In the last quarter, the world as well as the markets have gone through a geopolitical roller-coaster following the escalation between the US, Israel, and Iran. The destruction and loss of innocent lives are unfortunate, and that is all we can say; anything more is beyond the scope of this letter. There are likely to…

“Investing is positioning capital to benefit from future events. Yet I insist that we can’t know the future.” — Howard Marks Everything with respect to an investment happens in the future. By its very nature, investing involves taking positions on outcomes that have not yet occurred. In that sense, investing is inherently probabilistic. An investor,…

We have completed our first year of deliberate and continuous investing. Beginning in December 2024, we started accumulating one of the businesses in our portfolio and continued buying through the market decline into March 2025, eventually allowing the position to reach a substantial—at one point complete—share of the portfolio. Such concentration can appear imprudent at…

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…