Mid-Cap and Small-Cap Funds for the Next 10 Years
Suppose an investor has ten years to invest. Historical data shows that mid-cap and small-cap indices have delivered significantly better returns than large-cap indices over the past decade. This raises an interesting question: If mid-cap and small-cap funds have historically generated superior long-term returns, why should an investor allocate money to large-cap funds at all? […]
What Every Investor Should Know Before Buying Bonds
Imagine two investment opportunities: a bank fixed deposit offering 7% interest and a corporate bond advertising 13%. The second looks more attractive. After all, both promise interest payments and eventual repayment of principal. Why accept 7% when 13% is available? Because the comparison leaves out the most important question: What could prevent the investor from […]
When Should You Sell?
Four practical filters for making one of investing’s most neglected decisions. Buying a stock gets plenty of attention. Selling one rarely does. When markets fall, the familiar advice is to buy more, average down, or add to existing positions. Analysts, experts and television commentators spend far more time discussing what to buy than when to […]
5 Big Predictions for 2027
Will 2027 mark a turning point for Indian equities? We believe five major trends could shape investment returns over the next 12–18 months. Indian equity markets have been under pressure, and investor sentiment has weakened considerably. In our previous market update, we cautioned that equities could correct by another 10%. Markets have already declined approximately […]
Which Sectors Will Lead India’s Next Bull Market?
Where Could the Next Bull Market Leadership Come From? Every bull market has its leaders. But one of the more interesting patterns across market cycles is that the leadership rarely comes from exactly the same sectors as the previous cycle. That pattern has repeated several times in India. The 2004–08 bull market was dominated by […]
Arbitrage Funds vs Debt Funds
In the recent Budget, the Finance Minister increased the Securities Transaction Tax on futures transactions from 0.02% to 0.05%. That is a 150% increase. An indirect consequence of this, and probably not an intended one, will be felt by arbitrage mutual funds. Arbitrage fund returns are currently running at roughly 6% to 7%. We expect […]
The Biggest investing Mistake Made in 20s
The biggest mistake we made in our 20s was not buying the wrong stocks. It was misunderstanding what money was supposed to do. Back then, we thought markets existed to make us rich. We never saw them as a place where wealth gets multiplied slowly, patiently, over decades. So we chased the wrong things – […]
Should You Stop SIPs in a Market Crash?
Over the last month, our inbox and phone have been full of the same two questions from investors: “Should I stop my SIPs?” and “Should I sell now and buy back when markets bottom out?” Both questions come from the same place – fear. And both lead to the same destination — permanent loss of […]
Gala Precision Engineering: Stock Analysis
Investment Thesis Gala is a business construct we’ve seen converge across geographies: small-value, high-criticality components; long approval cycles; customers structurally unable to be price-sensitive; revenue that behaves like an annuity once designed in. Gala runs a milder, more contested version of that template than the aerospace-grade purists – but it pairs it with a visible capacity […]
The Perils of Pavlov: Intellect Design Arena
Have we seen this pattern before? A mission-critical infrastructure product, multi-decade switching costs, heavy upfront R&D that suppresses today’s margin, then operating leverage as the installed base compounds. The same playbook is being played out across CDMO and Precision Engineering domain At roughly ₹10,500cr market cap and ~30x trailing earnings, the market is paying ~30x for a business […]