Behavioral Finance

May 16, 2026

Hero section with title 'Look-Through Earnings' over a dark blue gradient, subtitle text, and a centered multicolor donut chart labeled 'FY25 Reinvested'.

Look-Through Earnings: Warren Buffett’s 1990 Berkshire Letter Framework for Measuring Your True Portfolio Earnings

Warren Buffett's 1990 Berkshire letter introduced look-through earnings — dividends plus your proportional share of retained profits. Why this single number reveals what your portfolio truly earned, illustrated by Titan Biotech FY25's high-retention, low-debt capex discipline.

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.