Origin
My first engagement with equity markets began in 2018. I do not clearly recall how I was introduced—most likely through a recommendation from a colleague. I opened an account with Zerodha, read material on Zerodha Varsity covering fundamental and technical analysis, learned a few basic ratios, and began investing.
In hindsight, the mechanics of getting started were simple. The mindset, however, was shaped by something deeper—cultural conditioning.
In India, financial behaviour is often influenced by regional and social patterns. Many of the country’s enduring business families have historically emerged from western states such as Rajasthan, Gujarat, and Maharashtra. In contrast, southern India has traditionally placed greater emphasis on education and salaried careers. While not universally true, this pattern has been strong enough to shape expectations across generations.
Growing up in such an environment, the implicit question was not whether one should pursue business or employment, but rather which job one should choose. Coming from a middle-class family in South India, employment—particularly government service—was viewed as the optimal path, offering stability, social respect, and predictable income. Business ownership, on the other hand, was approached with caution, reinforced by examples of unsuccessful ventures within the extended family.
It was in this context that I entered equity investing. Investing offered a way to participate in business economics without assuming the full risks traditionally associated with entrepreneurship.
Early Experience
My initial participation in markets reflected this background. Investments were small, cautious, and largely driven by familiarity. My first stock purchase was in V-Guard Industries, a company with strong brand recognition in Kerala. Position sizes were modest, often fewer than ten shares.
In July 2018, I accumulated 28 shares at an average price of ₹190 and exited the position in July 2019 at ₹220, generating a return of approximately 15%. The absolute gain, however, was ₹837—economically insignificant.
Between 2018 and mid-2024, my participation in markets remained intermittent. Limited surplus capital and competing priorities kept investing a secondary activity. During this period, I bought small quantities of several companies, including during the COVID market decline. Positions were often exited quickly—sometimes for modest gains, sometimes for losses—driven by discomfort with volatility, fear of losing paper profits, or the need to reduce debt.
Looking back, the pattern was clear: small capital, short holding periods, and decisions influenced more by emotion than by business fundamentals.
By any honest assessment, I was an amateur investor during this period. I never treated investing as a primary discipline. Capital allocated was viewed as expendable, and I relied on familiarity, a few ratios, and occasional news flow—assuming that this was sufficient.
It was not.
Learning and Realization
Over time, it became evident that investing is not primarily a function of intelligence or numerical ability. While numbers matter, they are secondary. What investing demands above all is rationality, emotional discipline, and an understanding of one’s own behavioural tendencies.
An investor must study businesses—but more importantly, must study oneself.
This realization marked a turning point.
On Our Beginnings
Decadal is a recently formed vehicle, and our focused engagement with value investing has taken shape over the past few years. While the structure is new, the underlying thinking has evolved through experience, reflection, and study.
The approach at Decadal has been influenced by the work of investors such as Warren Buffett, Charlie Munger, Philip Fisher, Nick Sleep, Mohnish Pabrai, Li Lu, and Rakesh Jhunjhunwala.
We do not claim a long operating history. What we do commit to is a disciplined approach, continuous learning, and a long-term orientation in capital allocation.
What Has Changed
At Decadal, investing is now approached as a primary discipline rather than a secondary activity.
Decisions are grounded in business quality, long-term return potential, and disciplined capital allocation. Volatility is accepted as an inherent feature of markets, not a risk to be avoided. Position sizing reflects conviction rather than comfort, and holding periods are aligned with the underlying economics of the business.
The objective is no longer to generate short-term gains, but to participate meaningfully in long-term compounding.
Our Approach
At Decadal, investing is guided by simplicity and discipline:
- Capital is allocated to a limited number of businesses where understanding and conviction are high
- Deployment is carried out gradually, across time and price
- Positions are built to meaningful size relative to conviction
- Holdings are maintained over long periods, unless the underlying thesis changes or superior opportunities emerge
- Liquidity is preserved to retain flexibility during periods of market dislocation
The emphasis is on process rather than activity.
Our Edge
Decadal does not claim an informational advantage.
The edge, to the extent it exists, lies in temperament:
- Patience when inactivity is required
- Discipline to act when opportunities arise
- Willingness to hold through uncertainty
- Commitment to continuous learning and self-correction
Looking Ahead
This letter marks the beginning of Decadal as a structured approach to capital allocation.
The objective is not to avoid mistakes—they are inevitable—but to make fewer of them over time, and to ensure that each mistake contributes to better decision-making in the future.
Meaningful outcomes in investing require time. Decadal is built with that horizon in mind.
Note: Decadal is not a SEBI-registered investment advisor. The content presented here reflects personal views and does not constitute investment advice.
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