Bhavini Agarwal

[Deepak Jha @opportunist_inv]

OUR RESEARCH FRAMEWORK (POST 2)

🌗Last time we understood the business.
Now we quantify it

A good story means nothing if the numbers behind "why customers choose it" don't hold up.

02) CUSTOMERS & DEMAND🛃
☐ Customer concentration 👉what % of revenue from top 10 customers?
☐ Switching costs 👉how costly (time, money, risk) is it for a customer to leave⁉️
☐ Evidence of stickiness 👉churn rate, net revenue retention, repeat purchase rate
☐ Is demand cyclical, seasonal, or secular⁉️

🤝If customers can leave easily and haven't 🦾that's a moat.
🎯If they can't leave even if they wanted to that's an even stronger one.

Which of these do you check first before anything else? 👇

[Deepak Jha @opportunist_inv]

Institutional investors’ share in the Nifty 50 just hit a record low of 56.1% as money moves into mid & small caps. 📊

Capital is rotating directly into midcap and smallcap stocks as investors chase higher growth and short-term momentum over large-cap stability.

While chasing momentum in smaller stocks is tempting, remember: large caps provide essential portfolio stability during downturns. Maintain a balanced asset allocation! 💡

[Deepak Jha @opportunist_inv]

Warren Buffett said

Someone is sitting in the shade today because someone planted a tree a long time ago

✅In 1988, Warren Buffett invested over $1 billion in Coca-Cola.
➡️He didn't ❌become legendary the day he bought it.

✅He became legendary because he let time do the heavy lifting.
✅He didn't ❌sell a single share for 35 years.

‼️That stake is worth an estimated $25 billion today plus billions more in dividends collected along the way‼️

The trade wasn't extraordinary.
Analysts debated the price.
Buffett ignored the noise.

Decades later, the investment became legendary.

✅The purchase wasn't the miracle.
➡️Time was.
➡️The holding was.

That's the part most people underestimate.
Every remarkable outcome has one thing in common.
It was invisible before it became obvious.
That's how compounding works.

❌Not just in investing❌
➡️In business.
➡️In reputation.
➡️In knowledge.
➡️Even in content.
👇🏿👇🏿
‼️Every day, creators like us hit "Post."
➡️Most of them won't go viral.
➡️Most of them won't gain thousands of followers overnight.
➡️Most of them won't even know if today's post changed a single life.‼️

So why do they keep showing up?

⏯️Because they understand something algorithms can't measure immediately.
⏯️Consistency compounds before results do.
⏯️Every post teaches you something.
⏯️Every conversation builds trust.
⏯️Every thoughtful reply strengthens your network.

♥️♥️Every day you show up, you're making a deposit into an account that doesn't display its balance.🙈🙈

The biggest obstacle 🛘⚠️to success isn't a lack of opportunity🙅🙅
It's expecting compounding to look impressive in its early stages.

Compounding doesn't begin when a post goes viral.
It begins the day you decide to keep showing up.

😋People admire viral moments.
📂Businesses admire sustainable systems.
🕵️Investors chase the next multibagger stock every day every hour.

🏆But markets reward consistency🏆
🤫Life rewards patience.🤫
📈Years later, people will remember the breakthrough.📊

They won't remember the hundreds of days you showed up when nobody was watching.🙈🙈

‼️The breakthrough wasn't the miracle.
The consistency was.‼️

👇 What's one thing you've been showing up for even when the results haven't caught up yet?

[Bhavini Agarwal @bhavini_9]

@opportunist_inv The edge isn't holding forever, it's knowing why you're holding. Buy, hold, but constantly test your thesis. If the moat strengthens, stay. If it erodes, move on.

[Deepak Jha @opportunist_inv]

Yesterday we established that powerful chips create one unavoidable problem.

♨️♨️Heat♨️♨️

Today we go into the layer nobody saw coming.

The smarter AI becomes the hotter it gets🔥🔥

Thousands of GPUs running continuously generate enormous amounts of heat.

Without efficient cooling ➡️performance drops ➡️ hardware degrades 👉and systems become unreliable.

🆒 Cooling isn't a support function.

‼️‼️It's a survival function‼️‼️

👉Cooling systems can account for roughly 7% to more than 30% of a data centre's total electricity use.

And cooling often depends on something surprisingly ordinary

💧💧Water 👉👉 Freshwater 🚰🚰
👇🏿👇🏿
Many large data centres have traditionally relied on freshwater because it removes heat efficiently while protecting sensitive equipment.

As AI workloads grow, so does the pressure on water resources.

That's why Microsoft is working toward becoming Water Positive by 2030

It's why Google is investing in freshwater replenishment projects near its data centres.

This isn't sustainability for the sake of headlines.

It's preparation for a resource problem most people haven't priced in yet.

Now imagine this:

💧 Paying ₹50 for 1 litre of water.
Sounds extreme.
Feels distant.
It isn't when the world's largest technology companies and 1.4 billion people are competing for the same freshwater, the price of water stops being theoretical very quickly.

[Deepak Jha @opportunist_inv]

#Day31/90
#Thirtyonethdayofthe90dayjourney #opportunist_investor
#PBT
#Profitbeforetax

Yesterday we talked about Interest Expense, the cost of borrowing money to grow.

Today we arrive at the number that sits just before the government takes its share.

You've been building toward this one for 8 days.

Here's why it matters more than most investors realise:

‼️Same business |Same exact profit.‼️

➡️Two different countries 🇮🇳🇺🇸can tax it in two completely different ways.

That mismatch is exactly why this number exists.

This is Profit Before Tax 🧵.

👉Revenue comes in 💰➡️Expenses leave ➡️Operating Profit gets calculated ➡️Depreciation reduces it. ➡️Interest reduces it further 🪙🙈

What survives all of that is PBT think of it as the company's earnings right before the tax department shows up.

Every cost the business could control has already been paid.

What remains is PBT the clearest picture of how the business actually performed, before government policy enters the equation.

[Deepak Jha @opportunist_inv]

#Day33/90
#Thirtythirddayofthe90dayjourney #opportunist_investor
#ProfitAndLoss
#PnL

₹23,155 Crore came into the business.
Only ₹3,545 Crore actually belonged to shareholders.

Where did the other ₹19,610 Crore go?

Every rupee has a destination.

Over the last 10 days, we've followed that journey step by step.

Here's the complete Profit & Loss story start to finish. 🧵

Every business follows the same journey🚗

‼️Revenue (₹23,155 Cr) → Expenses (₹17,848 Cr) → Operating Profit (₹5,307 Cr) → Depreciation (₹699 Cr) → Interest (₹158 Cr) → Profit Before Tax (₹4,610 Cr) → Tax (23%) → Net Profit (₹3,545 Cr)‼️

Behind these reported numbers lies the complete framework you've learned

Revenue → COGS → Gross Profit → Operating Expenses → EBITDA → Depreciation → EBIT → Interest → PBT → Tax → Net Profit

[Deepak Jha @opportunist_inv]

How to Build Your Financial House 🏠

➡️Building wealth is like building a house.
A strong house needs a strong foundation and so does your financial life.

👉The foundation👇🏿👇🏿

🛟 Emergency Fund – Your financial safety net.
🛡️ Insurance – Protects what you've built.
📈 Investments – Helps your wealth grow over time.

✅Most people start with investing 💰💰

The wiser approach is to build the foundation first.

Because wealth isn't just about growing money it's about protecting it too.

Build the base.
The rest becomes much easier.

#investingfacts
#investing
#personalfinaance

[Deepak Jha @opportunist_inv]

🚨 MYTH: Credit cards are bad.

‼️No‼️

Bad financial habits are bad.
➡️A credit card is just a tool.

The same card can:
• Build your credit score.
• Earn cashback and rewards.
• Help you travel smarter.
Or...
• Trap you in 36% interest debt.

The difference isn't the card.
It's the person using it.

The biggest mistake?

Treating your credit limit as your money.

❌❌It's not❌❌

Use a credit card with discipline, and it's one of the best financial tools you can own.
Use it carelessly, and it quietly steals your future income.

The card isn't the villain🦹‍♂️
Your behavior is
📌 Check your statement today and not your credit limit, but your spending habits.

#PersonalFinance #CreditCards #MoneyManagement

[Deepak Jha @opportunist_inv]

Emergency Fund

Emergencies don't send a warning ⚠️☢️ They just arrive.🛬🛬

‼️Job loss. Medical bills. Unexpected expenses‼️

➡️An emergency fund doesn't stop bad things from happening.
👇🏿👇🏿👇🏿
It stops 🚦them from becoming financial disasters🛘🛘

Tomorrow:
The one financial product most people understand only after it's too late.

#PersonalFinance
#EmergencyFund

[Deepak Jha @opportunist_inv]

For investors, execution and continuity often matter more than announcements.

If key institutions see frequent leadership changes or major projects face uncertainty, questions about policy stability naturally arise.

Restoring confidence requires clear communication and predictable decision-making.

[Deepak Jha @opportunist_inv]

Think about that.
Out of every ₹100 Nestlé earns in sales, only about ₹15 remains as Net Profit.
Everything else is the cost of running the business.

This is why great investors don't get excited by Revenue alone.

They ask a more important question:
"How efficiently does this business convert Revenue into Net Profit?"

That's where shareholder value is created.
✅Net Profit is the final destination of every rupee a business earns.
✅It's the number that ultimately belongs to shareholders.

Tomorrow, we'll revisit the entire Profit & Loss journey again:

‼️Revenue → COGS → Gross Profit → Operating Expenses → EBITDA → Depreciation → EBIT → Interest → PBT → Tax → Net Profit‼️

One complete picture.
Stay tuned. 👇

[Deepak Jha @opportunist_inv]

#Day32/90
#Thirtysecondthdayofthe90dayjourney #opportunist_investor
#Netprofit

Revenue 💰💰is what a company earns.
Net Profit 🪎🪎is what the owners actually keep.
Those two numbers are often worlds apart.
Here's why. 🧵

One last time, the tea stall:
➡️Revenue ₹1,000
➡️Raw Materials ₹600
➡️Operating Expenses ₹250
➡️Depreciation ₹20
➡️Interest ₹10

= PBT ₹120
− Tax ₹20
= NET PROFIT ₹100
That ₹100 is what actually belongs to the owner.

Now look at Nestlé India (FY26):
✅Revenue: ₹23,155 Cr
After paying for raw materials, employees, operations, depreciation, interest, and taxes...
✅Net Profit: ₹3,545 Cr.

[Deepak Jha @opportunist_inv]

Hey @X

Looking to connect with people interested in:

📈 Investing
💰 Personal Finance
🏦 Economics
📊 Stock Market
🧠 Financial Education
🚀 Building Wealth

If that's you, say hi! 👋

Reply with one thing you're currently learning, researching, or investing in.

I'll check out your profile and connect with fellow finance enthusiasts.

Let's build a stronger finance community on X.

#Finance #Investing #PersonalFinance #StockMarket #Money #FinancialEducation

[Deepak Jha @opportunist_inv]

Most people think AI is a software revolution.

They're looking at the wrong thing.

You type a prompt into ChatGPT.
Five seconds later, you have an answer.

It feels almost magical 🪄🪄

What you don't see🙈: Every AI response travels through one of the largest physical infrastructures humanity has ever built.

Every AI prompt begins as software.

It ends as ⚡ electricity flowing through 🏗️ power grids, stepping down through 🔌 transformers, travelling across 🔩 copper into silicon, processed inside a data centre, and kept alive by 🧊 cooling systems and 💧 water.

‼️History has a pattern‼️

Every major technological revolution creates two kinds of winners.

The companies everyone notices🥹 and the companies those winners cannot operate without.🧐

Here's what most people miss: the second category almost always builds more wealth than the first.

🚂 Railways made steel indispensable.
📱 Smartphones made semiconductors indispensable.
🚗 EVs transformed demand for lithium, batteries and copper.

Artificial Intelligence (AI) is following the same pattern.
Most people are watching the software.

I'm interested in the infrastructure beneath it.

Over the next few days, we'll break down each layer of the AI infrastructure stack one theme at a time.

We start with the foundation that powers everything:

⚡️ ⚡️ Electricity ⚡️ ⚡️

Stay tuned.👉👀🎯

#ArtificialIntilligence
#Investing

[Deepak Jha @opportunist_inv]

Hey @X

Looking to connect with people interested in:

📈 Investing
💰 Personal Finance
🏦 Economics
📊 Stock Market
🧠 Financial Education
🚀 Building Wealth

If that's you, say hi! 👋

Reply with one thing you're currently learning, researching, or investing in.

I'll check out your profile and connect with fellow finance enthusiasts.

Let's build a stronger finance community on X.

#Finance #Investing #PersonalFinance #StockMarket #Money #FinancialEducation

[Deepak Jha @opportunist_inv]

Yesterday we talked about electricity the foundation that powers everything.

Today we go deeper.

Because electricity alone isn't enough.

To understand Artificial Intelligence(AI) stop thinking about chatbots.

Start thinking about factories.

‼️ChatGPT /Gemini /Claude /Grok‼️

They're the storefronts.

The real factory is the data centre.

Instead of producing cars or smartphones, it manufactures intelligence.

And like every factory ever built, it depends on physical inputs:

⚡ Electricity
🖥️ Compute
🧊 Cooling
💧 Water
🔩 Raw materials

AI didn't escape the physical world.

It made the physical world even more important.

Everything starts with electricity.

‼️Every prompt /Every generated image /Every AI video /Every coding request /Every model training run‼️
👇🏿👇🏿
All of it begins with computing power and computing power begins with electricity.

👉Today, data centres consume around 415 TWh of electricity every year roughly 1.5% of global electricity demand.

➡️ According to the IEA, that figure could reach 945 TWh by 2030, driven largely by AI.

That's slightly more than Japan consumes in an entire year🙈🙈

Sam Altman once said:
"The cost of intelligence will converge to the cost of energy."

At AI scale, that isn't a prediction anymore.

But electricity ⚡️ ⚡️ doesn't power a data centre the moment it's generated.

‼️It has to travel across transmission lines, through substations, into transformers, and finally into thousands of servers running around the clock.‼️

The IEA expects data centre electricity demand to grow roughly 15% per year through 2030 more than four times faster than overall electricity demand.

The AI revolution doesn't just need more power plants.

It needs stronger grids
➡️More transmission lines ➡️More substations ➡️More transformers.

AI isn't only creating a computing boom.

It's accelerating an infrastructure boom 💥

[Deepak Jha @opportunist_inv]

But even a perfect grid delivers only half the equation.

Electricity powers the machine ⚙️⚙️

It doesn't make the machine intelligent.

That needs something else entirely machines capable of performing trillions of calculations every second.

That's where semiconductors come in.

Every breakthrough in AI from ChatGPT to Gemini, Claude and Grok depends on increasingly powerful chips.

❌No chips.
❌No AI.
✅It's that simple.

This is why semiconductors have become a matter of national strategy, not just business.

As Joe Biden said:
"America invented the semiconductor. It's time to bring manufacturing back."

The race for AI isn't just about building better models.
It's about securing the hardware that makes those models possible.

And this is where the indirect beneficiary lens gets sharper 👓👓

Three sectors quietly sit behind every chip ever made and every data centre ever powered and most investors have never once looked at them through this lens

⚡ Energy — because the electricity demand AI creates is unlike anything the grid was built for.
🏗️ Grid infrastructure — transformers, transmission lines, substations the pipes that carry that electricity don't exist at the scale AI needs. And building them takes years, not months.
🔩 Critical metals — because chips need ultra-pure silicon, rare earth elements, and materials most people have never heard of.

❌No energy.
❌No grid.
❌No metals.
❌No chips.
❌No AI.

The dependency chain runs deeper than most investors ever look.

But more powerful chips create another unavoidable challenge.

♨️♨️Heat♨️♨️

Tomorrow we go into the layer nobody sees coming. 🔔

[Deepak Jha @opportunist_inv]

The next time your bank offers:

✅ Lifetime free card
✅ 5% cashback
✅ Airport lounge access
✅ Welcome bonus

Don't ask:

"Why are they giving me all this?"

Ask:

"How much money do they expect to make from me over the next 10 years?"

That's the question every credit card user should think about.

#CreditCards #PersonalFinance #Money #FinTech #Investing #FinancialLiteracy #Banking #India #Finance #WealthBuilding

[Deepak Jha @opportunist_inv]

India's credit card market is growing at an incredible pace.

📈 Cards issued:
4 Cr (2018) → 12+ Cr (2025)

⚡ That's roughly 1 new card every 2.7 seconds.

💳 Annual transactions:
216 Cr → 570 Cr

💰 Spending in 2025:
₹23.2 lakh crore.

The biggest surprise?

UPI didn't kill credit cards.

It made Indians comfortable paying digitally.