The harmless looking selloff – MSCI India US is down 3.61% for the quarter, is hiding a far more interesting dispersion. Several companies, and some entire sectors, have suffered massive sell-offs. Valuations, after a long time, have started making sense in some cases. We are looking through the rubble with substantial deployable cash on hand. The returns from these investments will take a few months to show up but they’ll be substantial.
Notes & Letters
A collection of our thoughts, views, and excerpts from our investor letters.