Charlie Munger's favourite mental model — invert the question. Instead of 'how do I find the next multibagger?', ask 'how do I guarantee small-cap losses?' A disciplined Indian inversion checklist, illustrated by Titan Biotech's FY25 audited numbers.
Titan Biotech disclosed only one primary operating segment in FY25, a quiet but powerful sign that the business remains easier to understand and monitor than many small-cap peers.
Titan Biotech ended FY25 with an 11-member board, four independent directors, an independent chair, and 14 board meetings - a governance structure that merits serious attention from long-term investors.