Behavioral Finance

April 23, 2026

Hero header for 'Base Rate Neglect' article with a 2x2 color grid: labels Lucky, Disciplined Investor, Confused, and Bias-Trapped conveying investor mindsets.

Base Rate Neglect: The Kahneman-Tversky 1973 Cognitive Bias Behind ₹1.8 Lakh Crore of Indian F&O Losses

Kahneman & Tversky's 1973 "Tom W." experiment exposed base rate neglect — the bias behind 93% Indian F&O loss rates. Learn the 5-step counter-measure framework, and see how Titan Biotech's FY25 CFO/OP of 103%, ₹3 Cr borrowings, and 29% 10-year profit CAGR illustrate favourable-tail corporate markers (educational case study, not a valuation call).

April 23, 2026

Bar chart showing debt-to-equity by fiscal year FY20–FY25; values fall from 28 to 11, FY25 bar is green.

Debt-to-Equity Ratio: The Single Most Important Leverage Metric Every Indian Value Investor Must Master

The Debt-to-Equity Ratio is the single most important leverage filter every Indian value investor must master. Titan Biotech FY25's ₹3 Cr borrowings against a strong net worth produces a sub-0.05x D/E — a textbook illustration of a fortress balance sheet.

April 23, 2026

Horizontal bar chart of yearly Manish Goel PMS (FY20–FY25): FY20 28, FY21 26, FY22 22, FY23 18, FY24 14, FY25 11 (FY25 bar in green).

Invert, Always Invert: Charlie Munger’s Cornerstone Mental Model for Avoiding Small-Cap Disasters in Indian Value Investing

Charlie Munger's favourite mental model — invert the question. Instead of 'how do I find the next multibagger?', ask 'how do I guarantee small-cap losses?' A disciplined Indian inversion checklist, illustrated by Titan Biotech's FY25 audited numbers.

April 22, 2026

Hero header with title 'The Endowment Effect' and subtitle, followed by a two-by-two color grid labeled Lucky, DISCIPLINED INVESTOR, Confused, BIAS-TRAPPED on a dark blue background.

The Endowment Effect: Why Indian Investors Overvalue What They Already Own

Richard Thaler (1980) and Kahneman-Knetsch-Thaler (1990) explain why Indian retail investors cling to inherited, IPO-allotted, and COVID-era holdings. SEBI, NSE and IIM Bangalore data + a six-step de-biasing checklist from Graham/Buffett/Munger/Klarman, with Titan Biotech (BSE:524717) FY25 audited numbers as the illustrative anti-endowment corporate case study.