Having a lot of capital to deploy is both a blessing and a curse, more so from an institutional perspective. During my time at Morgan Stanley, GIC or Temasek and even today when we deploy capital, it is a reasonably large amount per position. Hence for us, moat investing is not the only way to invest. It is obviously one very successful route but by no means the only one. George Soros and Seth Klarman are not classic moat investors yet have an extremely illustrious track record.

Second, for institutional investors in India, it is really difficult to use only the moat approach. True moats i.e. businesses with real pricing power (which is how I define a moat) are actually very few in India. If you have true pricing power you control profitability as you can price independent of the environment and inflation. I have seen very few companies actu