ROCE, Explained: The One Number That Quietly Decides Everything
Return on capital employed sounds like an accounting chore. It's actually the closest thing investing has to a truth serum — here's how to read it without the jargon.
Shantum Gupta·
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Where We Are in the Cycle: A Sober Look at Indian Equities
Sentiment is loud, valuations are full, and earnings are doing the quiet work. A framework for thinking about the Indian market without getting swept up in the mood.
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The Sunday Digest: Patience, Moats, and the Cost of Being Early
Five ideas worth carrying into the week — on why patience is an edge, how moats quietly erode, and the difference between being early and being wrong.
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Owner Earnings: Looking Past Reported Profit
Reported profit is an opinion; cash is a fact. Owner earnings is the bridge between them — and learning to estimate it changes how you read every annual report.
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Margin of Safety Isn't a Number — It's a Habit
Everyone quotes Graham's most famous idea and almost no one practises it well. Margin of safety isn't a discount you calculate once; it's a way of being wrong cheaply.
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