“The big money is not in the buying or selling, but in the waiting.” - Charlie Munger

A business is a moving picture and not a static one, it keeps evolving and taking the course required for its growth. We believe in the strategy of keep tracking businesses that seem interesting to us. As nothing is permanent, one needs to keep assessing the new information that crops up. We'll look at an NBFC from the well respected Murugappa Group, Cholamandalam Investment & Finance Company Ltd. There have been many ups and downs through the journey of this NBFC and today it is rated as one of the best, if not the best NBFC in the country. Afterall commanding a Price to Book multiple of over 5x is no mean feat.  

We'll cover the Overview & History of the Murugappa Group, Product Segments of Chola Finance, their Strategy going forward, Valuations, Thesis and Antithesis. It isn’t often that we come across business families of such repute who follow great culture and ethics within the group.