Antifragile Thinking

@Jignesh6378 FIIs are not anti-India; not rejecting everything; they want to be very selective and cherry pick assets

@unseenvalue Lagta hai ab UK mein settle hona padega.... 😊

I shared this with a group of investors here in the UK last month. We agreed to wait 40 days before publishing it on Substack. It will be released soon. #ApolloHospitals

#Sansera Engineering: The Map. The Territory. The One Thing. antifragilethinking.substack.com/p/sansera-engi…

The Map is not the Territory :)

Brilliant probing by @unseenvalue into the innovation-led research & development approach prompted Apcotex management to share their plans for brand new business areas and future growth. ( Pages- 17 & 18 of the May 2026 concall transcript) "Number one is, see, we are in eight different business industry verticals, largely. Paper, carpet, construction, textile, rubber, footwear, tire and gloves. These are largely eight different industry segments. In each of these industry segments, we have multiple grades of products. Some grades are what people would call commoditized where sort of me too products. And then there are some grades within each segment that are fairly specialized, where we are Page 18 of 22 certainly for two or three customers, we are making this grade that nobody else in the world makes, for example. Specifically, I can give you some examples." SEBI disclosure: No recommendation. The content is for educational purposes only. The stock was recommended to our advisory clients at lower price levels. It is also a personal holding (15+ years of the portfolio) of partner @akhileshnpathak acquired with conviction & patience, including significant purchases during the COVID market decline & subsequent challenging periods.

@deswal_champ Page 139 in my book clearly warned institutions to switch from PI Industries into the other names. I wrote it back in 2023. Anyone who followed is laughing all the way to the bank now.

Sir we look at numbers and ignore the structure beneath those numbers. Sometimes the earliest signs of weakness are visible not in quarterly earnings, but in business quality, dependency risks, capital allocation, or industry dynamics. That’s where your frameworks matter more than forecasts.

I had highlighted the underlying fragilities in PI Industries in my book Framing Business Uncertainty back in late 2023. That was not a prediction or a call. It was grounded in experience. I will revisit this in detail following the earnings call. Every well-constructed frame has the potential to yield powerful insights. antifragilethinking.substack.com/p/pi-industrie…

@jyotinathani Another free ... antifragilethinking.substack.com/p/knowing-when…

@unseenvalue Now you don't post anything for free

Near-Term Noise, Long-Term Systems antifragilethinking.substack.com/p/4-unique-com… Timken PI Industries Privi Viyash

@jyotinathani I need to create a strong barrier, skin in the game and keep punters off ... occassionally do gift free stull Here is one recent example: antifragilethinking.substack.com/p/granules-ste…

I’m on the earnings call and will share a detailed note (later today) using a more nuanced framework. Linear thinking is inadequate here, because science and engineering are inherently non-linear domains. | PI Industries

@ishmohit1 This is just chaos and disorder. Breathing and heartbeat is also volatile. Absence of variation is presence of mortality. Things can also gain from disorder. Identify those ahead of the curve.

Engineering and healthcare are two platforms that will create unseen wealth.

@Sanjayk38948696 I will elaborate all this in book 3 (due next year)

@unseenvalue The stated intent is not just to grow, but to build a better Company X over time. And this philosophy is anchored in values, quality, integrity and customer commitment, which acts as guardrails for decision making. your only this line force me to buy Nitrogen ka दिया arond 1300🙏

Petrochemicals may become the “mainframe computers” of chemistry.

#Shaily Engineering: Competitive Fitness Test (November 2025) antifragilethinking.substack.com/p/shaily-engin… Precision engineering is a long game. Play with long-term people.

@Moneylifers Useful 👍

@unseenvalue If you do want to write, use audiopen.ai for speech to text and then use AI to clean up

Later today … 9 companies | 1 voice.

Gland Pharma using 2 lenses 48 Laws of Power (Robert Greene) More Than You Know (Michael Mauboussin) antifragilethinking.substack.com/p/complex-phar… #GlandPharma

@Moneylifers hmm ... no idea why

@unseenvalue no transcript/subtitles :-(

@subir44257 Yes; plenty of options available

@unseenvalue Great! Shifting from 'x' to 'y'. Nueland case! 🙏

Fair disclosure: I initiated the position at ~100 in the post-COVID period and exited 80% of the holding in 2026. I’ll aim to share a detailed presentation when time permits. | DMCC