value investing | Multibagger Shares

May 7, 2026

Chart: Opportunity Cost as Hurdle Rate by fiscal year FY20–FY25, with bars showing values 28, 26, 22, 18, 14 and a green FY25 bar at 11%.

Opportunity Cost as Hurdle Rate: Charlie Munger’s ‘Best Available Alternative’ Test

Charlie Munger's lifetime discipline: every rupee must beat the next-best alternative use, on a risk-adjusted basis. How Indian long-term investors apply the hurdle-rate test using the 10-year G-sec, and why Titan Biotech FY25's audited RoCE spread illustrates the discipline.

April 29, 2026

Dark blue page header with 'Mr. Market' title and subtitle, followed by a horizontal bar chart of yearly figures FY20–FY25 (FY25 in green, value 11).

Mr. Market: Benjamin Graham’s 1949 Parable for Treating Daily Quotes as Offers, Not Verdicts

Benjamin Graham's 1949 Mr. Market parable is the operating system for ignoring daily price quotes. Titan Biotech FY25's audited quiet — ₹3 cr borrowings, 103% CFO/PAT, 36.4% ROCE — illustrates the underlying factory that survives every tick.

April 23, 2026

Hero section with a dark navy background showing a capacity utilisation bar chart from FY20 to FY25, ending at 11% for FY25 (green bar). The page title is ‘Capacity Utilisation’ with a subtitle about growth.

Capacity Utilisation: When Existing Plants Can Fund the Next Leg of Growth

Capacity Utilisation becomes more useful when investors translate it into audited numbers, cleaner disclosure, and better minority-shareholder readability.

April 23, 2026

Horizontal bar chart of yearly multibagger shares (FY20–FY25): FY20 28, FY21 26, FY22 22, FY23 18, FY24 14, FY25 11 (FY25 bar in green).

Invert, Always Invert: Charlie Munger’s Cornerstone Mental Model for Avoiding Small-Cap Disasters in Indian Value Investing

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.