Thanks so much @MFBALA and all my colleagues at AMFI for acknowledging me and my team's contribution to the MF industry, especially the ETF segment. It's a very nice gesture indeed...

Humour of Angoor

The market follows numbers. Great investors follow behaviour. #KennethAndrade explains why the biggest opportunities often show up in customer habits long before they show up in earnings. Watch it on #MFChronicles - youtu.be/lHyzfC7FP04

Jim Carrey is so HILARIOUS in Liar Liar 😂

I was 26 years old when Peter Lynch handed me this. April 28, 1983. I was the auto and retail analyst at Fidelity. Peter was in his prime, on his way to building the greatest mutual fund track record in history: 29.2% annual returns for 13 YEARS STRAIGHT, growing Magellan from $18 million to $14 billion. The Babe Ruth of investing. I'm looking at the principles he had typed up on a single sheet of paper that I've kept in my files for 42 years and I believe now is the perfect time to revisit them again. Let me walk you through a few: Rule 1B: "You need an edge to make money. Do not rely on a combination of hope and good luck." Today's retail investor has no edge. He has Reddit, Robinhood, zero-DTE options and a TikTok algorithm pushing him into whatever stock just ripped 200% the day before. That's hope and good luck wearing a fancy costume. Rule 1E: "Purchase stocks like one would purchase a business." Tesla trades at over 360 times earnings on a business deteriorating in real time, Oracle has $206 billion in liabilities against $39 billion in equity, MicroStrategy is a leveraged Bitcoin holding company priced like a software firm, and don't even get me started on SpaceX, that piece of garbage you'll be able to trade tomorrow... Nobody in their right mind would buy these as actual businesses. They buy them as stories, narratives, and lottery tickets. Peter would have called it the same way I do - these are not investments. They are speculations. GAMBLING. Rule 1G: "Study the balance sheet and cash flow statement." The hyperscalers spent over $380 billion on AI capex in 2025. Goldman says the measurable productivity payoff does not arrive until 2027 at the earliest. Oracle just reported NEGATIVE $23.7 billion in free cash flow for fiscal 2026 while borrowing at a pace that would make a leveraged buyout firm nervous. The cash flow statements are screaming but nobody is reading them. Rule 1I: "Avoid the long shot." This one cuts the deepest. The entire market has become a long shot. OpenAI is projected to post roughly $74 billion in operating losses in 2028 ALONE while priced for transformation tomorrow. Bitcoin treasury companies are multiplying off thin air. The retail investor of 2026 is making one long-shot bet after another and calling it a portfolio. Rule 3A: "When the fundamentals change, sell your mistakes." Tesla's fundamentals have changed. California registrations are down 24% year over year and inventory days went from 10 to 27. Musk himself admitted on the last earnings call that Hardware 3 cannot achieve unsupervised FSD, breaking a promise made to 4 million customers. The fundamentals have screamed change. But the stock is still at $385. The mistakes are not being sold. They are literally being doubled down on with leverage. Rule 3I: "A 30-50% profit in 12 months is great. Mediocre in three years." Today's retail crowd expects 30-50% in a WEEK. Then they wonder why they get wiped out the second the hype stops. And my favorite - Rule 3J: "Develop your own style and stick to it." That is the entire game right there. I developed mine sitting across the hall from Peter Lynch in 1983, watching him work, reading his notes, getting my own research handed back to me covered in his pencil marks. Then in 1984, my first full year managing money, I ran the #1 mutual fund in America. The Fidelity Overseas Fund was top 2 for the next six years running. I did not get there by chasing narratives. I got there by following the sheet of paper you are looking at right now. 42 years later, this single page contains more wisdom than every Fintwit thread, CNBC segment, and Wall Street price target combined. Peter retired in 1990 with the greatest mutual fund record in history. Then he sat down and wrote books explaining exactly how he did it. Only a few "investors" these days read them. And almost nobody is reading the balance sheets, the cash flow statements, or studying actual businesses today either. They are chasing AI, crypto, and whatever pumped yesterday. The wisdom on this page is timeless and it's more important than ever.

THE BEST BITCOIN AD EVER 🔥 THIS IS A MUST WATCH

The best founders aren't the youngest. They're not the oldest either. Kenneth Andrade explains the sweet spot where experience meets risk-taking and why that's where great businesses are built. Watch it now on #MFChronicles - youtu.be/lHyzfC7FP04 @Chetanas_inst

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When devotion meets discipline, Hanuman Ji strength awakens within.

Most investors start with the index. Kenneth Andrade started with every IPO he could find. That's a very different way to learn markets. Do watch our conversation for more gems - youtu.be/lHyzfC7FP04

Absolutely brilliant! India's Women's 4x100m Relay Team wins Gold, matching the Championship Record! India's Women's 4x100m Relay team stormed to gold in 44.07s, equalling their own Championship Record (CR) at the New Taipei City Athletics Open 2026.

Even Hollywood can't produce this type of absolute cinema 🗿

The AI buildout is absorbing capital at historic scale, creating temporary pressure across global markets. That does not weaken Bitcoin. It strengthens the case for scarce, liquid, digital capital. Bitcoin remains the premier asset for the long term. $BTC

Brilliant piece. if there is one thing only which you can read today then this is the one worth reading.

Kailasa was just scanned with lasers, and if you haven’t been following this place, hold on. What’s being uncovered here won’t just rewrite Indian history. It could rewrite human history and prove Ancient India had tools far more advanced than we’ve been told. But first, you have to understand what you’re looking at. Kailasa wasn’t built. It was removed from the side of a mountain. That means there was no room for mistakes while carving one of the hardest rocks on Earth. Between 200,000 and 400,000 tons of basalt were removed to create it. The first mystery is simple: we don’t know where it all went. We also don’t truly know when it was built. The main dating sources are two land grants, but that doesn’t tell us when the actual carving began. Dating matters because it would tell us what tools they had. Ancient India had steel by 600 BC, which later became the famous Damascus steel. But basalt is hardened lava. It’s around a 6 on the Mohs scale, meaning steel barely scratches it. In 1682, a Mughal emperor ordered 1,000 workers to destroy Kailasa. They failed. That alone shows how hard this stone is. Even with modern alloys, humans barely make a dent. Russian researchers tested this by having people strike basalt with modern tools, then measuring the removed volume with photogrammetry. The result? One person working every day for 3 years could remove only about 1 cubic meter. And since Kailasa is unfinished, we still have tool marks. Those marks show cuts deeper than what modern hydraulic breakers can achieve. To penetrate basalt that deeply, we’d normally need huge machinery. But machines that size wouldn’t fit in many of these spaces. So clearly, they had different tools. Not just powerful tools. Precision tools. The detail in Kailasa’s carvings looks like work done in soft soapstone, except it’s carved into basalt. What we know for sure is that our assumptions about ancient India are wrong. At minimum, they were far more advanced than we give them credit for. At most, something was happening back then that we still don’t fully comprehend.

Dear Kenneth, "We don't buy mid-caps. We buy large companies that have been smashed and ignored." A simple line. A completely different lens on investing. Thank you for sharing that perspective. Full episode: youtu.be/lHyzfC7FP04 @Chetanas_inst

My mind is blown away reading the 109 page SEBI order on Rajesh Exports… not that its surprising given some in last few yrs had called it a fraud but shocked on the size of it and how a Rs 3,000 crore market cap company may potentially be heading towards ZERO.! 😲 This is not a normal accounting issue. This is SEBI practically alleging that out of nearly Rs 15.45 lakh crore consolidated revenue reported over 5 years, close to Rs 15.15 lakh crore revenue itself may have been misrepresented. Yes, you read it right - lakh crore. And the most shocking part? The core operating subsidiary, Valcambi SA, whose numbers supposedly drove the entire global scale of the group, reportedly showed only a few hundred crores of standalone revenue annually in audited Swiss accounts. Meanwhile, the holding structure above it magically showed revenues running into several lakh crores. SEBI’s allegation is brutally simple in layman terms: A refining business which allegedly earned only processing charges/value addition was shown at group level as if the company owned and traded the entire value of gold flowing through the system. Imagine a toll booth operator claiming ownership of every car crossing the highway and booking the value of all cars as its own revenue. That is broadly what SEBI is questioning here. The order repeatedly mentions: • No proper invoices • No customer/vendor level breakup • No ERP access • No journal dumps • No confirmations • Missing subsidiary financials • “Swiss confidentiality laws” being cited to deny information SEBI has also highlighted that even the forensic auditor BDO India faced severe non cooperation. What makes this even more serious is that this is an ex parte interim order. Meaning SEBI has passed the order based on its own investigation and material gathered, without relying on cooperation from the company side. Regulators generally do not go this aggressive unless they believe the findings are extremely serious. The statutory auditor named in the order is BSD & Co, a mid sized Bengaluru based audit firm along with P V Ramana Reddy & Co. SEBI has specifically mentioned non submission of working papers and missing subsidiary records. Another fascinating angle: The annual reports reportedly show borrowings of around Rs 1,000 crore, but there is very limited clarity on which banks gave these loans and against what underlying audited cash flows. This may go down as one of the most dramatic accounting fraud allegations ever seen in Indian capital markets post Satyam.. If even a fraction of SEBI’s findings sustain, this is not just a corporate governance failure. This is a complete collapse of reported financial reality. Absolutely insane reading.! You can read the order here - sebi.gov.in/enforcement/orde… #Rajeshexports

During the crisis, 99% wealth destroyed. A journalist becomes a fund manager. A forgotten corner of the market becomes India's favourite investing category. Kenneth Andrade, from Old Bridge Mutual Fund, on mid-caps, market cycles, bubbles, and conviction. Full episode of MF Chronicles is now live. Watch it HERE - youtu.be/lHyzfC7FP04 @Chetanas_inst

Good development. Key thing is to now involve housing societies near which most of these hawkers squat and ply their business illegally Footpaths are virtually gone due to this. One small step for @mybmc , one giant leap for open spaces @Dev_Fadnavis @mayor_mumbai @AshwiniBhide

Interesting to see how quickly stablecoins have moved from being viewed as a niche crypto product to becoming part of a larger global financial infrastructure conversation. For years, the digital asset ecosystem tried to get traditional finance interested in blockchain. Today, traditional finance itself seems to be reading the blockchain handbook more closely. At the same time, developments like SEBI exploring tokenisation frameworks for corporate bonds indicate that conversations around tokenisation and digital infrastructure are beginning to move closer to mainstream financial markets. Am I surprised by this convergence? Not really. ndtvprofit.com/markets/sebi-…

Dear @sundeepsikka, Your line - "Profit is a byproduct." was not just a simple line but an important lesson too. Thanks for the perspective. – Vikaas If anyone haven't watch the episode, please do. It has got many pearls of wisdom. Watch it here - youtu.be/1_D-xbcK7As @NipponIndiaMF