Manish Goel

About Manish Goel

SEBI Registered Research Analyst • Chartered Accountant

377 Articles Published

Manish Goel is a Chartered Accountant, SEBI Registered Research Analyst, and founder of Manish Goel PMS. A full-time value investor since 2010, he has helped thousands of investors build long-term wealth through quality stock picking and disciplined fundamental analysis.

Facebook X (Twitter) Instagram YouTube LinkedIn

May 15, 2026

Hero section with the title 'Ambiguity Aversion' and subtitle; a 2x2 color grid showing 'Lucky' (gray), 'Disciplined Investor' (green), 'Confused' (light gray), and 'Bias-Trapped' (orange) against a dark blue background.

Ambiguity Aversion: Daniel Ellsberg’s 1961 Paradox and Why Indian Investors Prefer the Illusion of Probabilistic Certainty in Weekly Options Over the Honest Uncertainty of Long-Term Equity

Daniel Ellsberg's 1961 paradox shows humans pay a premium to avoid unknown probabilities, not just risk. This explains the bulk of Indian F&O loss data, sub-5-month equity holding periods and month-21 SIP abandonment. Titan Biotech FY25's disclosure architecture is read as a positive illustration of how a small-cap can collapse ambiguity for long-term investors. Educational case study only — no buy/sell call.

May 15, 2026

Infographic showing EV/Sales Ratio trend from FY20 to FY25, declining from 38 to 16; yearly values: FY20 38, FY21 32, FY22 26, FY23 22, FY24 19, FY25 16 (green last bar).

EV/Sales Ratio: The Capital-Structure-Neutral Revenue Multiple Every Indian Long-Term Investor Must Master

EV/Sales is the capital-structure-neutral valuation lens that puts equity and debt holders on the same footing. Learn how to read the multiple correctly — using Titan Biotech's FY25 audited ₹214 Cr revenue, ₹3 Cr borrowings, and 103% CFO/OP cash conversion as an educational illustration of management discipline.

May 15, 2026

Hero section: title 'Peter Lynch’s Six Categories of Stocks' with subtitle; four color blocks labeled Trader, Compounding, Drift, Speculator.

Peter Lynch’s Six Categories of Stocks: The 1989 ‘One Up on Wall Street’ Classification Discipline Every Indian Investor Must Master Before the Next Multibagger Hunt

Peter Lynch's six-bucket classification — slow growers, stalwarts, fast growers, cyclicals, turnarounds, asset plays — is the discipline that prevents Indian retail investors from applying the wrong mental model.

May 14, 2026

Infographic titled 'Familiarity Bias and Home-Country Bias' showing four colored blocks: left column gray labeled 'Lucky' (top) and 'Confused' (bottom); right column green top labeled 'DISCIPLINED INVESTOR' and orange bottom labeled 'BIAS-TRAPPED', illustrating four states of investor bias.

Familiarity Bias and Home-Country Bias: How Huberman (2001) and French & Poterba (1991) Explain Why 99% of Indian Retail Portfolios Stay Inside India

Familiarity Bias — Huberman 2001, French & Poterba 1991, Coval & Moskowitz 1999 — explains why 99% of Indian retail portfolios stay inside India. Titan Biotech's 34.5% FY25 export revenue mix is the corporate anti-bias illustration.