Sound judgment is about asking the right questions. In turn, right questions are a function of our objective. For a speculator, with a timespan of listing day or weeks or months, question that matters most is “Do I feel lucky?”. For an investor, looking to own an understandable business over many years, most important question is “Who am I backing here?”. This is the zeroth bullet-point of my investment thesis.

In this guest blog, Anand Sridharan, from Nalanda Capital, looks at what the ownership construct means for a long-term investor in a series of five blogs that were originally posted on

Part 1: The most important question

Part 2: Ideal answer - focused, longstanding, trustworthy promoter

Part 3: What I DON’T want to back

Part 4: Not Ideal, but backable

Part 5: Abrupt ownership change

These five blogs have been consolidated as a long read. To read the blog click here