3) LG Balakrishnan: Largest manufacturer of drive chains in 2W/4Ws Global cost leader, incremental ROIC 25% Free cash generated over last decade ~1000 cr Trades cheaper than peers despite performing better on most metrics (promoter disputes, sales growth) +

Convergent pattern: Alibaba 1688 vs Indiamart Paid supplier base (core B2B model): 1688, largely a B2B wholesale platform in China, had 270k paid subscribers in 2007. Now they have 1Mn+. Indiamart currently has 222k paid suppliers. +

3x P/B, 15% ROE is 20 P/E. For 25% maintenance CapEx business, e.g. hospitals, P/E will always be ~1.8x EV/EBITDA (assuming 25% tax rate). For 10% maintenance CapEx, P/E is ~ 1.5x EV/EBITDA. They are all shorthands for same thing, except EBITDA is a flawed proxy.

The next time your horse is behaving well...sell it.

Found a good one. White to move..

White can't win this. The only move that saves the game is Qe3. xe3 Rg3 ends in a stalemate.

This is the greatest day in the history of Indian women's cricket.

Oh it's definitely organised when all the support comes from random political bots.

Great talk by Chetan - worth watching ! Chetan Phalke youtube.com/watch?v=Qi1Udm…

This has been a beautiful market for bottoms up stock pickers.. Cut out the noise and focus on businesses and their earnings growth

India Shelter Finance: Decent performance Net income up 30% yoy PAT up 35% yoy ROE 17% OPEX/AUM down 30 bps yoy, 10 bps qoq Asset quality stable

"Bees don't waste their time explaining to flies that honey is better than shit." To be used next time someone argues for investing in loss-making businesses at meaningless multiples of earnings and cash flows (because there aren't any), vs investing in low P/E, high-growth,