Behavioral Finance | Multibagger Shares

May 16, 2026

Hero header: Net Debt to EBITDA Ratio with a green accent 'Multibagger Shares' and a subtitle line on a dark blue background.

Net Debt to EBITDA Ratio: The Single Solvency Test Credit Analysts Care About Most

Net Debt to EBITDA is the single ratio professional credit analysts use most when assessing survival odds. This educational deep-dive teaches how to read it, where retail investors misinterpret it, and how Titan Biotech (BSE: 524717) FY25 audited numbers illustrate a -0.75x net-cash fortress reading. Not a buy/sell recommendation.

May 16, 2026

Hero section with title 'Look-Through Earnings' over a dark blue gradient, subtitle text, and a centered multicolor donut chart labeled 'FY25 Reinvested'.

Look-Through Earnings: Warren Buffett’s 1990 Berkshire Letter Framework for Measuring Your True Portfolio Earnings

Warren Buffett's 1990 Berkshire letter introduced look-through earnings — dividends plus your proportional share of retained profits. Why this single number reveals what your portfolio truly earned, illustrated by Titan Biotech FY25's high-retention, low-debt capex discipline.

May 15, 2026

Hero section with the title 'Ambiguity Aversion' and subtitle; a 2x2 color grid showing 'Lucky' (gray), 'Disciplined Investor' (green), 'Confused' (light gray), and 'Bias-Trapped' (orange) against a dark blue background.

Ambiguity Aversion: Daniel Ellsberg’s 1961 Paradox and Why Indian Investors Prefer the Illusion of Probabilistic Certainty in Weekly Options Over the Honest Uncertainty of Long-Term Equity

Daniel Ellsberg's 1961 paradox shows humans pay a premium to avoid unknown probabilities, not just risk. This explains the bulk of Indian F&O loss data, sub-5-month equity holding periods and month-21 SIP abandonment. Titan Biotech FY25's disclosure architecture is read as a positive illustration of how a small-cap can collapse ambiguity for long-term investors. Educational case study only — no buy/sell call.

May 15, 2026

Infographic showing EV/Sales Ratio trend from FY20 to FY25, declining from 38 to 16; yearly values: FY20 38, FY21 32, FY22 26, FY23 22, FY24 19, FY25 16 (green last bar).

EV/Sales Ratio: The Capital-Structure-Neutral Revenue Multiple Every Indian Long-Term Investor Must Master

EV/Sales is the capital-structure-neutral valuation lens that puts equity and debt holders on the same footing. Learn how to read the multiple correctly — using Titan Biotech's FY25 audited ₹214 Cr revenue, ₹3 Cr borrowings, and 103% CFO/OP cash conversion as an educational illustration of management discipline.