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The Weekly Codex
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A free Sunday morning newsletter for investors who think in decades, not days. One principle. One framework. One idea worth keeping — every week.
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Past issues — read in full
What Both Lenses Are Seeing
The Month 7 synthesis — how fundamental analysis, stage analysis, and entry precision work as a single sequential process rather than three competing systems.
The Exit Is Not an Afterthought
Howard Marks on the three analytical reasons to sell — and why exit discipline matters as much as entry. Most investors apply one of the three; the other two are where permanent losses are made.
The Entry Point Is Not Random
Mark Minervini's SEPA framework — why the precision of the entry decision matters as much as the quality of the fundamental analysis that led to it.
Price as the Last Honest Signal
A fundamental investor's case for paying attention to what the price is doing — not to predict where it goes, but to understand what the market has already decided.
What Durable Advantage Actually Looks Like
Philip Fisher's framework for identifying competitive advantage that holds for decades — and the Indian case that shows what his questions, asked before a Rs 10,000 crore competitor arrived, were designed to reveal.
What You Pay Is What You Risk
Benjamin Graham's margin of safety is not a conservative investor's preference — it is the mechanical reduction in the set of outcomes that produce a permanent loss of capital. HDFC Bank's post-merger transition period showed precisely what Graham described.
The Anatomy of a 10-Bagger
Peter Lynch identified the characteristics that great growth stocks share before they become great — a checklist so counterintuitive that following it requires investing in businesses most investors would instinctively avoid.
The Edge Ordinary Investors Already Have
A fund manager cannot walk into your kitchen, your commute, or your mall. Six Indian businesses show what an ordinary investor's attention is worth, when it arrives before anyone else's research does.
Price: What You're Actually Paying For
A rich price is not automatically a warning, and a falling one is not automatically a bargain — five Indian businesses tested exactly when a premium is earned, and when it's just a story waiting to be proven wrong.
Valuation: The Number That Reflects Your Assumptions
A discounted cash flow model never discovers what a business is worth. It computes exactly what you tell it to — worked through six Indian businesses, one assumption at a time.
Valuation: Why One Number Isn't Enough
Six valuation tools, six Indian businesses, and the discipline of checking what a number is actually measuring before deciding what it means.
What the PE Ratio Cannot Tell You
The most widely used number in equity investing answers exactly one question. Here is what it leaves unanswered — and why that matters more.
Quality First. Then Everything Else.
The four-question sequence that separates investors who compound from investors who churn.
The Number That Cannot Lie
Reported profits can be shaped. EBITDA can be engineered. Free cash flow cannot — and it told the truth about every business in this issue, years before the market noticed.
Everything You Need Is Already There
Six Indian companies. Six sets of financial statements. The same four signals — visible in every filing, every year, before the outcome arrived.
What Makes a Great Business
Asian Paints compounded at 25% for four decades. Paytm lost 75% within 14 months of listing. Both were called market leaders. The difference was five questions — available to ask before either investment was made.
The Question the Dotcom Era Forgot
Julian Robertson was right about the bubble. He just couldn't survive being early. Three failure modes from the Dotcom era — and the one question that would have changed all of them.
The Investor Who Does Nothing
The discipline nobody teaches — and the returns that prove it works.
Risk Is Not Volatility
The confusion that costs investors more than any bad stock pick — and the single question that resolves it. Howard Marks' foundational distinction, India's most instructive failures, and the behavioural trap that converts temporary declines into permanent losses.
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