Indian retail participation on the NSE has expanded from roughly 3 crore unique investors in 2019 to more than 11 crore in 2026 — a 3.6x explosion in less than seven years. Yet a SEBI study has repeatedly shown that
In January 1972, Warren Buffett wrote a cheque for $25 million to buy a chocolate company. Charlie Munger had to drag him to that decision. Berkshire Hathaway’s books had never seen a price like it for a business with only
In 2011, three behavioural economists at Harvard Business School and Duke University — Michael I. Norton, Daniel Mochon and Dan Ariely — conducted a series of laboratory experiments in which participants either folded an IKEA storage box themselves or evaluated
Table of Contents Toggle The Hidden Margin Lever No One Talks About What Exactly is the Employee Cost-to-Revenue Ratio? How to Read the Number Why This Ratio Reveals Operating Leverage The Formula in Practice — A Worked Example Titan Biotech
Almost every investor I meet is obsessed with one half of the economic equation: demand. Demand for cement, demand for chips, demand for credit, demand for chemicals. They build elaborate forecasts about how India’s GDP will compound and how each
Table of Contents Toggle Choice Overload — The Bias That Quietly Paralyses Indian Retail Investors The Underlying Psychology — Why Too Many Choices Demotivate The Indian Manifestation — Four Pieces of Local Evidence The Counter-Measure Checklist — Four Disciplines for
If a value investor were allowed to study exactly one governance disclosure in an Indian annual report, the smart choice would not be the audit report, not the board composition table, and not even the related-party schedule. It would be
📅 Published May 22, 2026 (Friday) | 8:00 AM IST Table of Contents Toggle The Question That Started a 365-Stock Study The Seven Attributes That Predicted Hundred-Bagger Returns Why the Seventh Attribute Is the Real Hurdle How Titan Biotech’s FY25
If you have ever opened your portfolio after a bad market day and felt the loss with a sharper, longer, more visceral pain than the equivalent gain on a good day, you have lived inside the most foundational cognitive bias
When the National Stock Exchange of India crossed the eleven-crore registered investor mark in early 2026 — having scaled from roughly three crore in 2020 — a sobering reality became impossible to ignore. The vast majority of these new entrants
When Charles T. Akre Jr. — the soft-spoken Virginia investor who turned a small boutique into a multibillion-dollar compounding machine — was asked at a 2011 Google Talk how he picked stocks that returned 20%+ for decades, he reached not
Some of the greatest fortunes in American corporate history were not built by the most charismatic operators, the loudest brand-builders, or the most aggressive empire-acquirers. They were built by quiet, almost reclusive chief executives who understood one thing that nobody
“In 1983, Amos Tversky and Daniel Kahneman published a six-page paper in Psychological Review with one of the most counter-intuitive results in cognitive psychology: when given a detailed description of a fictional woman named Linda, 85% of educated participants —
India now has over 11 crore unique investors registered with NSE as of 2025 — up from barely 3 crore at the start of the decade. The 2024 SEBI study on the equity Futures & Options segment found that 93%
Most Indian retail investors look at a quarterly result, see a margin dip or a flat top-line, and immediately ask the wrong question: “Has the business broken?” The right question — the one Tom Russo has been asking for forty