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A broad market sell-off in India was partly responsible for our Q1 drawdown. Additionally, since most of our holdings are of the small cap kind, a category that sold off violently, we underperformed the benchmark indices. It’s disappointing when your better-than-average stocks do worse-than- average. But history tells us that Indian market can pretty much make anything happen in the short term. Letting that dictate our investment process would be a sure-shot road to ruin. We buy good businesses at good prices. After that, we have no choice but to wait for the market to agree with us. So far it has.
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Notes & LettersA collection of our thoughts, views, and excerpts from our investor letters. Archives
February 2021
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