doing what I love the most- reading
Finishing Bhujia barons & Nomad partnerships letters
#gratitude
for the past, hunger to scale up for the future 🙏
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Looks like a top notch hyperscaler if mgmt executes
Disc- invested
PREVEST DENPRO
New compounder in the town?
Top class capital allocation coupled with clean compliance operating at a global scale.
Over the last 5yrs, ROCE > 25%, EBITDA Margins > 20%, negative cash conversion cycle & debt free.
Scaling gross block by 200% from 8 to 24Cr!
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Ïf it ain't broke, don't fix it"- TB Lance.
#BajajFinance
- The ultimate trinity of growth, profitability & asset quality as aptly put by Bharat Shah in investor call.
High PE goes to higher PE till the growth, sustainability, and longevity of it sustains.
Disc- invested
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Simply outstanding results from Asian Paints
There's a reason it trades at these valuations
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It's mind-boggling what one man- Mukesh Dhirubhai Ambani's resolve to bring the cheapest internet in the world has done to India at scale.
Source-
@Naukri
AR 22
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Excellent session by
@Iamsamirarora
on myths in investing & wealth creation in India.
Thank you
@Vikas_ag_14
of
@aifpmsexperts
for conducting these knowledge sessions.
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Consistency eats talent for breakfast
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@Amit_Jeswani1
SRG Housing Finance, Edelweiss, Piramal, PNB Housing, Indiabulls Housing, D Mart, Sirca Paints
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@Arunstockguru
#SircaPaints
,
#Tarsons
,
#Tastybites
,
#Dmart
undergoing massive capex. All could double earnings if executed rightly
Disc: Invested
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The more I interact with prospective PMS clients, the more I realise the bigger issue is miniscule allocation to equities rather than alpha creation
Need of asset allocation expert advisor > need of top fund manager
Still day zero for
#Indian
equities 🇮🇳🇮🇳
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8) Pareto principle, Global megatrends, Theory of reflexivity & need of family offices
Looking forward to session by
@jain_satwik_
,
@virajmehta16
,
@TheVinayakSood
@soicfinance
and
@ishmohit1
Reserve your seat at -
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@prasiddh_shroff
@screener_in
@faltoo
@tradingview
Incredible CV and thought process.
Please mail to info
@generationalcapital
.in
We are looking at expanding our research team
All the best
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Just finished watching
#Scam1992
Each of the 10 scenes leaves one awestruck by the sheer brilliance of direction & acting
Must watch for every market participant to get a flavour of how our
#stock
markets evolved !!
Superb acting by
@pratikg80
and
@shreya_dhan13
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@soicfinance
#LTI
,
#Astral
,
#Infoedge
all around 7% each
High growth franchises with reinvestment runways in sectors with massive tailwinds run by exceptional hyperscalers
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Good to be back on the road meeting friends & companies.
Super exciting times ahead
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@soicfinance
Winner-
#Dmart
purchased pre IPO- 30x. Low float, high quality biz with fast growth, ROIC & good mgmt never come cheap
Loser-
#Edelweiss
(-60%)
Be careful not to give secular valuations to shallow/ deep cyclicals. Also focus on antifragility of growth , ROIC across cycles
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I am trying to cover industry wise con calls & investor presentations with the following link for shared learning. Looking forward to knowledge & goodwill compounding. Happy investing
#gyanwithsatwik
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Trends repeat globally, what happened in
#USA
& China happens in
#India
.
Our markets have disproportionate weights to fragile
#lenders
dependent on vagaries of markets & economy, this should correct to higher allocations to tech ( new age &
#ITServices
) &
#healthcare
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17) We often get asked why we have such high allocation to
#healthcare
Read on as we discuss
#perennial
frameworks for business selection taking egs of
#JBChem
#Syngene
#SequentScientific
#AbbottIndia
#LalPathLabs
Blog-
Webinar-
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Diagnostics industry size- 70000cr
Unorganized market close to 40000 cr
National level chains only 6%
Highly unlikely a new national-level player will have significant impact on biz prospects of top listed cos
Perception impact on P/E ratio is a separate matter
Source- Dr Lal AR
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As a former professional golfer and athlete it fills my heart with joy seeing
@Neeraj_chopra1
winning gold and
@aditigolf
bringing golf to the Indian families living room.
Looking forward to seeing many parents seeing professional sports as a serious career option
🇮🇳🇮🇳🇮🇳
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5) Finally we analyse the competitive advantages of the companies by looking at global wealth creation trends & dissecting the moats of Indian businesses on basis of a) Network effects b) Consumer switching costs c) Intangible assets d) Low cost of production to find
#perennials
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Never come in front of a speeding truck 🇮🇳
Selling India was a mistake, says
@Jefferies
' Chief Global Equity Strategist Sean Darby.
Watch the full conversation:
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Whether
#patanjalifoods
makes money or not is one thing, but hats off to the vision of
#babaramdevji
for building of one largest Indian consumer companies from scratch in front of established MNCs like HUL, Nestle, etc
Rare to see blitz scaling at this scale
Credit where due 🇮🇳
#Patanjali
Group to list four companies in next five years.
For the latest news & updates visit:
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1) "We should be a little more sceptical about our ability to build Excel models, calculate margins of safety & give more focus to think about people"Rob Vinall
Of RV Capital in an eye opener on mgmt. quality judgement
Link:
Courtesy
@abhymurarka
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