Blog · Page 7
Plain-English lessons on judging businesses, reading annual reports and staying patient — 370 articles and counting, a new one most mornings. Educational only: none of these is a research report or a recommendation.
An investor in Mumbai who buys only Mumbai-listed equities, who concentrates 18% of his portfolio in his employer’s shares, who has never opened a Liberalised Remittance…
Among India’s 11 crore registered equity investors as of early 2026, fewer than one in fifty can write down Benjamin Graham’s square-root intrinsic-value formula from memory.…
If you have ever bought a stock within ten minutes of a celebrity portfolio manager naming it on a business-news channel, you have not made a…
Hyperbolic discounting describes the empirically robust finding that humans value a reward today disproportionately more than a reward tomorrow, but value a reward 365 days from…
The Securities and Exchange Board of India introduced a quiet but seismic governance reform on 1 April 2022 through an amendment to the Listing Obligations and…
Every Indian investor who has ever tried to value a stock has at some point reached for a DCF spreadsheet, plugged in growth rates and terminal…
Director remuneration is the total cash and non-cash compensation — basic salary, commission, perquisites, ESOPs, retirement benefits, sitting fees and any other payment — that a…
Ask a fund manager what edge he has over the index, and you will hear the usual answers — better research, deeper models, faster information. Ask…
Every quarter, a particular kind of stock idea sweeps through Indian WhatsApp investor groups. The CEO gave a magnetic CNBC-TV18 interview. The promoter is a Padma…
SEBI’s landmark 2024 study revealed that 9 out of 10 retail traders in equity Futures & Options lose money — a cumulative ₹1.81 lakh crore destroyed…
The Planning Fallacy is the systematic tendency of human beings to underestimate the time, cost, and risk of future actions while simultaneously overestimating the benefits of…
The Reinvestment Rate is the percentage of a company’s after-tax operating profit (NOPAT) that management ploughs back into the business in the form of net capex…
Pick a stock you “feel good” about. Pick a stock you “feel bad” about. Now ask yourself: did the feeling come before or after you looked…
The Sales-to-Gross-Block Ratio is an asset-efficiency measure. It tells you how many rupees of revenue a company has produced for every rupee of gross fixed assets…
If a fund is described as “90% of investors retain capital” you commit. If the same fund is described as “1 in 10 investors lose capital”…
The number of registered investors on the National Stock Exchange has crossed eleven crore in 2026, up from roughly three crore in 2020 — a 3.7x…
Gross Block is the cumulative original cost of every item of property, plant and equipment a company has ever bought or built — buildings, machinery, vehicles,…
One of the most repeated lines in Charlie Munger’s lifetime of public talks goes like this: “The first principle is that you have to ask yourself,…
The Securities and Exchange Board of India’s longitudinal study on the Futures & Options segment confirmed what disciplined long-term investors have suspected for years: roughly 9…
Every Indian investor has heard the famous Buffett lines. The 20-punch card. Mr. Market. The favourite holding period being forever. These travel well — they survive…
In 1975, Harvard psychologist Ellen J. Langer published a paper in the Journal of Personality and Social Psychology with a deceptively simple title: “The Illusion of…
The Securities and Exchange Board of India’s January 2024 study on individual traders in the equity Futures & Options segment is now the single most-cited statistic…
Accounting goodwill is the residual figure that lands on a balance sheet when one company pays more than fair book value to acquire another. It is…
The gambler’s fallacy is the belief that an independent random event is “due” because it has not happened recently. After ten coin flips landing on heads,…
The securities quoted in these articles are for illustration only and are not recommendatory. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.