Day 19/100

Think you know Warren Buffett’s strategy? But I think most people walk away with the wrong lesson.

We’re told they are “value investors” who buy great businesses at fair prices. But the reality is far deeper. Buffett and Munger weren’t just investors but they were the 20th century’s most complete systems thinkers.

This deep dive explores the "Deceptive Architecture" behind Berkshire Hathaway:

• The Float: How $171B in interest free capital creates a structural arbitrage machine.

• Pricing Power: Why a "moat" is actually a dominant strategy Nash equilibrium that makes competition irrelevant.

• The Latticework: Using 80+ mental models from biology, physics, and psychology to map exploitable market weaknesses.

As Munger noted, "It’s not supposed to be easy". The real edge isn’t a spreadsheet but it’s the breadth of thinking. Stop looking only at P/E ratios and start viewing the market as a living economic organism.

Read the full breakdown here

https://spicapitalresearch.substack.com/p/buffett-and-munger-werent-value-investors?r=5uwf28

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#Investing #WarrenBuffett #CharlieMunger #SystemsThinking #Finance #MentalModels #ValueInvesting

Day 18/100

India's solar story still looks incredible from the outside. Capacity is rising, policy support is strong, and the long term opportunity is very real.

But in 2026, the more important question is no longer "Is solar the future?" But it's "Who actually makes money when overcapacity, tariff pressure, curtailment and execution risk all start showing up together?"

That's exactly what this piece tries to unpack. Not to be negative on the sector, but to separate narrative from business quality and highlight why the next phase may be less about headline growth and more about discipline, balance sheets, and storage-led economics.

If you follow Indian markets, energy, or capital cycles, I think you’ll find this worth reading. Would genuinely love to know which part of the value chain you think has the strongest economics from here.

https://spicapitalresearch.substack.com/p/indias-solar-boom-has-a-glut-problem?r=5uwf28

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[Solar Sector , Investing , Finance , CFA , Economy , Investment , Equity Research ]

Day 17/100

Today I wrote something that I honestly couldn't stop thinking about.

India imports nearly 88% of its crude oil. A massive chunk of that flows through the Strait of Hormuz, which is just a 33 km choke point that the US is now effectively blockading.

And most of the market conversation is still treating this like background noise.

But here's what I think is being missed, as this isn't just an oil price story. The second order effects on LPG supplies, fertilizers, the rupee, and inflation are real, and they're starting to show up. The question isn't whether India gets hurt. It's which sectors feel it first and how deep it goes.

I spent few days digging into the numbers and wrote a full breakdown on Substack - who's exposed, what the realistic scenarios look like, and why India's strategic reserve cushion isn't as comforting as it sounds.

Would love to hear what you think.

https://open.substack.com/pub/spicapitalresearch/p/indias-oil-trap-the-hormuz-blockade

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#India #MacroEconomics #OilMarkets #HormuzCrisis #IndianEconomy