Most Indian businesses are locally competitive. You take them outside India, and they struggle. Very few businesses (IT, Pharma/API, Chemicals/CDMO) are fit to compete and beat global competition. These rare gems tend to survive over long time periods and thrive over all cycles.

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Still waiting for those ~5 to go bankrupt. Future is unpredictable. We only need a few 100x over 15Y.

Tail-events generate the biggest panic and upside. If you survive the panic w/o jumping off the train, you deserve the 100x in few stocks.

Temperament + Business Analysis = ⤴️

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