EQ Saturday Sapience #191
Equity Intelligence 3rd October 2026
“Great stocks are doubted the whole way up” - Ian Cassel
Ezra Klein with Jensen Huang — AI as infrastructure. Jensen Huang’s clearest insight is that AI is not just a model race; it is a new industrial stack of energy, data centres, chips, models and applications. The investor’s lesson is simple: in every technology wave, the biggest value may emerge not from the most dramatic narrative, but from the layer where capability becomes useful. Watch more
Access vs Insight. Inspired by George Orwell's Animal Farm, this satirical essay examines how investing can gradually become a game of access, exclusivity and status. When private meetings, pre-IPO deals and invitation-only circles become the focus, investors risk confusing scarcity with quality and access with genuine insight. The market does not ask for your network, AUM or social standing before accepting an order. Ultimately, independent thinking may still be the most valuable edge available to any investor. Read more
China is giving its economy a big shot in the arm. China’s latest stimulus push is a reminder that even command economies cannot escape the gravity of confidence, consumption and capital cycles. The bigger question is whether policy can restart animal spirits — or merely buy time for a deeper structural reset. Read more
From Funding Research to Funding Researchers. For decades, innovation in India was largely funded by the government. The new ₹1 lakh crore RDI Fund reflects a different approach: using public capital to attract private capital into research, technology and deep-tech businesses. The objective is not simply to fund more projects, but to build an ecosystem where universities, startups, industry and investors participate in creating new technologies. India's R&D spending remains below 1% of GDP, compared with 2–3% in many developed economies. Sometimes their most important role is creating conditions that encourage others to innovate. Read more
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