I am studying how Pakistani industries make money, and how their business models change through good years and bad. Purely to learn, and in public. Each episode follows the cycle, the parts of the model that changed, my own read as someone who has run the commercial side of a large business, and one open question. Every number is dated and sourced. Nothing here is about the shares.
Around FY23, Pakistan's cement industry was selling fewer bags, paying twice as much to make each one, and leaving more than half its plants idle. Three years later its margins were higher than before. This is how the model bent without breaking.
→The site is where the short writing lands. The monthly letter is the longer version, with the reading and the working notes that will not fit anywhere else.
No welcome sequence, no upsell, one email a month. Leave whenever you like.
The longer version of what you just read, with the working notes that do not fit on LinkedIn.
No welcome sequence, no upsell. Leave whenever you like.