Blogs
May 12, 2026
Leon Festinger's 1957 theory of cognitive dissonance explains why Indian investors hold losing positions rather than closing them: the brain resolves contradictory beliefs by re-narrating the thesis rather than reversing the action. This piece traces the original Stanford research, links it to SEBI/NSE retail-investor data, sets out a six-step procedural defence, and uses Titan Biotech Ltd (BSE: 524717) FY25 audited numbers — 81% borrowings reduction, 103% CFO/Operating Profit, ₹4.56 Cr aggregate director remuneration vs ₹22 Cr PAT, 14 board meetings under an independent chair — as an illustrative case of anti-dissonance corporate disclosure architecture. Educational only; no buy/sell/hold view.
May 12, 2026
Companies Act 2013 Section 197 caps managerial pay at 11% of PAT. Learn how to read this under-used governance ratio in 15 minutes — illustrated by Titan Biotech FY25's ~₹4.56 Cr director remuneration alongside 14 board meetings, an independent chair, ~103% CFO/Operating Profit and a ~29% ten-year PAT CAGR.
May 12, 2026
Why time arbitrage — the structural edge of holding quality businesses for five to ten years while institutional money is forced to optimise for the next 90 days — is the rarest source of edge in Indian value investing, illustrated by Titan Biotech's FY25 audited numbers.
May 11, 2026
Edward Thorndike documented the halo effect in 1920; Phil Rosenzweig's 2007 book showed it runs backward in business commentary. We unpack the five Indian retail-investor halo channels, share a five-step de-haloing checklist, and use Titan Biotech FY25's nine decorrelated disclosed markers as an illustrative anti-halo process case study.
