Windmill Capital Investor Letter – December 2025 Edition
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Windmill Capital Investor Letter – December 2025 Edition
Windmill Capital covers 5 major stories from 2025 along with other updates like rebalance, defence modernization & gold flipping 18Y narrative
The Ideas That Shaped Our Thinking in 2025
A year in review of the ideas, questions, and frameworks that shaped our thinking on markets, behaviour, and investing in 2025.
India’s Defense Revolution: The Untold Story of Military Modernization
India's defense power isn't about tanks and jets anymore; it's about mastering the materials and code that power them.
How Should Investors Read the US Raids on Venezuela?
Venezuela may be across the world, but its oil matters to India’s economy and many Indian companies.
How 2025 Fooled Investors Into Thinking Gold Beat Stocks for 18 Years
One exceptional year made gold look superior to stocks. But 18 years of data tells a very different story about wealth.
Indian Stock Market: The 2025 Lookback and the 2026 Watchlist
As we close the books on 2025 and open the first chapter of 2026, the question we need to ask is what kind of market we're heading into.