Market Outlook - Strong domestic institutional investor (DII) flows are welcomed, and concerns about "too much money chasing too few stocks" are considered premature ahead of a broader market rally in 2026 [10] - Equity investing is cyclical, with phases of inflows and pauses repeating over time, and investors should only worry after markets have delivered meaningful gains [10][2] Investment Strategy - Preference for businesses with year-to-year earnings visibility rather than those dependent on long-duration government programmes, particularly in sectors like railways and defence [3][4] - Avoidance of original equipment manufacturers in the automobile sector, with a focus on auto ancillary plays instead [8] Sector Insights - Consumption growth is best captured through new-age platform companies rather than traditional consumer staples, with growth driven by channel shifts [7][10] - Digital payment platforms such as PhonePe and Paytm exemplify the trend of rapid penetration-led growth due to consumer migration from offline to digital channels [10] Financial Sector Performance - Non-bank lenders have delivered strong returns in 2025, with companies like Bajaj Finance, Cholamandalam Investment, and Shriram Finance significantly outperforming [10] - Among banks, State Bank of India, HDFC Bank, and Axis Bank have performed reasonably well, while ICICI Bank has seen relative underperformance due to management succession concerns [10]