Letters to Investors
From the MD's Desk
Not market commentary - lived lessons. Pick a letter off the shelf and read it the way it was written: one honest page at a time.
Market Digest · 7 August 2026
Patience, and What the Street Expects Next
A compilation of what the major research houses currently expect from Indian equities over the next twelve to eighteen months, the earnings and valuation case behind those targets, and why cycles of this kind have historically rewarded investors who stayed put.
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Why we write these letters
Anyone can forward a market update. These letters are different: they are written by our founder from two decades of sitting on the same side of the table as investors, through the 2008 crisis, the COVID crash of 2020 and the volatility of 2026. They record what actually happened, what our investors felt, and what the disciplined ones did differently.
Each letter stands on its own, but read together they make one argument: temporary falls become permanent losses only when you exit, consistency compounds into extraordinary outcomes, and taking no action is also a decision. New letters are added to this shelf as they are published, so this page is worth a bookmark.
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