EQ Saturday Sapience #195

Equity Intelligence 31st October 2026

"There’s no such thing as a good idea. Only a good idea at a price.” — Howard Marks

 

 

Nikhil Kamath — If UPI Is Free, Who Pays for It? UPI has revolutionised how India moves money, but who bears the cost of making payments free? Nikhil Kamath's conversation with the leaders of PhonePe, Razorpay and NPCI explores the economics, regulation and sustainability of India's digital payments revolution. Watch here

Everything Is Going Wrong for Muhammad bin Salman. Saudi Arabia's ambitious transformation is colliding with geopolitical instability, fiscal pressures and an increasingly unreliable American security umbrella. A reminder that economic diversification requires more than grand projects and deep pockets.  Read more

From Eyeballs to ARR: Buzzy Pricing Metrics and the AI Trade! From dot-com eyeballs to AI revenue run rates, every speculative boom seems to invent its own valuation language. Damodaran explores why investors embrace unconventional metrics for young businesses — and the dangerous assumptions hidden behind them. Read more

Jio Platforms: What Will Drive Its Next Phase of Growth? Having transformed Indian telecom through affordable data, Jio now looks to broadband, enterprise services and digital platforms for its next growth chapter. The investing question is whether these ambitions can generate returns that justify its formidable valuation.  Read more