Thankyou for this very helpful insight to Fairfax India. I am listening to the Fairfax way and that has taken me to listen to a number of interviews that Prem Watsa has given. He deserves to be known as the Canadian Buffet- I want people of his integrity looking after my money. I agree with you re the India thesis. I first visited 35 years ago - its transformation in that relatively short period has been extraordinary to see. The number of S and P 500 companies with Indians in senior positions is proof that India is producing some serious talent - much of that talent will stay in India to build the next generation of great companies. It is s shame that it is still so hard to invest there directly. In an interview Watsa gave, he spoke about the importance of relationships to his success- Fairfax India has many years of building those relationships I hope that they will yield profitable businesses going forward. Many thanks again I really enjoy your work and always feel more informed and inspired by it.
The principal “problem child” in the portfolio, as identified in the earlier analysis, was Sanmar Chemical Enterprises Ltd. That overhang has now been removed: in April 2026, Fairfax India announced the sale of its entire equity interest in SCEL for INR 2,480 million (approximately US$27 million), leaving the company with no remaining economic exposure to the asset.
This is a clear positive for shareholders. SCEL had been a persistent drag on reported performance through repeated valuation markdowns, including a material fair value decline recorded in Fairfax India’s 2025 results. Its disposal simplifies the portfolio and eliminates the only meaningful legacy holding that had consistently detracted from net asset value progression.
Attention now shifts to Bengaluru International Airport Ltd. (BIAL), which represents the dominant component of Fairfax India’s underlying value. A partial monetization of that stake later in 2026 would be strategically important: it could establish a transparent market benchmark for the remaining holding while also generating liquidity for debt reduction, share buybacks, or redeployment into new investments.
Such an event could prove to be a major catalyst for rerating the shares. Fairfax India continues to trade at a substantial discount to intrinsic value, due in large part to the market’s skepticism toward private asset marks and the fact that several fast-appreciating assets remain carried at valuations close to cost or otherwise at conservative levels relative to likely market values.
>> Update: the Indian government pulled the sale of IDBI bank <<
Fairfax was the frontrunner to acquire a majority stake (60.72%) in IDBI Bank. The Indian government (and LIC Card Services Ltd) currently hold over 94% of the bank, and the sale, valued at over $7.5 billion, initially aimed to complete the divestment by March 2026.
If the transaction had closed, it would have marked the first full privatization of a state-backed bank in India. It would also have become the largest foreign investment in the country’s banking sector. It would have been a major coup for the Fairfax group and a great addition to the portfolio of high quality assets that it owns.
The Indian government are likely to bring it to market again at some point.
$3.05 in net earnings per diluted share against a share price of roughly $18 implies a very low earnings multiple. Even applying a conservative 12 times multiple would justify a value of about $36 per share. That is roughly double the current trading price on a simple earnings basis.
Book value tells a similar story. Book value per share increased 9.4 percent to $22.94. Importantly, management carries assets conservatively, especially private portfolio companies, some of which are held at cost. That accounting approach likely understates intrinsic value.
The sale of the Saurashtra investment illustrates the gap. The company was carrying it at an unrealized gain of $30.7 million. It ultimately sold the stake in November for $74.6 million, realizing a gain of $52 million. The difference between the carrying value and the exit price represents a meaningful uplift relative to what was reflected on the balance sheet.
The same dynamic appears to apply across the broader portfolio, particularly the BIAL and airport city interests. If Saurashtra was materially undervalued on the books and the rest of the portfolio is treated with similar conservatism, then reported book value likely understates economic value.
With conservative book value already approaching $23 per share, a reasonable adjustment for embedded gains across the portfolio points to an underlying valuation comfortably above $30 per share.
Whichever way we measure it, $18 per share looks like a steal, but that's where it trades today.
The company continued repurchasing shares under its normal course issuer bid. During 2025, it bought back 620,658 subordinate voting shares for cancellation at a total cost of $10.4 million, or $16.81 per share.
At prices that sit well below a conservative estimate of intrinsic value, those repurchases are clearly accretive. Buying assets you know well at a discount to their underlying worth is a rational allocation of capital.
The scale is modest, roughly 0.5 percent of the equity base, so it does not transform the story on its own. But incremental reductions in share count at a meaningful discount compound over time. Each small step increases per share ownership of the underlying assets and future earnings.
I recently returned from a vacation in Thailand, a place I’ve visited many times before, but this trip felt meaningfully different. In past years, most of the travellers I encountered were from Europe or Australia, with the occasional American or Canadian mixed in. This time, however, Indian travellers were everywhere. The rise of India’s affluent middle class is no longer an abstract statistic; it’s clearly visible on the ground.
As an investor in Bangalore Airport through Fairfax India, that was gratifying to see. There’s nothing quite like witnessing an investment thesis play out in real life.
That naturally raises the question: what makes Bangalore Airport so compelling when India has no shortage of airports?
The short answer is that Bangalore is evolving from a strong regional airport into a genuine world-class transit hub. This transition is being driven by aggressive capacity expansion, deep partnerships with global airlines, and a demographic backdrop that supports long-term commercial growth.
Historically, India didn’t really have a true transit hub. Airports functioned primarily as destinations, while long-haul interconnections flowed through Dubai or Abu Dhabi. That is now changing. Bangalore has emerged as India’s first credible transit hub, and its geographic positioning is close to ideal. Draw a straight line between Sydney and London and it passes almost directly through Bangalore. As a transit point, that route breaks neatly into two roughly ten-hour flight segments, which is close to optimal for long-haul travel.
This strategic positioning has translated into meaningful airline partnerships. Bangalore Airport has secured deep collaborations with carriers such as British Airways, Qatar Airways, and Qantas. A landmark agreement with Air India has enabled the creation of synchronized arrival and departure “waves,” making transfers smoother and faster. New long-haul routes to destinations such as Sydney, Munich, and Bali have ramped up rapidly, with some achieving seat load factors above 90% within just two weeks of launch.
This matters because Bangalore is no longer dependent solely on point-to-point travel to and from India. International transit passengers add a second layer of demand, boosting both aeronautical revenues like landing fees and non-aeronautical revenues from retail, food, and services within the terminal.
In many ways, Bangalore is on track to become the number one airport in India. Other major airports, including Mumbai, are already operating at capacity with little room to expand. They are destination airports, not transit hubs, and structurally they simply cannot compete on the same terms.
Technology is another important differentiator. Bangalore was at the forefront of implementing biometric boarding through DigiYatra, allowing passengers to move through the airport using facial recognition rather than repeatedly presenting passports and boarding passes. It was also the first airport in India to establish a full Airport Operations Control Center, helping it achieve flight punctuality above 85%. The airport introduced a seven-minute baggage delivery promise and has met it 98% of the time, matching or exceeding international benchmarks.
Beyond passenger operations, Bangalore is rapidly becoming India’s primary hub for aircraft Maintenance, Repair, and Overhaul. Ninety acres have been earmarked for MRO development, with significant portions already allocated to the Air India Group and IndiGo. This matters more than it might appear at first glance. A strong MRO ecosystem anchors aircraft fleets locally, driving a permanent increase in flight operations, technical traffic, and high-quality employment.
Connectivity to the city is also improving materially. The Namma Metro is scheduled to reach the airport in December 2026, with BIAL constructing two dedicated metro stations as part of the project. This high-speed rail link should significantly enhance accessibility, reduce congestion risk, and improve the overall resilience of the airport’s catchment.
All of this sits against a powerful structural shift in how Indians travel. For decades, long-distance rail dominated, often in overcrowded conditions. That is changing rapidly as middle-class travellers increasingly choose the convenience and safety of air travel. The shift is particularly pronounced among younger people. The average traveller at Bangalore Airport is under 29 years old, a demographic that not only travels more frequently by air but also signals a generational change in travel behaviour that should support sustained growth for decades.
The airport’s history provides a useful reminder of just how consistently demand has surprised to the upside. When the project was first conceived, planners expected traffic of around five million passengers per year. By the time construction was halfway complete, growth in Bangalore’s technology sector had already rendered that estimate obsolete, forcing a redesign that more than doubled planned capacity to 11.4 million passengers. When the airport opened in May 2008, it handled 10.5 million passengers in its first year, almost 90% of capacity from day one. The original master plan anticipated reaching 40 million passengers by 2068. That level was surpassed in 2024.
This pattern shows little sign of abating any time soon. The second terminal opened several years ago, and the airport continues to plan well ahead of demand. Following the successful completion of Terminal Two Phase 1, the board approved a further $2.2 billion investment for Phase 2. This will lift capacity to around 72 million passengers within five years and roughly 90 million by 2033. Planning for Terminal 3 is already underway, with the long-term infrastructure vision designed to support demand of more than 100 million passengers.
Just as importantly, the airport benefits from first-class management and a shareholder base that is aligned for the long term. Fairfax India is exactly the kind of owner you want in a capital-intensive infrastructure asset. The CEO, Hari K. Marar, speaks less like a traditional infrastructure executive and more like a long-term builder in the Jeff Bezos mould. His focus is not on dividends or short-term quarterly optics, but on reinvesting to maximize long-term value, setting ambitious objectives and then working backwards to ensure they are achieved.
I’m delighted to be invested in this business and genuinely surprised that it remains available at such an attractive valuation. For me, Bangalore Airport is a classic buy-and-hold investment, built to compound value over the long term.
Since the market fails to grasp the true value of it's portfolio, Fairfax India has now launched it's own podcast which explores each of its holding companies in turn: https://www.fairfaxindia.ca/podcast/ first episode is BIAL. Worth a listen! 😉
Great write up. Do you have a take on the discount to book value, in many cases we have seen that the discount is never really closed due to the congolmorate holding structure and fees. In addition, the company was highlighting the IPO for the airport to go ahead in 2025 but used debt financing instead (potentially due to the downturn in indian equties). Do you have a take on this? What happens if the IPO doesn't go through?
Bear in mind that Fairfax recently increased its stake in BIAL to about 74% ownership after buying an additional 10% from Siemens Project Ventures. With that in mind, I don't think a 2025 IPO was on the cards. Why would you increase your stake in an asset and, at the same time, reduce your stake in the same asset?
As I am concerned, BIAL is a wonderful asset that is compounding in value year on year. The longer that they wait for an IPO the better: why give away part of a rapidly compounding asset? The only benefit of an IPO would be true value discovery. Is that enough of a benefit to give away part of a crown jewel of an asset?
Book value according to the balance sheet is somewhere around $20.50 versus a stock price of $16.50, but as explained, the carrying value of assets is super conservative. I believe that the true net asset value is closer to $27.00. Did you listed to the podcast on this company? If not, it is more detailed than this write up: https://rockandturner.substack.com/p/aaab-the-gateway-to-investing-in
Amazon announced that it is investing $35 billion in India by 2030 for AI infrastructure, logistics and exports. It has already spent $40 billion since 2010.
Microsoft put $17.5 billion into India yesterday.
The boom is only just starting to take shape. The evidence is there.
Karnataka has formally started the process for a second international airport for Bengaluru, separate from Kempegowda International Airport (BIAL). The state government has proposed a new greenfield airport around Bengaluru to handle future traffic once Kempegowda 'nears saturation' and the BIAL exclusivity clause (no other airport within 150 km) expires in 2033. The target is to have the second airport operational around 2033, subject to central approvals and project execution.
The words, 'nears saturation' should tell you everything you need to know.
Three main locations on the outskirts of the city are currently shortlisted: two near Kanakapura Road (Chudahalli and Somanahalli in South Bengaluru) and one near Nelamangala–Kunigal/Tumakuru Road, each with about 4,500–5,200 acres identified. Recent statements by Deputy Chief Minister D.K. Shivakumar indicate that the government’s preferred region is South Bengaluru.
BIAL is immediately annexed to Airport City which promises to be a major economic hub. If you wanted to visit Airport City, you would use BIAL, not a second airport located some distance away.
The airport is in planning and feasibility stage; construction has not yet begun, but the project is officially being advanced as Bengaluru’s 'second' airport alongside BIAL in the long term.
It is clear that BIAL will always be the pre-eminent airport. Anything else will be secondary to handle excess traffic (think London: Heathrow is the primary airport while Gatwick, Stanstead, Luton and City airports take excess capacity, most of which is short haul traffic).
In short, I don't see it as a threat to BIAL and, if it gets built without delay, it doesn't even start to operate until 2033 at the earliest, by which time BIAL is not only well established, but potentially at capacity.
Thankyou for this very helpful insight to Fairfax India. I am listening to the Fairfax way and that has taken me to listen to a number of interviews that Prem Watsa has given. He deserves to be known as the Canadian Buffet- I want people of his integrity looking after my money. I agree with you re the India thesis. I first visited 35 years ago - its transformation in that relatively short period has been extraordinary to see. The number of S and P 500 companies with Indians in senior positions is proof that India is producing some serious talent - much of that talent will stay in India to build the next generation of great companies. It is s shame that it is still so hard to invest there directly. In an interview Watsa gave, he spoke about the importance of relationships to his success- Fairfax India has many years of building those relationships I hope that they will yield profitable businesses going forward. Many thanks again I really enjoy your work and always feel more informed and inspired by it.
Fairfax India Update
The principal “problem child” in the portfolio, as identified in the earlier analysis, was Sanmar Chemical Enterprises Ltd. That overhang has now been removed: in April 2026, Fairfax India announced the sale of its entire equity interest in SCEL for INR 2,480 million (approximately US$27 million), leaving the company with no remaining economic exposure to the asset.
This is a clear positive for shareholders. SCEL had been a persistent drag on reported performance through repeated valuation markdowns, including a material fair value decline recorded in Fairfax India’s 2025 results. Its disposal simplifies the portfolio and eliminates the only meaningful legacy holding that had consistently detracted from net asset value progression.
Attention now shifts to Bengaluru International Airport Ltd. (BIAL), which represents the dominant component of Fairfax India’s underlying value. A partial monetization of that stake later in 2026 would be strategically important: it could establish a transparent market benchmark for the remaining holding while also generating liquidity for debt reduction, share buybacks, or redeployment into new investments.
Such an event could prove to be a major catalyst for rerating the shares. Fairfax India continues to trade at a substantial discount to intrinsic value, due in large part to the market’s skepticism toward private asset marks and the fact that several fast-appreciating assets remain carried at valuations close to cost or otherwise at conservative levels relative to likely market values.
>> Update: the Indian government pulled the sale of IDBI bank <<
Fairfax was the frontrunner to acquire a majority stake (60.72%) in IDBI Bank. The Indian government (and LIC Card Services Ltd) currently hold over 94% of the bank, and the sale, valued at over $7.5 billion, initially aimed to complete the divestment by March 2026.
If the transaction had closed, it would have marked the first full privatization of a state-backed bank in India. It would also have become the largest foreign investment in the country’s banking sector. It would have been a major coup for the Fairfax group and a great addition to the portfolio of high quality assets that it owns.
The Indian government are likely to bring it to market again at some point.
Fairfax India FY25 results were strong: https://www.fairfaxindia.ca/wp-content/uploads/2026/02/FIH-2025-Q4-Press-Release-Final.pdf
$3.05 in net earnings per diluted share against a share price of roughly $18 implies a very low earnings multiple. Even applying a conservative 12 times multiple would justify a value of about $36 per share. That is roughly double the current trading price on a simple earnings basis.
Book value tells a similar story. Book value per share increased 9.4 percent to $22.94. Importantly, management carries assets conservatively, especially private portfolio companies, some of which are held at cost. That accounting approach likely understates intrinsic value.
The sale of the Saurashtra investment illustrates the gap. The company was carrying it at an unrealized gain of $30.7 million. It ultimately sold the stake in November for $74.6 million, realizing a gain of $52 million. The difference between the carrying value and the exit price represents a meaningful uplift relative to what was reflected on the balance sheet.
The same dynamic appears to apply across the broader portfolio, particularly the BIAL and airport city interests. If Saurashtra was materially undervalued on the books and the rest of the portfolio is treated with similar conservatism, then reported book value likely understates economic value.
With conservative book value already approaching $23 per share, a reasonable adjustment for embedded gains across the portfolio points to an underlying valuation comfortably above $30 per share.
Whichever way we measure it, $18 per share looks like a steal, but that's where it trades today.
The company continued repurchasing shares under its normal course issuer bid. During 2025, it bought back 620,658 subordinate voting shares for cancellation at a total cost of $10.4 million, or $16.81 per share.
At prices that sit well below a conservative estimate of intrinsic value, those repurchases are clearly accretive. Buying assets you know well at a discount to their underlying worth is a rational allocation of capital.
The scale is modest, roughly 0.5 percent of the equity base, so it does not transform the story on its own. But incremental reductions in share count at a meaningful discount compound over time. Each small step increases per share ownership of the underlying assets and future earnings.
Insightful article. A compelling alternative way to gain India exposure through a well-run investment vehicle I wasn’t familiar with before.
I recently returned from a vacation in Thailand, a place I’ve visited many times before, but this trip felt meaningfully different. In past years, most of the travellers I encountered were from Europe or Australia, with the occasional American or Canadian mixed in. This time, however, Indian travellers were everywhere. The rise of India’s affluent middle class is no longer an abstract statistic; it’s clearly visible on the ground.
As an investor in Bangalore Airport through Fairfax India, that was gratifying to see. There’s nothing quite like witnessing an investment thesis play out in real life.
That naturally raises the question: what makes Bangalore Airport so compelling when India has no shortage of airports?
The short answer is that Bangalore is evolving from a strong regional airport into a genuine world-class transit hub. This transition is being driven by aggressive capacity expansion, deep partnerships with global airlines, and a demographic backdrop that supports long-term commercial growth.
Historically, India didn’t really have a true transit hub. Airports functioned primarily as destinations, while long-haul interconnections flowed through Dubai or Abu Dhabi. That is now changing. Bangalore has emerged as India’s first credible transit hub, and its geographic positioning is close to ideal. Draw a straight line between Sydney and London and it passes almost directly through Bangalore. As a transit point, that route breaks neatly into two roughly ten-hour flight segments, which is close to optimal for long-haul travel.
This strategic positioning has translated into meaningful airline partnerships. Bangalore Airport has secured deep collaborations with carriers such as British Airways, Qatar Airways, and Qantas. A landmark agreement with Air India has enabled the creation of synchronized arrival and departure “waves,” making transfers smoother and faster. New long-haul routes to destinations such as Sydney, Munich, and Bali have ramped up rapidly, with some achieving seat load factors above 90% within just two weeks of launch.
This matters because Bangalore is no longer dependent solely on point-to-point travel to and from India. International transit passengers add a second layer of demand, boosting both aeronautical revenues like landing fees and non-aeronautical revenues from retail, food, and services within the terminal.
In many ways, Bangalore is on track to become the number one airport in India. Other major airports, including Mumbai, are already operating at capacity with little room to expand. They are destination airports, not transit hubs, and structurally they simply cannot compete on the same terms.
Technology is another important differentiator. Bangalore was at the forefront of implementing biometric boarding through DigiYatra, allowing passengers to move through the airport using facial recognition rather than repeatedly presenting passports and boarding passes. It was also the first airport in India to establish a full Airport Operations Control Center, helping it achieve flight punctuality above 85%. The airport introduced a seven-minute baggage delivery promise and has met it 98% of the time, matching or exceeding international benchmarks.
Beyond passenger operations, Bangalore is rapidly becoming India’s primary hub for aircraft Maintenance, Repair, and Overhaul. Ninety acres have been earmarked for MRO development, with significant portions already allocated to the Air India Group and IndiGo. This matters more than it might appear at first glance. A strong MRO ecosystem anchors aircraft fleets locally, driving a permanent increase in flight operations, technical traffic, and high-quality employment.
Connectivity to the city is also improving materially. The Namma Metro is scheduled to reach the airport in December 2026, with BIAL constructing two dedicated metro stations as part of the project. This high-speed rail link should significantly enhance accessibility, reduce congestion risk, and improve the overall resilience of the airport’s catchment.
All of this sits against a powerful structural shift in how Indians travel. For decades, long-distance rail dominated, often in overcrowded conditions. That is changing rapidly as middle-class travellers increasingly choose the convenience and safety of air travel. The shift is particularly pronounced among younger people. The average traveller at Bangalore Airport is under 29 years old, a demographic that not only travels more frequently by air but also signals a generational change in travel behaviour that should support sustained growth for decades.
The airport’s history provides a useful reminder of just how consistently demand has surprised to the upside. When the project was first conceived, planners expected traffic of around five million passengers per year. By the time construction was halfway complete, growth in Bangalore’s technology sector had already rendered that estimate obsolete, forcing a redesign that more than doubled planned capacity to 11.4 million passengers. When the airport opened in May 2008, it handled 10.5 million passengers in its first year, almost 90% of capacity from day one. The original master plan anticipated reaching 40 million passengers by 2068. That level was surpassed in 2024.
This pattern shows little sign of abating any time soon. The second terminal opened several years ago, and the airport continues to plan well ahead of demand. Following the successful completion of Terminal Two Phase 1, the board approved a further $2.2 billion investment for Phase 2. This will lift capacity to around 72 million passengers within five years and roughly 90 million by 2033. Planning for Terminal 3 is already underway, with the long-term infrastructure vision designed to support demand of more than 100 million passengers.
Just as importantly, the airport benefits from first-class management and a shareholder base that is aligned for the long term. Fairfax India is exactly the kind of owner you want in a capital-intensive infrastructure asset. The CEO, Hari K. Marar, speaks less like a traditional infrastructure executive and more like a long-term builder in the Jeff Bezos mould. His focus is not on dividends or short-term quarterly optics, but on reinvesting to maximize long-term value, setting ambitious objectives and then working backwards to ensure they are achieved.
I’m delighted to be invested in this business and genuinely surprised that it remains available at such an attractive valuation. For me, Bangalore Airport is a classic buy-and-hold investment, built to compound value over the long term.
Since the market fails to grasp the true value of it's portfolio, Fairfax India has now launched it's own podcast which explores each of its holding companies in turn: https://www.fairfaxindia.ca/podcast/ first episode is BIAL. Worth a listen! 😉
Great write up. Do you have a take on the discount to book value, in many cases we have seen that the discount is never really closed due to the congolmorate holding structure and fees. In addition, the company was highlighting the IPO for the airport to go ahead in 2025 but used debt financing instead (potentially due to the downturn in indian equties). Do you have a take on this? What happens if the IPO doesn't go through?
Bear in mind that Fairfax recently increased its stake in BIAL to about 74% ownership after buying an additional 10% from Siemens Project Ventures. With that in mind, I don't think a 2025 IPO was on the cards. Why would you increase your stake in an asset and, at the same time, reduce your stake in the same asset?
As I am concerned, BIAL is a wonderful asset that is compounding in value year on year. The longer that they wait for an IPO the better: why give away part of a rapidly compounding asset? The only benefit of an IPO would be true value discovery. Is that enough of a benefit to give away part of a crown jewel of an asset?
Book value according to the balance sheet is somewhere around $20.50 versus a stock price of $16.50, but as explained, the carrying value of assets is super conservative. I believe that the true net asset value is closer to $27.00. Did you listed to the podcast on this company? If not, it is more detailed than this write up: https://rockandturner.substack.com/p/aaab-the-gateway-to-investing-in
Amazon announced that it is investing $35 billion in India by 2030 for AI infrastructure, logistics and exports. It has already spent $40 billion since 2010.
Microsoft put $17.5 billion into India yesterday.
The boom is only just starting to take shape. The evidence is there.
Karnataka has formally started the process for a second international airport for Bengaluru, separate from Kempegowda International Airport (BIAL). The state government has proposed a new greenfield airport around Bengaluru to handle future traffic once Kempegowda 'nears saturation' and the BIAL exclusivity clause (no other airport within 150 km) expires in 2033. The target is to have the second airport operational around 2033, subject to central approvals and project execution.
The words, 'nears saturation' should tell you everything you need to know.
Three main locations on the outskirts of the city are currently shortlisted: two near Kanakapura Road (Chudahalli and Somanahalli in South Bengaluru) and one near Nelamangala–Kunigal/Tumakuru Road, each with about 4,500–5,200 acres identified. Recent statements by Deputy Chief Minister D.K. Shivakumar indicate that the government’s preferred region is South Bengaluru.
BIAL is immediately annexed to Airport City which promises to be a major economic hub. If you wanted to visit Airport City, you would use BIAL, not a second airport located some distance away.
The airport is in planning and feasibility stage; construction has not yet begun, but the project is officially being advanced as Bengaluru’s 'second' airport alongside BIAL in the long term.
It is clear that BIAL will always be the pre-eminent airport. Anything else will be secondary to handle excess traffic (think London: Heathrow is the primary airport while Gatwick, Stanstead, Luton and City airports take excess capacity, most of which is short haul traffic).
In short, I don't see it as a threat to BIAL and, if it gets built without delay, it doesn't even start to operate until 2033 at the earliest, by which time BIAL is not only well established, but potentially at capacity.
Appreciatie the insight, it does seem a compelling way to get India exposure, with a trustworthy steward watching your capital.