New Delhi, March 24 -- Regular readers know about Bertie's skepticism when it comes to using low per capita consumption as an investment thesis to buy stocks. With 1.4 billion people in the denominator, the per-person consumption of anything from beer to cement is bound to be low. The charts look seductive, though, especially when placed next to the same number for China and developed countries. A 'happily ever after' tale starts taking shape in the reader's mind, and the resulting warm, fuzzy feeling leads to the pressing of the buy button. But in those moments of temptation, it is worthwhile to remember what Yogi Berra told us, "In theory, there is no difference between theory and practice. In practice, there is."

Bertie has seen simil...