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Manish Goel - SEBI Registered Investment Adviser

About Manish Goel

SEBI Registered Investment Adviser • Chartered Accountant

422 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.

April 22, 2026
Infographic showing ROIC by year with horizontal bars: FY20 28, FY21 26, FY22 22, FY23 18, FY24 14, FY25 11; FY25 bar in green highlighting final value.

Return on Incremental Capital Employed (ROIIC): The Single Most Important Compounding Metric in Value Investing

ROIIC — not ROCE — is the metric Buffett, Munger, Fisher, Klarman, and Mauboussin converge on as the true long-term compounding signal. Here's how to calculate it on any Indian listed company, common mistakes to avoid, and a positive Titan Biotech FY25 case study with 9 audited disclosures.
April 21, 2026
Hero header titled "Manish Goel’s Information Decay Theory" with a green subtitle on a dark blue background, and a 2x2 color grid: Trader (gray), COMPOUNDER (green), Drift (light gray), Speculator (orange).

Manish Goel’s Information Decay Theory: Why the Warren Buffett Quotes You Hear on Every YouTube Podcast Can Never Make You Rich

Millions of YouTube finance podcasts. Zero documented life changes. Yet numerous followers of my work report their financial lives have changed, and my CAGR is in higher triple digits — believed to be the highest among 20 crore Indian investors over the last 8 months. The reason is a theory I have developed: the Information Decay Theory. The value of any insight falls the moment too many people come to know it.
April 21, 2026
Hero section: title 'Hindsight Bias' with subtitle about market crashes, plus a 2x2 colored grid labeled Lucky, Disciplined Investor, Confused, Bias-Trapped to illustrate bias themes.

Hindsight Bias: Why Every Market Crash and Rally Feels ‘Obvious’ in Hindsight

Hindsight bias — Fischhoff's 'I-knew-it-all-along' effect — silently corrupts the Indian retail investor's feedback loop. Here's the academic source, the SEBI/IIM-B evidence, the decision-journal counter-measure, and a numbers-rich positive illustrative case from Titan Biotech's FY25 audited filings.
April 21, 2026
Altman Z-Score chart from FY20 to FY25 showing bankruptcy-prediction values as horizontal bars (3.2, 2.8, 2.1, 1.6, 1.3, 1.1) with FY25 highlighted in green on a dark blue background.

Altman Z-Score: The Bankruptcy-Prediction Formula That Has Held Up for 6 Decades

How the 1968 Altman Z-Score and its modified Z'' variant work, why every Indian retail investor should run them as a first solvency filter, and how Titan Biotech (BSE: 524717) FY25 audited numbers illustrate a textbook safe-zone balance sheet.
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