Great investments are made when many factors are tailwinds.

Think of private power utilities. So much stress, debt, ugly recent history. Yet if India is to grow fast power consumption has to boom. Entry barriers matter. And cost of debt is likely to fall.

Many ways to skin it.

Then cyclicals such as auto ancillary. India will need more cars, trucks, buses, 2/3 wheelers and components are likely to be more indigenised not less (exports could also hold up/grow).

Some names are badly bartered despite being very dominant in their niches. Go find them out.

A combination of the above two (debt/stress + cyclical due to pandemic) is beautifully branded commercial real estate. People will go back to offices, just that frequency maybe less. No one can remain in their homes 24x7 without going mad. I am especially long Bengaluru. Go BLR:)

The chemicals story all serious investors know for some time. China finally getting half serious on pollution, West being far too serious, India getting it just right with low wages.

But it is more. Chemicals, plastics, crude derivatives define modern life and we are doing ISI!

Then let’s think of hospitality. I don’t know about you but I can’t wait to travel again for work or otherwise (even though I am INTP!)

There are some good platforms which are doing a classic asset light roll up in the right segments. Travel, tourism is not going anywhere folks.

Now the multiplex story recovery has already been kind of priced in, so ignore that.

And airlines are iffy bets in the best of times so skip that too.

But there are many industrials especially in mid cap space that are throw away priced. Infra too but need to be more careful.

(No, multiplex story still has very good legs medium term. But just saying tactically)

Financials and FMCG (in India not sure where staples end and discretionary begins) have been story of the last decade - still many gems there but more difficult to come up with many news ones.

Basically between Motabhai and Chotabhai, loosely speaking, that is between the most discussed blue chips and the most obvious gambling counters, there are many beautiful businesses to own from a mid term point of view and at amazing current prices. It has been a feast out there.

There is not much point being in equities and being defensive or doubtful about the country‘s future unless you do it tactically and for a limited period of time.

That time is probably not right now. Of course I can change my views the next second, and you should too if needed.