Decades, not quarters.

“Prices are determined by demand and supply and this is best illustrated with the example of Bitcoin, the poster boy of the Crypto world.”

“In our view, the current valuations will get sustained over the next many years and any meaningful corrections should be used to add equity exposure.”

“What price would you be willing to pay for a monopolistic business with 75% EBITDA and 50% PAT margins, expected to grow at 10–15% over the next few years?”

“They have extracted ₹43,289 crore from Indian markets in just two years.”

“This capital is not being raised for expansion or innovation — this is capital extraction from the buoyant Indian Capital Markets.”

“India remains capital starved; we are not the US, which can supply capital to the world.”

“The current financing system is broken.”

“We need to drastically bring down the cost of debt for our entrepreneurs so that scaling up becomes easier.”

“Acquisition financing and other special situations come at 22%+ IRR expectations.”

“Only the US has the deep capital markets and the risk appetite to underwrite such projects.”

“It is interesting to see that we are underleveraged.”

“The bond markets have started disciplining the Europeans; it is only a matter of time they turn their gaze to the US.”

“The theme for the month of October was continuity.”

“What’s remarkable to us is how the institution has endured for over 120 years with its credibility intact.”

“Institutions can and should learn from other institutions.”

“The Indian capital markets have been the best place in the world to go public for the past 3 years.”

“We have started seeing signs of trouble in paradise.”

“Very high margins should invite competition.”

“The month of January was lacklustre, except for the craziness in bullion.”

“The importance of this once-in-a-year exercise cannot be taken for granted.”

“Last year’s base should not be the starting point for next year’s planning.”

“India seems like an oasis in the middle of all this.”

“We are the only culture in the world that gave up power after being at the peak.”

“We cannot predict but we can prepare.”

“Ongoing corrections look like big threats. Past corrections look like missed opportunities.”

“When the bride is ready, the groom will come.”

“Good news all around result in bad buying prices.”

“What if there is a strategy in the current mess in the Middle East that we are missing?”

“Global supply chains are efficient but fragile.”

“We believe the large indices will continue disappointing, while the broader markets will do well.”

“The AI bubble will burst soon.”

“These numbers look more like cyclical commodity businesses and not structural ones.”

“Energy prices are in a long-term structural decline.”

“Be Bold. Be Great.”

“The very best want to be job creators today, not job seekers.”

“What is the point of Paint and FMCG companies getting 100 PE?”

“We cautioned about the AI valuation exuberance in our June Newsletter.”

“Everyone who is going about their business of creating a better tomorrow is creating a mutiny.”

“Light your own small candle instead of complaining about the darkness.”

“It is your reaction to adversity, not adversity itself, that determines what shape your life takes.”

“The numbers delivered really surprised the optimists, us included.”

“The AI monster has incinerated the easily available equity capital and is now hungry for debt.”