Bajaj Consumer has surprised me – not the stock, but the reason … For sure it tested all of us, but I never expected it to do well post Nandi ji … my thesis was on him … randomness? sure, it is.

So far, whatever I’ve observed, Navin Pandey seems reasonable. ADHO is still the cash cow, and that’s a source of fragility (low optionality = fragility; that’s the framework).