Watching the finals of the ICC Women’s World Cup Final, where the Indian Women’s Cricket Team defeated the South African Women’s Cricket Team by 52 runs, was no less than watching a masterclass in discipline and patience, and of seizing the right moment. Their performance reminded me of how Warren Buffett described value investing using a baseball analogy. Buffett said that the lesson for investors is that you don’t need to swing at every pitch. He famously said, “The trick in investing is just to sit there and watch pitch after pitch go by and wait for the one right in your sweet spot. And if people are yelling ‘Swing, you bum!’ ignore them.”

For the Women in Blue, every loose ball was a clear opportunity to get on the front foot and turn the chance into runs. Like in value investing, when fear drives valuations down, and quality businesses get offered at a discount, the disciplined investor steps forward and puts her money to work.

Despite losing some early wickets and finding themselves under pressure, the Indian team, with their measured approach, defended their total and waited for the opponents to make mistakes. Similarly, value investors know that in bull-market phases, they might need to get on the back foot – to preserve capital and avoid overpriced froth. But sooner or later, the market will correct. Value investors then shift to the front foot – deploy capital and buy with conviction. Value investing, like cricket, is not about being aggressive all the time, but being patient and opportunistic.

The Indian fielders supported the bowlers and seized chances, especially that outstanding catch in the mid-wicket region, off the bat of the South African captain. This gave the team a significant “margin of safety” – a cushion that helped them seal the final. Value investors always seek a “margin of safety” – buying businesses whose intrinsic value is significantly higher than the price they pay so that they are protected. Just as the smart fielding and disciplined bowling gave the Women in Blue a buffer against the South African tail-enders!

For the Women in Blue, winning the World Cup final wasn’t about 50 overs – it was about planning, adapting, and enduring. Value investing is no different. It isn’t about timing a quick trade—it’s about owning high-quality companies for years, letting compounding work, and ignoring the noise around you.

The Indian team’s journey, from group stage setbacks, knock-out tension, and the final triumph, is a metaphor for enduring market cycles, staying disciplined, and ultimately triumphing with the right strategy. The pitch may be rough, the bowlers aggressive, the crowd roaring – but the value investor stays alert for the loose ball, knows when to defend and when to strike, builds in margins of safety, buys when prices are low, and plays the long innings.

Article Originally published in NISM Newsletter November 2025.

Author: Mr. Sashi Krishnan, Director – NISM