Behavioral Finance

April 29, 2026

Dark blue page header with 'Mr. Market' title and subtitle, followed by a horizontal bar chart of yearly figures FY20–FY25 (FY25 in green, value 11).

Mr. Market: Benjamin Graham’s 1949 Parable for Treating Daily Quotes as Offers, Not Verdicts

Benjamin Graham's 1949 Mr. Market parable is the operating system for ignoring daily price quotes. Titan Biotech FY25's audited quiet — ₹3 cr borrowings, 103% CFO/PAT, 36.4% ROCE — illustrates the underlying factory that survives every tick.

April 28, 2026

Hero banner with title Status-Quo Bias and subtitle, followed by a 2x2 color grid labeling four investor mindsets: Lucky (grey), Disciplined Investor (green), Confused (light grey), Bias-Trapped (orange).

Status-Quo Bias: Samuelson & Zeckhauser’s 1988 Cognitive Anchor That Keeps Indian Investors Stuck in Regular MF Plans, Old Brokers and Drifting Allocations

Samuelson & Zeckhauser (1988) showed that decision-makers stick to existing options far more than rationality justifies. AMFI / SEBI data shows roughly half of equity MF AUM is still in Regular Plans 13+ years after Direct Plans launched. This post unpacks the bias, gives a structural fix, and uses Titan Biotech FY25's audited numbers to illustrate corporate anti-status-quo discipline. Educational case study only — not investment advice.

April 28, 2026

Bar chart of interest coverage ratio by fiscal year (FY20–FY25): FY20 28, FY21 26, FY22 22, FY23 18, FY24 14, FY25 11; FY25 bar highlighted in green.

Interest Coverage Ratio: The 30-Second Solvency Filter

Interest Coverage Ratio (EBIT/Finance Costs) is the 30-second solvency filter every Indian value investor must know. Titan Biotech FY25's ~₹3 Cr borrowings, ₹11 Cr internally funded CWIP, and 103% CFO/Operating Profit illustrate what fortress-coverage looks like in numbers.

April 27, 2026

Dark navy hero with the headline “Free Cash Flow Margin,” a green subtitle, and a centered multi-color donut chart labeled FY25 Reinvested at the bottom half of the image.

Free Cash Flow Margin: The One Number That Separates Real Profits From Accounting Illusions

Free Cash Flow Margin = (CFO − Capex) ÷ Revenue. Titan Biotech FY25 audited CFO/Operating Profit 103%, ₹3 Cr borrowings, ~₹214 Cr revenue — educational illustration of disciplined cash generation.