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Once a disruptor

letter #103

Once a disruptor

Letter # 103

Three platform companies, disruptors of their time, that will likely generate over $100 billion in combined FCF next year, have lost over $1.6 trillion in market cap just this year (all India listed M-cap is $3.3 trillion).

In today’s ET article, we look at (1) what really happened, (2) how seemingly small changes have a disproportionate impact on revenues and valuations, and (3) how our tunnel vision on segregating companies as “good” or “bad” prevent us from looking at them as “good or bad INVESTMENTS”. Read here:

Read the previous 102 articles here:


Information in this letter is not intended to be, nor should it be construed as investment, tax or legal advice, or an offer to sell, or a solicitation of any offer to make investments with Buoyant Capital. Prospective investors should rely solely on the Disclosure Document filed with SEBI. Any description involving investment examples, statistical analysis or investment strategies is provided for illustration purposes only – and will not apply in all situations and may be changed at the discretion of the principal officer. Certain information has been provided and/or based on third-party sources and although believed to be reliable, has not been independently verified; the investment managers make no express warranty as to its completeness or accuracy, nor can it accept responsibility for errors appearing herein.