Introduction
I’m trying to apply Warren Buffett principles to Indian stocks and see which stocks sticks.
In my earlier post, I shared my top five learnings from Buffett’s letters to Berkshire Hathaway shareholders:
- Retained earnings,
- Moats,
- Inaction,
- Circle of competence, and
- The economic tailwind.
Those were only concepts. This post is about application of that concept.
I have tried to identify Indian companies that actually embody these principles in their business models, financials, and long-term positioning.
I have picked six companies:
- Two large caps,
- Two midcaps, and
- Two smallcaps.
For each company, I have looked at five years of financial data, assessed the strength of their moat, and evaluated whether they are genuinely worth holding for the next twenty years.
I think, these are businesses worth understanding deeply.
Table of Contents
Disclaimer: These are not investment advice. I’m just sharing my knowledge. Do your own research before investing.
A. Large Cap Gems (2 Companies)
#A1 — PIDILITE INDUSTRIES
I think this company is an Indian equivalent of See’s Candy of the US.
Power of Retained Earnings
Pidilite’s net profit (earnings) has grown at an average annual rate of 16.1% over the past five FYs (period = 4 years)
| Description | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | CAGR % |
| Net Profit | 1,122.15 | 1,194.88 | 1,282.23 | 1,751.47 | 2,099.45 | 16.95% |
The current ROE of the company is 21.52%, with the average ROE in the last five years been 19.77%.
| Description | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG ROE |
| ROE | 20.06% | 18.66% | 17.78% | 20.83% | 21.52% | 19.77% |
The current Net Profit Margin (NPM) of the company is 15.68%, with the average NPM in the last five years being 13.54%.
| Description | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. NPM |
| Net Profit Margin | 15.22% | 12.00% | 10.82% | 13.99% | 15.68% | 13.54% |
So you can see, the ROE and profitability of the company are increasing with time. This is also a strong indicator of pricing power.
The company has consistently retained a significant portion of its net profits to fund internal growth. On a median basis, the company holds about 64% of its profit to fund its capacity expansion and R&D projects.
| Description | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. Retention |
| Retained Profit % | 100.00% | 63.85% | 60.36% | 68.07% | 61.24% | 70.70% |
Wide Moat
The moat here is brand dominance. Fevicol, Dr. Fixit, M-Seal, Fevikwik.
Pidilite’s brand name Fevicol has become synonymous with adhesives to millions in India and is ranked among the most trusted brands in the country. No competitor, regardless of their pricing, has been able to dislodge it from its market leadership position.
Pidilite’s strong distributorship is also a factor that creates a wide moat for itself.
The company’s balance sheet is also very strong. In the last five years, the company has operated almost like a debt-free business. Moreover, its liquidity ratio metrics (Current and Quick Ratio) have remained healthy over the last 5 years.
| Pidilite Ind. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | 5Y Median |
| D/E Ratio | 0.04 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 |
| Current Ratio (X) | 1.73 | 1.89 | 2.09 | 2.27 | 2.38 | 2.09 |
| Quick Ratio (X) | 1.00 | 1.14 | 1.58 | 1.76 | 1.90 | 1.58 |
Can This Stock Be Held for 20 Years?
Absolutely.
The business of Pidilite Industries operates in a boring, essential, non-cyclical business. As long as India builds homes and furniture, which it will for decades, Fevicol will be used as an essential raw material.
Circle of Competence (Business Understanding)
Very easy to understand.
One can track its performance simply by watching India’s real estate and construction activity.
The activity of this sector directly affects the construction activity in India. Both these factors are directly correlated to the sales of Pidilite Industries.
Benefit From India Tailwind
- The management is targeting the core segment to grow at 1–2x GDP.
- The growth segment’s growth rate is targeted at 2–4x GDP in the long term.
Revival in real estate will be a key demand driver. The real estate market is cyclical, but the long-term trend is mostly upbeat with a strong growth potential.
India’s urbanisation and housing boom directly fuel Pidilite’s growth for the next 20 years.
Caution: The P/E ratio of Pidilite Industries is 64 times as of May 2026. It is a premium-valued stock. Buying at the right price will be the key to generating multi-bagger returns in the times to come.
#A2 — BAJAJ FINANCE
We can say that Bajaj Finance is India’s most powerful consumer lending machine.
Power of Retained Earnings
Bajaj Finance’s net profit has grown at an average annual rate of 28.76% over the past five FYs (period = 4 years)
| Description | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR % |
| Net Profit | 7,028.23 | 11,506.02 | 14,443.53 | 16,761.67 | 19,315.90 | 28.76% |
The current ROE of the company is ~17.00%, with the average ROE in the last five years been 18.07%.
| Description | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | AVG ROE |
| ROE | 16.08% | 21.16% | 18.83% | 17.33% | 16.94% | 18.07% |
The current Net Profit Margin (NPM) of the company is 23.56%, with the average NPM in the last five years being 24.77%.
| Bajaj Finance. | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | AVG. NPM |
| Net Profit Margin | 22.21% | 27.79% | 26.27% | 24.04% | 23.56% | 24.77% |
So you can see, the Net Profit Margin (NPM) of the company has increased from 22% levels to 24% levels in the last 5 financial years. This is a sign of pricing power.
But its ROE has been slipping down from the 21% levels to ~17% in the last few years. Though it is not very concerning, as an investor, we want to see an uptrend, especially in ROE numbers. But the ROE is forecast to be at ~21% levels in the next 3 years.
The company has consistently retained a significant portion of its net profits to fund internal growth. On a median basis, the company holds about 89% of its profit to ensure the self-funded growth of its loan book.
| Bajaj Finance. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. Retention |
| Retained Profit % | 91.43% | 89.51% | 87.43% | 86.72% | 100.00% | 91.02% |
The company’s EPS is expected to grow by 21.5% per annum. In the last 6 FYs (Period = 5 Years), the company’s EPS has grown at a massive rate of 34.31% per annum.
| Bajaj Finance. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR |
| EPS (New) | 7.11 | 11.31 | 18.52 | 23.24 | 26.97 | 31.08 | 34.31% |
- Note: These EPS numbers have been calculated after considering the Year 2025 Bonus Issue and Stock Splits of 4:1 and 2:1, respectively.
Wide Moat
Bajaj Finance has built a multi-layered moat for itself:
- Technology,
- Distribution, and
- Very high customer switching costs.
Bajaj Finance’s EMI card, which is accepted at over 1.5 lakh stores across India, creates a powerful ecosystem. Once a customer is inside the Bajaj Finance ecosystem, using their EMI card, deposits, and insurance products, switching to a competitor involves real effort and loss of benefits.
Can This Stock Be Held for 20 Years?
Yes, with conviction.
India’s credit penetration is still very low compared to developed economies.
Bajaj Finance is targeting over 220 million active customers from over 100 million currently, with a 18–22% CAGR in net profit over the next five years.
Circle of Competence (Business Understanding)
The company’s performance is easy to track.
How to do it?
We can watch the following metrics for India:
- Consumer lending growth,
- NPA levels, and
- Loan Book (AUM) growth every quarter.
Upon a bit of research, as these are publicly available and easy to interpret data, we can build our own personal data set for these metrics.
Benefit From India Tailwind
The company will benefit directly due to India’s improving macro numbers as follows:
- Rising disposable incomes,
- Increasing formalisation of credit, and
- Growing middle class.
Every new urban consumer in India is a potential Bajaj Finance customer.
Caution: Bajaj Finance is a financial company. It means that it carries credit risk. In an economic slowdown, NPAs can rise. Hence, for a long-term shareholder, it is very important to monitor quarterly NPA figures.
B. Mid Cap Gems (2 Companies)
#B1 — HDFC AMC
I personally think that the company has the best business model in India’s financial sector.
Power of Retained Earnings
HDFC AMC has delivered a five-year sales (Operating Revenue) CAGR of 18.12% and Net Profit CAGR of 19.69%.
| HDFC AMC | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR % |
| Operating Revenues | 2,115.36 | 2,166.81 | 2,584.37 | 3,498.03 | 4,118.53 | 18.12% |
| Net Profit | 1,393.13 | 1,423.92 | 1,945.88 | 2,461.05 | 2,859.36 | 19.69% |
Its ROE stands at 30.97%, with a five-year average of 27.53%. I think its ROE metric is among the highest in India’s financial services sector.
| HDFC AMC | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | 5Y Avg. |
| ROE (%) | 25.19 | 23.74 | 27.48 | 30.25 | 30.97 | 27.53 |
The company retains a large portion of its profits, which it reinvests in technology, distribution, and fund management capabilities. Based on the last 10 years of data, whenever the company retains its net profits, it holds at least 55% of them.
| Year | Net Profit | Dividend | Retention Ratio |
| Mar-26 | 2,859.36 | 0.00 | 100% |
| Mar-25 | 2,461.05 | 1,495.05 | 39% |
| Mar-24 | 1,945.88 | 0.00 | 100% |
| Mar-23 | 1,423.92 | 895.86 | 37% |
| Mar-22 | 1,393.13 | 724.43 | 48% |
| Mar-21 | 1,325.76 | 595.96 | 55% |
| Mar-20 | 1,262.41 | 255.11 | 80% |
| Mar-19 | 930.60 | 255.09 | 73% |
| Mar-18 | 711.29 | 336.89 | 53% |
| Mar-17 | 550.25 | 231.54 | 58% |
Wide Moat
The moat of HDFC AMC is exceptional and is again multi-layered as that of Bajaj Finance.
HDFC AMC is India’s largest AMC with Rs. 7.50 lakh crore AUM and approximately 15% market share.
It operates a super-light asset model. In the last five years, its fixed asset turnover ratio has been above 8 in all years. This is the reason why its RoCE remains consistently above 30%.
| HDFC AMC | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Total Revenue | 1,587.91 | 1,869.77 | 2,096.78 | 2,143.43 | 2,201.74 |
| Fixed Asset | 135.56 | 152.61 | 152.17 | 197.38 | 269.67 |
| Fixed Asset Turnover Ratio | 11.71 | 12.25 | 13.78 | 10.86 | 8.16 |
| RoCE (%) | 32.9 | 30.01 | 34.01 | 38.91 | 38.71 |
The company has a completely debt-free balance sheet and still maintains a very high ROA of above 21%. In recent years, its ROA is at 28% levels.
| HDFC AMC | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| D/E Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| ROA % | 23.69 | 21.78 | 25.74 | 28.11 | 28.62 |
Think about what that means. This is a business that manages someone else’s money and charges a fee for it. It needs almost no capital of its own to grow.
HDFC AMC maintains a market share of 23%+ among individual investors versus approximately 20% for the industry.
The HDFC brand trust built over decades is an almost impossible moat to replicate quickly.
Can This Stock Be Held for 20 Years?
With very high conviction.
The 5-year EPS CAGR is 19.69%. The projected CAGR for the next 3 years is 17%.
| HDFC AMC | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR |
| Net Profit | 1,393.13 | 1,423.92 | 1,945.88 | 2,461.05 | 2,859.36 | – |
| Shares Outstanding (Lakhs) – after adjusting for 2025 1:1 Bonus issue | 4,284.00 | 4,284.00 | 4,284.00 | 4,284.00 | 4,284.00 | – |
| EPS | 32.52 | 33.24 | 45.42 | 57.45 | 66.75 | 19.69 % |
This is a company that will grow as long as Indians keep investing.
Circle of Competence (Business Understanding)
Very easy to follow.
We can track the following metrics on a quarterly basis to build a strong perspective of the company:
- India’s mutual fund AUM growth,
- SIP inflows, and
- HDFC AMC’s market share.
All this data is publicly available on AMFI’s website every month.
Benefit From India Tailwind
I think this is perhaps the purest India tailwind play in the entire market.
India’s mutual fund penetration as a percentage of GDP is still far lower than that of developed markets.
As incomes rise and financial literacy improves, more and more Indians will invest in mutual funds. Every rupee they invest is a rupee HDFC AMC earns fees on.
Caution: The stock now trades near Rs. 1,20,000 crore market cap. It is a borderline large-cap. Valuations are premium with P/E at 42 levels.
#B2 — GARWARE TECHNICAL FIBRES
This company dominates a global niche.
It makes high-performance nets, ropes, and geosynthetic products, fishing nets, and aquaculture nets. They are one of the most trusted suppliers in the world.
They have customers in over 75 countries who depend on them.
Power of Retained Earnings
Garware Technical Fibres has a 5-Year average ROE of 18.64% and a ROCE of 23.49%. ROE has consistently remained above ~16.8% levels and ROCE above 22.1% levels.
| Garware Tech. | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | 5Y Avg. |
| ROE % | 19.52 | 16.97 | 16.94 | 16.87 | 18.64 | 17.79 |
| ROCE % | 25.42 | 22.29 | 22.13 | 22.43 | 25.16 | 23.49 |
The company operates almost like a debt-free business, with a debt-equity ratio of just 0.05. It means that almost all of its growth is funded through internally generated cash.
The future growth prospects of the company are expected to be good because it operates as an asset-light model. This is evident from its fixed asset turnover ratio, which has remained at over 4.3x for the last 5 years.
| Garware Tech. | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | 5Y Avg. |
| Total Revenue | 1,069.24 | 1,214.94 | 1,333.45 | 1,368.80 | 1,578.18 | – |
| Fixed Assets | 247.13 | 240.02 | 245.52 | 261.77 | 276.96 | – |
| Fixed Asset Turnover Ratio | 4.33x | 5.06x | 5.43x | 5.23x | 5.70x | 5.15 |
The company is almost debt-free (0.1) and also retains a majority portion of its profit (96%). Since this is a high ROE and ROCE company, such profit retention is generally considered good for the shareholders.
| Garware Tech. | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR % |
| Net Profit | 154.63 | 160.73 | 159.07 | 196.85 | 214.07 | – |
| Dividend | 0.00 | 5.16 | 14.43 | 7.13 | 5.96 | – |
| Retention Ratio | 100% | 96.8% | 90.9% | 96.4% | 97.2% | 96.3% |
| D/E | 0.13 | 0.08 | 0.13 | 0.10 | 0.05 | 0.10 |
I think this is the purest form of retained earnings at work.
Wide Moat
Garware Technical Fibres makes technical textiles like the following:
- High-performance nets,
- Ropes, and
- Geosynthetics for fishing, aquaculture, sports, agriculture, and infrastructure.
International markets now contribute over 60% of the company’s consolidated revenue. The company has a position of a leading global player in the technical textiles industry.
It’s moat is a combination of specialised technology, certifications, long-term customer relationships, and decades of R&D.
Such a moat cannot be easily replicated by competitors, as such product quality cannot be achieved overnight.
Major global fishing and aquaculture companies depend on the nets made by Garware Technical. For such a customer, switching to an unproven supplier is simply too risky.
Can This Stock Be Held for 20 Years?
Yes. Fish farming and aquaculture are among the fastest-growing food industries globally.
Even domestically, India’s growing focus on infrastructure, coastal protection, river management, and landfill solutions also directly benefits this company.
Circle of Competence
This is not an industry whose stories and news reports are published frequently, but interested people should subscribe to global aquaculture-related news.
The idea should be to read these reports to get a feel of the trends.
One can also read about India’s infrastructure build-out and technical textiles as a sector.
These are long-term structural stories that are easy to understand and track, but not reported so frequently.
Benefit From India Tailwind
India’s infrastructure spending, rising demand for food security solutions, and growing aquaculture exports are all tailwinds for this company.
It benefits from both India’s domestic growth and global food demand.
Caution: This is a niche company with relatively lower trading volumes. Liquidity of such stocks is often very limited. It also carries some commodity and currency risk given high export revenues.
C. Small Cap Gems (2 Companies)
#C1 — FINE ORGANICS INDUSTRIES
This company supplies ingredients to the food, cosmetics, and plastics industries across multiple countries.
Power of Retained Earnings
Fine Organics net profit has grown at an average annual rate of 16.1% over the past five FYs (period = 4 years)
| Fine Organics. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | CAGR % |
| Net Profit | 121.65 | 260.74 | 619.88 | 414.53 | 411.32 | 35.60% |
The current ROE of the company is 17.92%, with the average ROE in the last five years been 24.71%.
| Fine Organics. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG ROE |
| ROE | 16.63% | 27.18% | 40.22% | 21.58% | 17.92% | 24.71% |
The current Net Profit Margin (NPM) of the company is 17.38%, with the average NPM in the last five years being 16.12%.
| Fine Organics. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. NPM |
| Net Profit Margin | 10.58% | 13.66% | 20.08% | 18.89% | 17.38% | 16.12% |
The company has consistently retained a significant portion of its net profits (about 92%) to fund internal growth.
| Fine Organics. | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. Retention |
| Net Profit | 121.65 | 260.74 | 619.88 | 414.53 | 411.32 | – |
| Dividend Paid | 9.2 | 33.73 | 27.59 | 27.59 | 30.66 | – |
| Retained Profit % | 92.44% | 87.06% | 95.55% | 93.34% | 92.55% | 92.19% |
Consider the following:
- Fine Organics has historically delivered an ROE of 24%.
- Its net profit has grown at a CAGR of 35% in the last 5 years.
- The company is essentially debt-free (last 5-year average D/E of 0.1).
- It also funds all its growth through internal cash generation.
For me, such a company is a textbook retained earnings story.
Wide Moat
Fine Organics makes specialty oleochemical additives.
This is an ingredient that go into food products, plastics, cosmetics, rubber, and coatings.
These are not ingredients you can see or taste. But it is such an ingredient without which products either cannot be made or their quality suffers significantly.
The company holds a near-monopoly position in many of its product categories within India.
Its switching costs are very high as a food company cannot simply change its additive supplier without going through lengthy re-certification and quality approval processes.
That stickiness is a powerful moat for Fine Organics.
Moreover, its presence in 70+ countries gives it geographical diversification that most Indian smallcaps simply do not have.
Can This Stock Be Held for 20 Years?
Yes.
Food processing, packaged goods, and personal care products will keep growing in India and globally. Fine Organics is a supplier to all of these industries.
Its products are not visible to end consumers, but they are essential in nature for the food sector.
Circle of Competence
We can study the oleochemicals industry, food additives regulations, and India’s growing food processing sector.
The company’s products are technical, but the business logic of supplying essential ingredients to growing industries is simple.
Benefit From India Tailwind
India’s processed food industry, rising personal care consumption, and growing plastic manufacturing sector are all directly linked to Fine Organics’ product demand.
As India formalises and modernises its manufacturing, demand for quality additives will only increase.
Caution: Fine Organics is a raw material price-sensitive business. Crude oil and vegetable oil prices directly affect its input costs. Also, it is a small company, and management bandwidth needs close monitoring.
#C2 — CCL PRODUCTS INDIA
This is the world’s largest private-label instant coffee manufacturer.
Power of Retained Earnings
CCL’s operating revenue and net profit has grown at an average annual rate of 32.14% and 17.39% respectively over the past five FYs (period = 4 years).
| CCL | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | CAGR % |
| Operating Revenue | 1,462.03 | 2,071.22 | 2,653.70 | 3,105.75 | 4,457.37 | 32.14% |
| Net Profit | 204.35 | 268.88 | 250.08 | 310.34 | 388.11 | 17.39% |
The current ROE of the company is 16.55%, with the average ROE in the last five years been 16.35%.
| CCL | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG ROE |
| ROE | 16.34% | 18.14% | 14.94% | 15.78% | 16.55% | 16.35% |
The current Net Profit Margin (NPM) of the company is 8.69%, with the average NPM in the last five years being 10.99%. Though falling NPM is a cause of concern
| CCL | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 | AVG. NPM |
| Net Profit Margin | 13.94% | 12.96% | 9.40% | 9.97% | 8.69% | 10.99% |
The company has consistently retained a significant portion of its net profits (about 81%) to fund internal growth.
| CCL. | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 | AVG. Retention |
| Net Profit | 204.35 | 268.88 | 250.08 | 310.34 | 388.11 | – |
| Dividend Paid | 66.51 | 66.51 | 66.51 | 26.71 | 0 | – |
| Retained Profit % | 67.45% | 75.26% | 73.40% | 91.39% | 100.00% | 81.50% |
So you can see, CCL Products has delivered consistent revenue and profit growth over the past 5 years. Its ROE has consistently in the 15–18% range.
The company also reinvests (retains) majority of its reported profit back into capacity expansion and new geographies.
I think this is also following the classic retained earnings compounding cycle. It is good for long-term shareholders of the company.
Wide Moat
CCL Products is a B2B manufacturer.
It makes instant coffee for global brands that sell it under their own labels.
Though CCL does not publicly disclose the names of its private label clients, but two names that came to notice on research is Nestle and large European supermarket chains.
This is a specialised and capital-intensive business. Building the kind of scale, certifications, quality consistency, and global supply chain relationships that CCL has took decades.
Global coffee brands do not switch their manufacturing partners easily because their the switching costs are enormous.
CCL’s moat is a combination of scale, specialised know-how, and deep customer relationships built over 30 years.
It is India’s most genuinely global small-cap businesses.
Can This Stock Be Held for 20 Years?
Yes.
Global coffee consumption is growing. Asia and Africa are two continents where coffee consumption is growing consistently. Here, instant coffee is the dominant format.
With the kind of moat and infrastucture CCL has built, it is well-positioned to keep adding capacity and customers.
Circle of Competence
We can follow the news flows on the following heads:
- Global coffee consumption trends,
- Instant coffee market growth, and
- CCL’s capacity utilisation and new client additions.
These are straightforward metrics that will help us get a feel of how well the company is shaping up its business with time.
Benefit From India Tailwind
India’s coffee consumption is growing.
CCL is now building its own branded coffee business domestically, adding a direct consumer layer to its already strong B2B foundation.
This gives it both a global and domestic growth lever.
Caution: As CCL is a very export oriented business, its business is exposed to coffee commodity price fluctuations and currency risk. Also, as a B2B supplier, it also has some customer concentration risk as a result, loss of one customer can substantially effect its revenue and cash flows.
Conclusion
I think, investing in stocks is about finding businesses we deeply understand.
We shall strive to invest in companies showing following attributes:
- Invest in company that have a strong moat,
- It should be that company that reinvest their profits well, and
- The company shold also be so structured that it will benefit from India’s long-term growth story.
All six companies discussed in this post, in my view, meet these criteria to varying degrees.
None of them are cheap at current valuations, wide moat businesses rarely are.
So, the real work begins now. Reading about these companies regularly, building your circle of competence around them, and waiting patiently for the right price.
That is the Buffett way of buying quality stocks.
Have a happy investing.
Disclaimer: These are not investment advice. I’m just sharing my knowledge. Do your own research before investing.
