Persistence Capital

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At Persistence Capital, we spend the weeks after every earnings season reading everything across 500+ publicly listed companies – calls, letters, filings, footnotes – trying to figure out what actually changed and what was just noise. We have now started distilling what we think matters each quarter into a single deck. The result is Signal & Noise – 220 slides, 100+ companies across 8 sectors (IT Services, Internet, Financials, Manufacturing, Healthcare, Consumption, Industrials, and Defence). Your portfolio may be down, but at least you can read 220 slides on why it fell 😅. The full deck is accessible in .pdf format using the link below: docsend.com/view/dcg46sfb6… Would love to hear what resonates and what we got wrong. Disclosure: No recommendation to buy or sell anything. Please consult a financial advisor before making any investment decisions.

We have fixed the issue for those of you who couldn’t access. We had to upgrade our docsend subscription as we hit our download limit 😅

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Insanely impressive. Not sure why certain fund managers are hesitant to buy conglomerate backed businesses

Mind-blown. We may be closer to a country full of geniuses in a data centre forecast made by Dario Amodei than we realize.

Keep calm and buy the dip. Good entry multiples and good news never go together. This too shall pass. Disclosure: no recommendation to buy or sell any specific security. Please consult a financial advisor before making any investments.

Disclosure: No buy / sell recommendation. Please consult a financial services advisor before making investment decisions.

HDFC Bank shares are now flat in INR terms over 5 years (excluding dividends). The India premium is behind us. Per MS, here are the forward PE multiples for HDFC Bank vs JP Morgan Chase. JPM CY26E: 16.8x HDFC Bank (FY27E as YE Mar '27): 16.5x We live in interesting times.

Market breadth as on 9th March , Historically this breadth marks the quadrant of peak pessimism . Stocks above 200 ema are just 22% which is at now near 6th months low .

This is my favourite Market Breadth chart Less than 19% of stocks are trading above their 10 month EMA

Infoedge shares have generated a total 2% INR return over the last 5 years. In that period, what happened? Zomato (now Eternal) solidified market leadership in food delivery. It entered and won quick commerce. Hyperpure turned profitable. And it entered the live events business Policy Bazaar parlayed its market leadership into profitability while continuing to grow revenues 30%+ Standalone listings business grew revenue ~2.5x in the last 5 years with inflecting profitability The company and its key investments (Eternal, PB Fintech) beat whatever rosy forecasts analysts made. The stock still did nothing. Of course, price matters and overpaying for business resilience is not a sound investment strategy But maybe, just maybe, the market is oversold... Disclosure: No recommendation to buy or sell security. Please consult a financial advisor for investment advice.

Temperature check (YTD USD$ returns): MSCI Saudi Arabia: +3% MSCI Israel: +9% MSCI UAE: +11% MSCI Mexico: +9% (civil war between cartel and gov't) . . . MSCI India: -6% India has underperformed in CY26 despite significantly underperforming in CY25. We aren't comparing India to countries unaffected by violence or countries with high index representation of AI stocks (South Korea). We are literally comparing India to countries where day-to-day life is significantly disrupted due to conflict. Even their stock market has not fallen as much due to conflict in their own jurisdiction as our stock market has fallen due to spill-over impact from conflict in their jurisdiction. Buying during periods of conflict has generally worked out well for long-term shareholders. Maybe this time is different. As an aside, we met several types of investors in Delhi last week - multi billion dollar Indian family offices, HNIs and overseas allocators visiting India. There was only one topic that all these meetings had in common: Is South Korea still a buy? No one was particularly keen on India. Do what you will this nugget. Disclosure: No recommendation to buy, sell anything.

Happy 77th Republic Day! 🇮🇳 Today, we celebrate the foundations of our great democracy. Whether building a nation or building a portfolio, the path to success remains the same: 🔹 Order. 🔹 Direction. 🔹 Progress. Here’s to a prosperous year ahead for India and for you.