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There are a few large and successful firms in most industries. 2. These successful companies are becoming even more successful. 3. Weak companies are getting weaker. Numbers 1 and 2 are direct conclusions of the research, and number 3 is an indirect but logical outcome of 1 and 2. As I wrote earlier, our investing experience in India is not different from what research from the United States, the United Kingdom, or Europe says. Our investee companies have been gaining share over the competition over decades. Some examples are Berger in the paint industry, Supreme in plastic pipes, Voltamp in industrial transformers, Page in innerwear, Havells and V-Guard in consumer electricals, Amara Raja in batteries, Info Edge in job boards, MRF in tires, and Ratnamani in specialty steel pipes. In India, too, great businesses continue to be great, and poor businesses continue to suffer. The observation that “stasis is the default” does not respect national boundaries.
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