Balaji Prabhakaran

@INFLOmfd deep!

@nakul_sarda much needed optimism in the current situation. insightful and refreshing. please keep writing. thank you!

I wrote an article for financial express today. Feedback is welcome! financialexpress.com/market/stock-i…

@9onecapital very insightful, thank you!

A ~25% fall that recovers in 8 months and a ~25% fall that's still deepening after 18 months are NOT the same bear market One tests your nerve, the other tests your conviction In this post we cover the two types of bear markets, why the current one is nothing like 2022, and what it means for your portfolio Link: 91capital.substack.com/p/tale-of-two-…

@MysticWealth11 awesome, well done!

Somehow we end up shining in BAD markets ;) Last 4 month returns: (PMS Inception) MWM: -3% (Current Cash: 55%) MWV:- -1.6% (Current cash: 72%) INFLO: Factor Edge (Mutual fund portfolio) :- -4.89% (Debt: 18% was 30 earlier, recently deployed) Nifty: -11% Smallcap: Shhhh...

@Jatin_Khemani Ok. If Jan 27 was a good opportunity, I thought its a great opportunity right now. I just realize, my question could have sounded sarcastic. I was only trying to get your sense of the current market situation. thanks!

If you read our memo, we had pointed out that it’s a good opportunity and not yet a great opportunity. Accordingly, we had suggested to increase equity allocation by 50% of incremental intended. We are maintaining that stance even today. Those who are fully invested, like myself, have option of rotating within portfolio or just sit tight. Avoid leverage at all costs. Avoid trading / raising cash now. The minority who survives such periods make so much in the next upcycle, they themselves get surprised, but key is survival.

[Memo] An opportunity to increase allocation to small-caps Small-caps have corrected further, and are now offering an opportunity to top-up (deploy more). While Nifty is barely down 4% from its all-time highs, there are 1,700+ stocks with a median correction of over 40% from their recent all-time highs (made in 2024 & 2025). Every 3-4 years we have a 20-30% drop in small- & mid-caps, providing a GOOD opportunity to top-up, and every 6-8 years, we have a 40-50% drop providing a GREAT opportunity to make larger deployments. For past corrections, refer to Exhibit 1. We are extremely selective & conservative in calling out such opportunities. It was six years ago, in March 2020 (COVID Crash), when we last recommended increasing allocation to equities. That was, of course, a Great opportunity, while the current one looks like a Good one. We see our stance being validated by a large Mutual Fund re-opening their small-cap scheme for inflows as well as a respected multi-cap Fund Manager launching a small-cap scheme. Though their large size will restrict them from taking meaningful positions in select small-caps, a unique advantage with Stalwart PMS, as it’s a relatively new fund with just Rs 150 Crores in AUM. Stalwart PMS was up 40-50% in its 1st year (by mid 2024). The correction of past 15 months has brought down our ‘since inception’ net return to 18% CAGR, which is exactly equal to BSE 500 TRI (as on 31 Dec 2025). We remain confident of outperforming index by 3-5% CAGR (after all fees & expenses), in blocks of 5 years. Please keep in mind that: - I have most of my net worth in the same fund ensuring skin-in-the-game, and, - The interests between the fund management team (us) & the investors (you) are completely aligned through a performance-fee model. To read the complete memo, covering our investing framework and how are we positioned differently versus other funds, please visit the link shared in comments.

@JoyfulGiri @soicfinance @9onecapital no, Covid was Mar 2020. This is Feb 2020, just before Covid crash.

@soicfinance @9onecapital It means current valuations around covid time valuation right?

Good read @9onecapital 91capital.substack.com/p/the-zone-of-…

@9onecapital very insightful.. thanks!

Index drawdowns don’t tell the full story. In the client call done last weekend, we analysed drawdowns mcap wise and compared how they stack up today vs April 2025: A sharp dichotomy emerges. We also discussed portfolio positioning, research pipeline, HNI love for unlisted deals and more. Read: 91capital.substack.com/p/the-zone-of-…

@kanodiaankit12 Sir, I am sorry, but I wish your dreams don't come true. Microcap market would become efficient bringing down the alpha potential. 😀 btw, well written as always!!

Microcaps are Kachra. Value Investing is Dead. As everyone says so, they're just fine. That's where I'm looking. zennivesh.substack.com/p/microcaps-ar…

@MysticWealth11 @BlogJulianKomar how?

My learning so far, Staying out the bad markets is the biggest edge and the main difference between Super traders and average compounders. @BlogJulianKomar

@arun_kumar_r great, looking forward to. hope you talked about your framework to gauge the current market structure.

@BalajeeSP I guess it will be uploaded in YouTube in a few days

Thank you MFD galaxy for inviting me. Had a wonderful time meeting all of you 🙏

@9onecapital very insightful and well written, thank you! have you written anything on the rationale behind the below statement? and any mechanism to know when would the market show up? "When the market does show up and eventually, for quality businesses, it always does"

"This company grows 20% a year, zero debt, clean books, trades at 10x PE. Why is nobody buying it?" We've been asked this more than any other question this year. The answer has nothing to do with the business and everything to do with how small cap markets actually work Link: 91capital.substack.com/p/fundamentals…

@officialepfo I raised a claim request on 21st January. It is not processed yet. please do the needful. Tracking Id - 10010593276806008 @epfochennaizo

@ZenNivesh Is it possible to pay for this one session and join?

We are all set to begin.

@Jatin_Khemani bold call!

@MysticWealth11 good line!😀

Core keeps you invested. Satellite keeps you interested :)

@prabhakarkudva if this is brutal, wonder what is the state of the ones with MCap < 1000

The only reason why one portfolio would have fallen less from other in this brutal correction would be the market cap exposure and not valuations.

We think the fall is due to buying high valuations. Just ran these query and you can too. The average fall from 52 week high for stocks with PE less than 25 is 31%. The average fall from 52 week high for stocks with PE greater than 25 is 28%. Both buckets have fallen similar. What am I missing? PS: Avg fall from 52 week for PE < 10 is also 28%.

@mindmusclepro octopus?

Guess the Protein sources here. Hint: Zoom in

@shivaji_1983 registration link please

Let's connect tomorrow. FREE session for only those who registered from these regions. outlook of Indian & Global Equity Markets and Commodities — offering insights on trends, risks, and wealth creation opportunities. 📅 Date: Saturday, 29th November 2025 🕖 Time: 7:00 PM (Sydney) | 1:30 PM (India) | 8:00 AM (London) | 9:00 AM (Zurich & Luxembourg)