Shifted the side-discussion, where it can be pursued with vigour for those academically inclined.
Let’s try to take some practical learnings out of the exercise:
One thing I have always admired in Ayush-style: Investing in business-in-transition - obviously you find things to quibble about there. There are n number of objections that are raised …while story is developing. Mr Market conviction develops very slowly. over 2-3 years- but by then the business numbers race are far ahead. Mr Market takes a long time to accept the sustainability of the cash being thrown out! …recognition - that hey this seems to have transitioned to a robust business model …
In my limited experience of last 6-7 years in markets, I have observed - sometimes, the fastest wealth creation happens in such kind of slow-to-be-accepted businesses - Atul Auto, Avanti Feeds, Oriental Carbon, Manjushree Technopak, Canfin Homes… to name a few
(Discl: this is about past wealth creation …while the story was unfolding before our very eyes, they are no more that juicy, probably. This is NOT a Recco)
A combination Portfolio with a good mix of exemplary opportunity bets (Shilpa, PI, Bajaj Finance types) and above kind of well-chosen opportunistic business-in-transition bets (the quality of earnings potential - gives hope of migration to medium to long-term portfolio as well) seems to work really well.
If there is one correlation factor - where the Market over the medium to long term - say 5 years plus - rewards most handsomely - we can check back and see there is great EPA generation - in other words, there is usually a mix of both high growth momentum and high earnings-quality momentum kicking in.
We can try and choose better, there is always a scope to become better at this game: Can that be a key takeaway?