Our long-term goal remains the same – significantly outperform the Indian market in US Dollars. Although ultimately it’s the absolute, not relative performance that should matter – after all you cannot eat relative performance, we believe that Indian markets will do very well over the long run and we intend to do better.
Consider this – For the last decade, MSCI India in US Dollar terms has returned an annualized return of 7%, similar to that of the S&P 500 including dividends. For the last 15 years, India has returned 11% while US has returned 5%. That’s a cumulative difference of 300%. Meanwhile, the US Dollar which used to be worth 43 Rupees in early 2000 is now worth 67 Rupees.
Notes & Letters
A collection of our thoughts, views, and excerpts from our investor letters.