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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.

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.
April 21, 2026
Hero section with the title 'The Scuttlebutt Method' and subtitle, plus a four-block grid labeled Trader (gray), Compounder (green), Drift (light gray), and Speculator (orange).

The Scuttlebutt Method: Philip Fisher’s Original Framework for Verifying Management Claims — How Indian Value Investors Can Use Primary-Source Checks to Separate Storytelling From Substance

Philip Fisher's 1958 Scuttlebutt Method — the discipline of verifying management claims against customers, suppliers, ex-employees and trade journals — remains the most underused primary-research tool for Indian value investors in 2026. Illustrated with Titan Biotech FY25 audited disclosures.
April 20, 2026
Bar chart titled 'CFO/PAT Ratio' showing FY20 28, FY21 26, FY22 22, FY23 18, FY24 14, FY25 11 (FY25 bar in green)

CFO/PAT Ratio: The 60-Second Earnings-Quality Filter

The CFO/PAT ratio is the single fastest earnings-quality check any Indian value investor can run — and Titan Biotech FY25 audited numbers show what disciplined cash-backed profits actually look like.
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