Value Investing — Educational Series In nature, lasting success is mostly about not dying — not about being the fastest. One India-focused fund manager built a remarkable record by applying that single idea to the stock market. His lessons are
Joel Greenblatt’s 1997 framework finds mispricing not in better forecasts but in forced sellers — corporate events that hand orphaned securities to holders mandated to dump them. An educational look at the mechanism, the evidence, and the discipline it asks of the long-term investor.
India’s registered investor base has nearly quadrupled — from roughly 3 crore to more than 11 crore unique investors on the NSE in just a few years — yet ask a room full of these new shareholders where the independent
India’s registered investor base has exploded from roughly 3 crore to more than 11 crore unique investors on the NSE in just a few years — and almost every one of those new investors learned the same first valuation lesson:
The Cash Flow From Operations to Total Debt ratio combines the cash-flow statement and the balance sheet into one credit-analyst solvency test. This article walks through the formula, two contrasting cases, and an FY25 audited case study.
The Graham-era forensic test that asks: of every rupee you pay for a share, how many paisa are simply cash sitting in the company’s bank account?
How one balance-sheet line — Goodwill on Consolidation — reveals whether Indian companies grew their earnings organically or simply purchased them at a premium. A forensic FY25 walkthrough with an organically-built reference set, including Ind AS 36 impairment-test signals and four common traps.
Days Payable Outstanding (DPO) measures how long a company takes to pay suppliers. Rising DPO can mean franchise-level negotiating power – or hidden liquidity distress. Here is how to tell which, with an FY25 Indian biotech illustration.
SEBI’s most recent investor-protection study found that nearly nine out of ten individual traders in the equity Futures & Options segment lost money in FY24 — a body of evidence that has shifted the regulator’s focus toward investor education on
Between 2019 and 2025, India added approximately 8 crore demat accounts. NSE’s investor base alone expanded from 3 crore to over 11 crore in that window. Yet in February 2025 SEBI re-published the now-infamous finding that 93% of individual traders
The Securities and Exchange Board of India reported that approximately 93% of individual traders in the equity Futures & Options segment incurred net losses, with aggregate losses crossing ₹1.81 lakh crore in recent fiscal years. While retail India chases the
Every Indian retail investor knows the headline risk — a company runs out of cash and the stock collapses. What very few investors know is that a single ratio, often missing from broker reports and CNBC tickers, tells you precisely
India crossed 11 crore unique demat accounts in 2025 — almost a 4x jump from the 3 crore investor base we had as recently as January 2020. Yet the SEBI study on individual F&O traders is unforgiving: nine out of
India’s investing universe has exploded from 3 crore unique investors in 2020 to over 11 crore in 2026. Most of these new investors learn to read a P&L and a balance sheet. Almost none of them learn to read the
Educational reading for serious Indian long-term investors. This is not investment advice and contains no buy / sell / hold call on any company named below. If you had to name the single behavioural bias that quietly destroys the most