In a quarter filled with exciting news items like Britain’s exit from the EU, and Raghuram Rajan’s from the Reserve Bank of India, our views and our portfolio changed little.
Brexit, no doubt, has serious long-term repercussions for Britain, but what exactly those repercussions are, is anyone’s guess. Notwithstanding the knee-jerk effect on asset prices, Brexit’s effect on global economy is debatable. Its effect on the Indian economy is even less clear. Finally, its long-term effect on the health of companies we own, or would like to own, is likely nothing. And that is all we really care about.
Notes & Letters
A collection of our thoughts, views, and excerpts from our investor letters.