Edward Thorndike documented the halo effect in 1920; Phil Rosenzweig's 2007 book showed it runs backward in business commentary. We unpack the five Indian retail-investor halo channels, share a five-step de-haloing checklist, and use Titan Biotech FY25's nine decorrelated disclosed markers as an illustrative anti-halo process case study.

How to read a 10-year Revenue CAGR through four disciplined lenses — illustrated with Titan Biotech FY25 audited numbers (~15% Revenue CAGR, ~29% PAT CAGR, ~103% CFO/OP, Rs.3 Cr borrowings). Educational only.

The Planning Fallacy systematically tricks investors into underestimating time, cost, and risk while overestimating benefits. Indian retail data shows the bias is alive and expensive — median expected returns of 18-22% versus actual Nifty 50 TR of 13.4%. The remedy is Reference-Class Forecasting. Titan Biotech FY25 illustrative numbers — Rs.3 cr borrowings (down 81%), 103% CFO/Operating Profit, paced capex over a decade.