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.


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Portfolio Management Services (SEBI Registration No. INP000002965) are offered through Multi-Act Equity Consultancy Private Limited (CIN: U67120PN1993PTC074692), which is a wholly-owned subsidiary of Multi-Act Trade and Investments Private Limited; Investment Advisory Services (SEBI Registration No. INA000008589) are offered through Multi-Act Trade and Investments Private Limited (CIN: U65920MH1997PTC109513).