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About Manish Goel

SEBI Registered Investment Adviser • Chartered Accountant

420 Articles Published

Manish Goel is a Chartered Accountant and the Founder of Multibagger Securities Research & Advisory Pvt. Ltd. (SEBI Registered Investment Adviser, INA100007736). A full-time value investor since 2010, he has helped thousands of investors build long-term wealth through quality stock picking and disciplined fundamental analysis.

September 20, 2026

Cover illustration: a descending curve drawn as a widening spiral beside a row of identical hand-made pieces, the earliest rough and the latest exact, with a counter showing one thousand

The Thousandth Jalebi: How to Tell Real Learning in a Business From a Bigger Machine

A rule almost a hundred years old says a business gets cheaper the more times it has done the work — not the more it makes this year. The difference decides whether a richer rival can catch up. It is also the most over-claimed advantage in business, so half of today's letter is about checking it.

September 19, 2026

Cover illustration: an engineering drawing on a drawing board with one supplier's name written into the corner of the sheet and an official stamp of approval beside it

The Name Written Into the Drawing: How to Judge a Supplier the Customer Chose Only Once

Most suppliers have to win the sale all over again every time. A few are written into the customer's own paperwork, and after that the customer has to do the work of removing them. That difference is one of the quietest advantages in business, and it leaves a paper trail you can actually look for.

September 18, 2026

Cover illustration: a wide stream of coins flowing through an open counter with only a small gold portion falling into the shopkeeper's own tin, the rest passing straight out the other side

The Money That Only Passes Through: How to Tell What a Business Earns From What It Merely Handles

Crores can move through a company's bank account in a year without a rupee of it belonging to the company. There is an accounting rule that decides which is which, and knowing it will stop you mistaking a big number for a big business.

September 17, 2026

Navy hero scene with a tall kitchen cabinet on the left and a tilted 'Monthly Bill' receipt beside bold copy reading 'The Milk Bill That Comes Even When You Are Away'

The Milk Bill That Comes Even When You Are Away: What a Guaranteed Contract Really Guarantees

Some companies are paid by their customers whether or not those customers take delivery. It is the closest thing in business to a salary. But a promise is only worth as much as the person who made it, and there are four questions that tell you whether this one is worth anything at all.