Insights

Notes on method and candor.

Essays on how we think about method, markets, and temperament. Occasional, considered, and free of predictions.

24 August 2026 · 8 min

Adviser or distributor: who is actually paying the person advising you

In India these are two different regulated capacities, paid in two different ways. Most investors are never told which one they are in.

24 August 2026 · 7 min

What a SIP does, and what it does not do

Systematic investing solves a behavioural problem, not a market one. Confusing the two leads to disappointment at exactly the wrong moment.

24 August 2026 · 7 min

How to read a drawdown before you are in one

Every long-horizon portfolio will fall substantially at some point. The work of surviving it is done years earlier, in a conversation nobody enjoys having.