My approach to investing is shaped equally by financial analysis and behavioral psychology. Markets are made by people — and people are predictably irrational in ways that create opportunity for those paying attention.
I invest in publicly listed companies with a long-term orientation. The starting point is always the business — its competitive position, the quality of its economics, the character of its leadership — before anything else.
But I've come to believe that the behavioral layer is where most of the real edge lives. Understanding why certain assets become over- or under-priced — not through complex models, but through the study of human behavior under uncertainty — is a more durable source of insight than any spreadsheet.
Having built and operated a business for many years, I think about investing the way an owner thinks, not the way a trader thinks. The questions that interest me are the same ones any businessperson would ask: Is this a good business? Is it run well? Can it endure?
"The single biggest advantage an individual investor can have is the willingness to wait. Most institutions cannot afford it. Most individuals will not exercise it. That asymmetry is where returns are made."— Ajay Jairaj
Short-term market movements are noise. The signal is in business quality, compounding power, and the durability of competitive advantages over years and decades. I try to think in multi-year time horizons and resist the tyranny of quarterly thinking that drives most market participants.
Markets are not perfectly rational aggregation machines. They are human systems, subject to fear, euphoria, herding, anchoring, and loss aversion. Studying these biases — both in others and in myself — is as important as studying financial statements. The biggest mistakes in investing are usually psychological, not analytical.
A stock is a fractional ownership of a real business. Before anything else, I want to understand what that business does, why customers keep choosing it, and whether the people running it are competent and trustworthy. Price is what you pay; value is what you get. The gap between the two is where opportunity lives.
I focus on publicly listed companies across market caps and geographies. Public markets offer something private markets rarely do: liquidity, price transparency, and the discipline of a daily market signal. The key is not to be enslaved by that signal — but to use it selectively, when it offers mispriced opportunities.
Cycles repeat because human nature does not fundamentally change. Studying market history — not just the returns, but the psychology and narrative that drove them — is one of the most underrated forms of investment research. The pattern-recognition that comes from historical study is invaluable when markets reach extreme states.
A circle of competence is not a limitation — it is a superpower. I invest with conviction where I genuinely understand the business and the industry. I pass on what I don't understand, no matter how compelling the story sounds. Intellectual honesty about the boundaries of one's knowledge is, I believe, the foundation of good decision-making.
My thinking has been shaped by a wide range of investors, psychologists, and thinkers. The works of Warren Buffett and Charlie Munger established the framework of owner-thinking and long-term rationality. Benjamin Graham grounded me in the discipline of margin of safety. Philip Fisher taught me to look beyond numbers at qualitative business quality.
On the behavioral side, the work of Daniel Kahneman, Amos Tversky, and Richard Thaler has been formative. The intersection of behavioral economics and investing — explored so well by thinkers like Howard Marks, Michael Mauboussin, and Morgan Housel — represents perhaps the most intellectually rich territory in modern finance.
I read widely, and I believe that some of the best investment insights come from outside finance — from psychology, history, complexity theory, and even philosophy.
Disclaimer: The information shared on this website reflects personal opinions and is not financial advice. Nothing here should be construed as a recommendation to buy or sell any security. All investing involves risk, including the possible loss of principal. Please conduct your own research and consult a qualified financial professional before making any investment decisions.