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At Capital Mind we’ll question our own theories constantly. Nothing is sacred because nothing in investing is. You could tell me that we should invest in banks with a price to book ratio of less than one. I will point you to the large number of public sector banks and laugh. Because their “book” is overstated – no one believes they have accurately calculated their NPAs (which would reduce their book value).

You have to question assumptions, especially those based on data, because data can change.


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