Investing in Non-Moat Businesses Using Capital Cycle Theory

Why investing is not easy:

  • Investors focus on forecasting demand and opportunity size for industry without differentiating between businesses with barriers to entry and those without barriers to entry.
  • Investing in a business without barriers to entry is tricky, especially if one is investing when the industry is doing well.
  • Noise in the form of “News” regarding the industry puts pressure from a behavioural standpoint.

In this video, Rohan Samant, Assistant Portfolio Manager, Multi-Act Equity Consultancy Private Limited, helps you understand these issues and how one could approach businesses without barriers to entry and make the investing decision simple.

About Multi-Act

Multi-Act was founded in 1997 by two Wharton graduates, to develop an Equity Research capability for their own investments. Today, we employ 50 people who operate out of our offices in Mumbai and Pune and service a range of clients from wealthy families, family business owners to sophisticated investors and capital intermediaries around the globe.

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