The Investor’s Mind is now available directly from the publisher: notionpress.com/in/read/the-… The Amazon India listing will go live next week, followed by global Amazon availability in approximately two weeks.

Read one earnings transcript a day. Stay within your 3–4 core sectors, but pick companies you don’t know well. Fresh exposure compounds thinking.

The future is too uncertain to know precisely what to do, but sufficiently understandable to know what should almost never be done.

Beautiful setting! Glad Mind found such a scenic reading spot :) Hope you enjoy it ...

Ajanta Torrent Glenmark Lupin There's a lot to think and explore ... 4 pharma companies. 4 very different fitness questions.

Companies compound through execution. Investors compound through behaviour. Both take years to build.

This note, shared on 11 Apr 2026, is just one of many frames to appreciate INOX India. There’s a lot to appreciate over the next 5–7 years. These are very long-cycle, science-led manufacturing businesses. That’s why I used the CDMO lens to evaluate them.

Thank you to Nuvama Institutional Equities @Nuvama_Wealth for hosting a highly engaging discussion with global institutional investors and wealth management professionals on the evolving CDMO landscape. Thought-provoking questions, insightful exchanges, and exceptional hospitality throughout. A privilege to be part of the conversation.

The WuXi Moment: Why Institutional Capital Matters More Than Capacity #CDMO #CRDMO antifragilethinking.substack…

Sai Life’s Q4 FY26 earnings transcript is worth reading verbatim. Even better if you can replay the audio; each offers a different layer of insight.

The WuXi event does not primarily redistribute market share; it redistributes the value of asset portability. More on this soon ...

The framework’s core insight is that in fields and industries marked by above-normal complexity and non-linearity, development unfolds in distinct stages, and most investment mistakes arise from misjudging which stage a company is in.

“We are not perfect. In fact, we have many imperfections,” the CFO of a pharma/CDMO company told me today, sitting across the table. That is what integrity looks like.

Next, I’ll demonstrate the strength of this framework across a set of deep-tech, science, and engineering assets spanning the UK, US, and India. Consider this as a firm 'guidance'.

Grateful for this thoughtful feedback. It’s encouraging to know the ideas connect with experienced investors as well as newer ones. The “long game” only makes sense in hindsight, so it’s always meaningful to hear from someone who has experienced it firsthand.

In April 2023, Laurus Labs was deeply out of favour. COVID-linked revenues had disappeared. Margins had compressed sharply. The stock had fallen significantly from its peak, and the prevailing view was that the growth story was over. What stood out in Dr Satyanarayana Chava's interview was not any particular answer. It was his demeanour. There was no urgency to justify the numbers. No attempt to manufacture optimism. No visible concern about market sentiment. He appeared focused on capabilities, capacity, customer relationships and the next phase of growth. The market was focused on what had happened or what was about to happen in FY24. Management appeared focused on what was being built. youtube.com/watch?v=Ms-BPf-E…

I’ve tested nearly every major AI model using companies I understand deeply. The moment you push back on weak or superficial analysis, the model often concedes. That’s precisely why I keep emphasising: don’t outsource your critical thinking to these systems. They are improving rapidly, but they are far from infallible. Think for yourself. Do your own research. Read the annual reports (many FY26 reports are already out). Review Q4 FY26 earnings transcripts verbatim. Even better: listen to the audio recordings of the earnings calls. Investing is effort-intensive, but the rewards for intellectual curiosity are well worth it. Engineering and Pharma may surprise the bulls and humiliate the bears.