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 expansion in a single market cycle. Yet a 2024 SEBI study found that nine
Indian retail participation has crossed 11 crore registered investors on NSE — up from 3 crore just five years ago. Yet a SEBI study covering FY22-FY24 found that 9 out of 10 individual traders in the equity Futures & Options
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, what’s my best alternative use for this dollar? And that’s the standard against which
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 out of every 10 individual traders in Indian F&O lose money, with aggregate retail
Estimated reading time: 9–11 minutes. This is an educational value-investing essay written for serious Indian long-term investors. The Titan Biotech section is a corporate-process illustration of a categorisation principle. Table of Contents Toggle 1. The Sentence Almost Nobody Quotes From
Estimated reading time: 11–13 minutes. This is an educational behavioural-finance article written for serious Indian long-term investors. It is neither a research report nor a stock recommendation. The Titan Biotech section is a corporate-process case study — not a buy/sell/hold
Educational deep-dive on a forensic earnings-quality metric — illustrated, not recommended. This is not a buy/sell recommendation on any stock, including Titan Biotech Limited (BSE: 524717). Table of Contents Toggle Why This One Line in the P&L Decides Whether You
Most Indian investors hear the word goodwill and instinctively reach for a forensic flashlight. Their training is correct, but it is incomplete. There are two goodwills in the investing universe — and the one that compounds your wealth is invisible
Ask the average Indian retail investor how they decide what to buy this morning, and a striking pattern emerges. “This stock has fallen for five sessions, the bounce is due.” “That stock has rallied for three quarters, the streak is
Last week, India crossed a quiet milestone. The number of unique investors registered with NSE moved past 11 crore — up from just 3 crore in 2019, according to NSE’s Market Pulse data. In parallel, the SEBI study released in
Most Indian investors who have read a few value-investing books know three names by heart: Benjamin Graham, Warren Buffett and Charlie Munger. A few will throw in Philip Fisher or Peter Lynch. Almost no one talks about Walter Schloss —
If you ask an Indian retail investor, “What return will your favourite small-cap stock deliver over the next five years?” you will almost always get a confident, story-driven answer: “The promoter is honest, the order book is strong, the sector
According to the latest SEBI study on individual traders in the equity Futures & Options segment, 9 out of 10 lose money. Combine that with the National Stock Exchange’s registered investor base growing from 3 crore in 2020 to over
In 1991, on stage at the University of Notre Dame, Warren Buffett offered a single thought experiment that, if taken seriously, would have saved Indian retail investors from roughly ₹1.8 lakh crore of F&O losses, several thousand small-cap blow-ups, and
Published 2 May 2026 · Behavioral Finance Series · ~3,000 words You can make a brilliant decision and still lose money. You can make an awful decision and still make money. Most Indian retail investors do not separate these two