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Manish Goel - SEBI Registered Investment Adviser

About Manish Goel

SEBI Registered Investment Adviser • Chartered Accountant

448 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 writes on value-investing principles for education and general awareness.

May 24, 2026
Hero title: "Wonderful Business at a Fair Price" with subtitle about Buffett and Indian compounds, on a dark blue background.

Wonderful Business at a Fair Price: The See’s Candies Pivot That Reshaped Buffett’s Mind in 1972 – and Why It Justifies Owning Quality Indian Compounders Today

In January 1972 Buffett wrote a $25 million cheque for See's Candies - the single most consequential trade of his career. Here is why Indian value investors must abandon cigar-butt thinking and pay for quality.
May 23, 2026
Hero page with title 'The IKEA Effect' and four colored blocks: top-left Lucky (gray), top-right DISCIPLINED INVESTOR (green), bottom-left Confused (light gray), bottom-right BIAS-TRAPPED (orange).

The IKEA Effect: Norton, Mochon & Ariely’s 2012 Discovery That Labour Leads to Love

In 2011, three behavioural economists at Harvard Business School and Duke University — Michael I. Norton, Daniel Mochon and Dan Ariely — conducted a series of […]
May 23, 2026
Infographic: Employee Cost-to-Revenue Ratio by fiscal year, rising from FY20 (14) to FY25 (22); FY25 bar is green.

Employee Cost-to-Revenue Ratio: How a Single P&L Line Reveals Operating Leverage, Wage Discipline & Hidden Margin Risk

The Employee Benefit Expense line is the cleanest fixed-cost intensity metric on any Indian P&L. Here is how to read it, benchmark it, and use it — illustrated with Titan Biotech FY25's audited markers.
May 23, 2026
Headline: Marathon’s Capital Cycle Theory with a green accent bar and subtitle against a dark blue gradient background, centered donut chart labeled FY25 Reinvested at the bottom.

Marathon’s Capital Cycle Theory: The Supply-Side Framework That Spots India’s Next Multibagger Industries Before the Headlines Do

Marathon Asset Management's Capital Cycle Theory tells Indian value investors to count plants, not consumers — the supply-side framework that predicts industry returns better than any demand forecast.
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