Concentrated vs Diversified Portfolios: What Works in India
Diversification is sold as risk management. Past a point, it mostly manages the manager’s career risk. Research shows 15 to 20 stocks eliminate most unsystematic risk; every addition after that barely cuts volatility while diluting high-conviction ideas. In India,...
Why Cash Flow Beats Earnings in Stock Analysis?
Earnings are an accounting construct. Cash flow is what hits the bank account. A business can report growing profits while burning cash through aggressive revenue recognition, capitalised expenses, or stretched receivables. Free cash flow tells you whether the...
Turnaround Investing in India: How to Spot Winners Early?
A turnaround investment is a bet on a business that has performed poorly but where underlying asset quality or management change creates recovery conditions the market hasn’t priced in yet. In India, where listed businesses are often cyclical and under-covered,...
