A key attribute of our firm’s culture is the focus on writing a detailed investment thesis on every position of interest. Writing clears the cobwebs in our minds and allows us to get more specific feedback from peers we respect. It also reduces the chances of errors.
IndiaMART is a company we have owned since 2020. We enclose a more detailed thesis that explains why we believe this company can provide Asymmetric outcomes this decade and why the trailing PE ratio, often used as a valuation proxy, provides an erroneous representation of IndiaMARTs true value.