Insights

Long-form thinking on Indian equities.

Occasional writing — not commentary. We publish when we have something worth saying, and only about things we've actually studied.

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What ‘concentration’ actually costs — and pays

Concentration isn't a marketing word. It's a set of trade-offs. Here's what those trade-offs look like in practice.

A structural look at where value has actually accrued in Indian consumption — and where it hasn't.

The five sections that matter, and the numbers you should always compare across managers.

Banks are correlated. We think portfolios should reflect that — not average it away.

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