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.

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April 26, 2026

Infographic title 'The Too-Hard Pile' with a horizontal bar chart showing values FY20–FY25, declining from 28 to 11 (FY25 in green).

The Too-Hard Pile: Charlie Munger’s Cognitive-Humility Discipline for Indian Value Investors

Charlie Munger's three-box discipline — In, Out, Too Hard — is the cognitive-humility skill that separates serious investors from confident commentators. Titan Biotech FY25's legible filings illustrate the opposite of a too-hard company.

April 25, 2026

Hero image with the title 'System 1 vs System 2 Thinking' and a 2x2 color grid: top-left Lucky (gray), top-right Disciplined Investor (green), bottom-left Confused (light gray), bottom-right Bias-Trapped (orange) on a dark blue background.

System 1 vs System 2 Thinking: Daniel Kahneman’s Dual-Process Framework for Indian Long-Term Investors

Kahneman's dual-process theory unpacked for Indian retail investors: why System 1 hijacks portfolios, how Buffett, Munger, Klarman, and Marks engineer System 2, and how Titan Biotech's FY25 audited disclosures (₹3 Cr borrowings, 103% CFO/OP, 36.4% board independence) illustrate System-2-style management process.

April 25, 2026

Site hero with a dark blue background, large white title 'DuPont Three-Factor Decomposition of RoE' and green subtitle, centered multicolor donut chart labeled FY25 Reinvented.

DuPont Three-Factor Decomposition of RoE: How to See Through the Most Misunderstood Ratio in Indian Investing

RoE without the DuPont decomposition is a meaningless headline. Two companies with identical 25% RoE can be a fortress compounder and a leveraged time bomb. Today's lesson teaches the framework using Titan Biotech FY25 audited numbers as a positive illustration.

April 24, 2026

Dark blue article hero with title 'Self-Attribution Bias' and subtitle about Indian investors; below is a 2x2 color grid: top-left gray block labeled 'Lucky', top-right green block labeled 'DISCIPLINED INVESTOR', bottom-left light gray block labeled 'Confused', bottom-right orange block labeled 'BIAS-TAPPED' (likely 'BIAS-TRAPPED'). Branding 'Manish Goel Portfolio Management Service' appears at top corners.

Self-Attribution Bias: Why Indian Investors Take Credit for Wins and Blame Luck for Losses

Self-attribution bias — crediting wins to skill and losses to bad luck — is the silent wealth destroyer behind 93% F&O retail losses in India. Miller & Ross (1975), Gervais & Odean (2001). Illustrative case on how Titan Biotech FY25 audited disclosures exhibit symmetric attribution at the corporate level.