I went through same dilemma, but my thesis is that currently top 5-7% are doing the heavy lifting of consumption. Even if grows to 10% (+inflation + social media impact + expansion of middle class) will create many number of winner and will take care of the theme itself. Finding moat is difficult but finding the winners is through observations is a bit easy and trend will create many winners. My contrarian view is that Big bazaar was a big winner in its space, it’s only the aggressive expansion led to its downfall. So yeah, tracking+holding is what we can do as of now.
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