Free · Every Sunday Morning
The Weekly Codex
Where Knowledge Compounds
A free Sunday morning newsletter for investors who think in decades, not days. One principle. One framework. One idea worth keeping — every week.
No spam. Unsubscribe any time.
Past issues — read in full
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.
Want more than the newsletter?
The Learning Hub goes deeper — structured lessons, analysis frameworks, and decision systems built for the serious Indian investor. Free to start.
Explore the Learning Hub →