Behavioral Finance
May 5, 2026
A long-form educational deep-dive on Other Income as a percentage of Profit Before Tax — the 30-second forensic earnings-quality filter that separates real Indian operating businesses from non-operating bookkeepers. Illustrated using Titan Biotech FY25 audited disclosures (operating-led ~₹214 Cr revenue, ~18-22% EBITDA margin, CFO/Operating Profit at ~103%, total borrowings ₹3 Cr) as a positive educational example. Educational content only — not a buy/sell recommendation.
May 5, 2026
Economic Goodwill: Warren Buffett’s 1983 Berkshire Letter Appendix on the Real Source of Compounding
Buffett's 1983 appendix split goodwill into two: the accountant's residual on the balance sheet, and the inflation-resistant economic goodwill that compounds wealth. Titan Biotech FY25's high returns on a modest tangible base read like the second.
May 4, 2026
Tversky-Kahneman 1971 and Gilovich-Vallone-Tversky 1985 established that humans systematically misread short random sequences. Indian NSE/SEBI behavioural data show retail investors compound the error. A counter-measure checklist plus an illustrative Titan Biotech FY25 case study of process-over-pattern corporate behaviour.
May 4, 2026
Peter Lynch's Price-to-Earnings-to-Growth ratio reframes valuation: a high P/E may be cheap if growth is high, a low P/E may be a trap if growth is fading. Using Titan Biotech FY25 audited inputs (10-yr revenue CAGR ~15%, 10-yr PAT CAGR ~29%, CFO/Operating Profit ~103%) as a clean educational illustration.
