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$27.6 Billion: Behind Centre's Tax Relief To Foreign Investors On G-Secs
Foreign investors purchasing Indian government bonds convert foreign currency into rupees.
🇮🇳 인도 · "CHASING" · 총 20건
필터 보기현재 지수
50.0
0 = 부정 우세
50 = 중립
100 = 긍정 우세
최근 7일 기준 6,206건을 분석한 결과, 뉴스 심리지수는 50.0(균형)입니다. 긍정 0건(0.0%)·중립 6,206건(100.0%)·부정 0건(0.0%)이며, 중립 비중이 뚜렷하게 높습니다. 성향 지수는 종합 0.0(중도 균형)입니다.
Foreign investors purchasing Indian government bonds convert foreign currency into rupees.
Vladimir Putin's remarks come at a time when the US is reconsidering a waiver that has allowed countries, including India, to continue purchasing Russian oil.
For most investors, the focus is often on finding the right stock, entering at the right valuation, and identifying the next multibagger. Far fewer spend time understanding what may be the more difficult aspect of investing—knowing when to sell.Speaking at the ET Alpha Wealth Summit on Thursday on "The Art of the Exit," Rajiv Thakkar, CIO and Director at PPFAS Asset Management said that successful investing is not just about buying well but also about staying invested long enough for compounding to work. In fact, before discussing reasons to sell, he spent considerable time explaining why investors should avoid selling in the first place.According to Thakkar, one of the biggest mistakes investors make is selling because a stock has not moved for a few months.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh Investors often spend significant effort researching a company, understanding management quality, assessing industry prospects and evaluating valuations. Yet after purchasing the stock, many lose patience if prices remain stagnant for six months or a year.https://youtube.com/shorts/RiLj-X02NNE?feature=share"Investments are meant for wealth creation, not entertainment," he said, cautioning against treating investing like a source of excitement or constant action.Another common trigger for unnecessary selling is reacting to news flow. Markets are constantly bombarded with information—wars, elections, crude oil fluctuations, interest-rate decisions, capital flows and economic data. Investors who react to every headline often end up making poor decisions.To illustrate this, Thakkar recounted the story of an investor who received advance information about the severity of the Covid outbreak in early 2020. Acting on that information, the investor sold his technology stocks before the market crash. While the prediction turned out to be accurate, fear prevented him from re-entering the market, and he ultimately missed one of the strongest rallies in technology stocks.The lesson, according to Thakkar, is that even correct information does not necessarily translate into successful investment outcomes. Thakkar was particularly critical of the concept of "profit booking."Investors often feel compelled to sell simply because a stock has appreciated significantly. However, he argued that wealth is created by allowing successful investments to compound rather than by repeatedly locking in gains.Frequent buying and selling may benefit brokers, exchanges and tax authorities, but it often works against long-term investors. Hyperactivity in portfolios can destroy wealth by interrupting compounding and increasing costs.Similarly, investors should avoid selling because another stock appears more attractive. This "buyer's remorse" mindset frequently causes investors to abandon good businesses prematurely in pursuit of seemingly better opportunities."If you manage to find a genuinely good business with strong management, a large opportunity set and reasonable valuations, the best course of action is often to simply stay invested," he said.Thakkar emphasised that investors in taxable jurisdictions such as India should maintain low portfolio turnover whenever possible. Unlike institutional structures such as mutual funds or investors in tax-free jurisdictions, individual investors face taxes and transaction costs every time they trade. Excessive churn can significantly reduce long-term returns.For wealthy investors, family offices and HNIs, the ability to remain invested and minimise unnecessary transactions often becomes a major source of compounding advantage.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea While most reasons for selling are flawed, Thakkar identified several situations where exiting an investment becomes necessary. The most obvious reason is the need for capital. If an investor requires money for a business opportunity, acquisition or personal objective, selling investments may be entirely justified. More importantly, investors must be willing to acknowledge mistakes.If an investment thesis turns out to be wrong because of flawed analysis, poor due diligence or changing circumstances, the best course is often to exit quickly rather than averaging down endlessly.According to Thakkar, investors who recognise mistakes early frequently outperform those who identify good opportunities but refuse to sell losing positions. Capital trapped in poor investments cannot be deployed into better opportunities. Fraud, naturally, represents an immediate reason to exit.One of the more challenging selling decisions arises when industries face structural disruption. Questions such as whether newspapers can survive the internet, whether thermal power can coexist with renewable energy or whether traditional automobile manufacturers can adapt to electric vehicles rarely have straightforward answers.Thakkar suggested that investors should not react impulsively but should continuously evaluate incoming evidence. Investment decisions should be driven by facts rather than sentiment. If the underlying business continues to deteriorate because of technological or structural change, investors must eventually acknowledge reality and exit.At the same time, distinguishing genuine disruption from temporary noise remains critical. Exceptional businesses are not immune to becoming overvalued. Thakkar pointed to situations where valuations become so excessive that future growth is already fully reflected in stock prices. In such cases, taking profits, paying taxes and reallocating capital may be sensible.He also noted that investors may sell a reasonably valued investment if a significantly superior opportunity emerges elsewhere.During the question-and-answer session, investors raised concerns about stocks that stop performing despite sound fundamentals. Examples such as Maruti Suzuki, Bharti Airtel and even silver investments highlighted a common dilemma: should investors exit after years of gains and subsequent consolidation?Also Read | MF Tracker: Can ICICI Prudential Multicap Fund sustain its strong track record in a volatile market? Thakkar's response was that even excellent businesses can spend years moving sideways. Companies such as Hindustan Unilever, Infosys and Bharat Electronics have all gone through extended periods of stagnant share-price performance despite remaining fundamentally strong businesses.Investors should therefore distinguish between stock-price performance and business performance. As long as the underlying business continues to execute well, temporary market stagnation alone is not a sufficient reason to sell.For investors worried about selling too early, Thakkar recommended a phased approach. Instead of attempting to identify exact market tops, investors can gradually reduce exposure over time. For instance, if a stock appears significantly overvalued, an investor might sell a portion every month rather than exiting entirely in one transaction.This systematic approach helps manage the emotional difficulty of selling while reducing the risk of poor timing. Another important consideration is position sizing. Addressing a question about highly successful investments such as Nvidia, Thakkar noted that even outstanding businesses can become disproportionately large components of a portfolio.When a single stock grows from a small allocation into a dominant position, investors face a different risk—wealth preservation rather than wealth creation. His solution is gradual trimming. Investors can periodically reduce oversized positions to maintain comfortable portfolio weightings while still participating in future upside.This approach may not maximise returns, but it significantly reduces the risk of catastrophic losses and helps investors sleep better during periods of volatility.Thakkar concluded by stressing the importance of diversification and long-term investing. Most individuals create wealth through a single business, profession or sector. Their financial portfolios should therefore diversify away from that concentration rather than amplify it.Whether through mutual funds, retirement vehicles such as NPS, EPF and PPF, or diversified portfolios, investors should focus on owning inflation-protected assets for long periods. "The lower the churn in a portfolio, the greater the opportunity for compounding," he said.Ultimately, successful investing is not about perfectly timing every entry and exit. It is about avoiding unnecessary activity, admitting mistakes quickly, remaining patient with good businesses and ensuring that no single investment becomes large enough to threaten long-term financial stability.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.
Shreeja Mahila Milk Producer Company, the world’s largest women-owned milk firm, has made 29,000 of its members ‘Lakhpati Didis’ earning over ₹1 lakh a year, and is now eyeing ‘Crorepati Didis’
The success of a monthly income portfolio should not be determined by what it pays in the first month.
From vibrant chartbusters to melancholic ghazals, the versatile singer ruled hearts without chasing the spotlight
Lawyers, court staff, litigants and visitors rushed across the compound, chasing notes as they drifted through the air.
The long wait for the NSE public listing appears to be entering its final stretch. The exchange recently confirmed that it expects to file its draft red herring prospectus (DRHP) by the second week of June, putting the country's most anticipated IPO one step closer to reality.The update has once again sparked interest in NSE's unlisted shares, which continue to change hands actively in the private market. With the DRHP now less than two weeks away, investors may want to know does it still make sense to buy NSE shares before the IPO?The answer from analysts is nuanced. Most experts agree that NSE remains one of India's strongest financial franchises. However, they also caution that investors should not treat the approaching IPO as an automatic opportunity for quick gains.NSE currently trades in the unlisted market at around Rs 1,950-2,050 per share, implying a valuation of roughly Rs 5 lakh crore. That valuation already reflects significant optimism around the company's eventual listing."NSE is clearly one of India's strongest capital-market franchises and remains one of the most awaited IPO candidates. However, investors looking to buy unlisted shares purely because the DRHP filing is close should exercise caution," said Paresh Bhagat, CIO of Veer Growth Fund and chairman of Mangal Keshav."The business quality is not in question. The key risk is valuation and entry price." Bhagat noted that based on FY26 profit after tax of around Rs 10,300 crore, the exchange is already valued at nearly 48-50 times earnings.While NSE enjoys dominant market share, strong profitability and significant cash generation, he believes much of that strength is already reflected in current unlisted market prices. One of the biggest assumptions among investors is that buying shares before the IPO guarantees a profit once the company lists. Analysts say that assumption may not always hold true.The eventual IPO pricing remains unknown. In many large public offerings, companies deliberately leave room for public market investors by pricing the issue below prevailing unlisted market valuations.If that happens, investors entering NSE at current unlisted prices could face limited upside or even temporary mark-to-market losses. "The pre-IPO window should not be seen as a guaranteed arbitrage opportunity," Bhagat said. "If the IPO is priced more reasonably for public-market investors, the gap versus current unlisted prices could be meaningful."Others echo the same concern. "I would avoid buying NSE unlisted shares purely on the expectation of the upcoming DRHP filing," said Arpit Jain, Joint Managing Director at Arihant Capital Markets."While the filing could be an important milestone in the IPO journey, a significant portion of the optimism around the listing is already reflected in the current unlisted market price." Jain pointed to several high-profile IPOs in recent years where strong excitement before listing did not necessarily translate into exceptional post-listing returns.He said investors should focus on valuation, offer pricing, market conditions and the final IPO structure rather than rushing to buy shares simply because the DRHP is approaching.At the same time, few analysts dispute the quality of the underlying business. NSE remains India's largest stock exchange and dominates equity derivatives trading. The exchange reported total income of Rs 18,713 crore and consolidated net profit of Rs 10,302 crore in FY26.Its capital-light business model, strong cash flows and dominant market position have made it one of the most sought-after names in the unlisted market.According to Nitant Darekar, Research Analyst at Bonanza, NSE currently trades at around 45 times FY26 earnings, based on earnings per share of Rs 41.62. While that valuation is not cheap, it remains below some listed peers."NSE remains a capital-light near-monopoly," Darekar said. "At around Rs 1,950-2,170 in the unlisted market, it trades near 45x FY26 earnings. That's rich, but below BSE at around 70x and MCX at around 80x."Darekar added that the recent settlement of the long-running co-location case has removed a major overhang on the IPO process. However, he cautioned that the exchange's earnings remain linked to derivatives trading activity, which can be volatile, especially after regulatory changes in the futures and options segment.He also highlighted another practical consideration for investors. "The urgency is real. Post-DRHP, fresh unlisted purchases face a one-year lock-in. But valuation, not the calendar, should drive the decision."That point is particularly important because many retail investors view the narrowing pre-IPO window as a reason to buy immediately.Ishan Tanna, Senior Associate at Ashika Capital, said history suggests otherwise. "Historically, buying unlisted shares very close to the IPO stage has not always offered the best risk-reward for investors," he said."In many cases, the biggest gains are made when IPO visibility is low and uncertainty is high. Once the DRHP gets filed and listing draws closer, valuations often become expensive as the IPO excitement premium starts getting priced in."Tanna said NSE remains a rare financial infrastructure asset with strong profitability and a dominant position in Indian capital markets, making it attractive for long-term investors.However, investors chasing quick listing gains should recognise that late-stage entry into pre-IPO stories often carries greater risks than many assume.For now, the consensus among market experts is that NSE remains one of India's highest-quality businesses and its IPO will likely attract enormous investor interest. But with the stock already trading at elevated valuations in the unlisted market, investors may need to focus less on the countdown to the DRHP and more on whether the current price adequately compensates them for the risks ahead.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Mumbai: Indian equities face challenges in repeating their seasonal strength in June, with uncertainty over the peace process between the US and Iran and continued foreign selling clouding the outlook. Mid and smallcap stocks stand a better chance of extending their winning run with domestic money chasing potential winners beyond blue chips.In the past ten years, both the Nifty 50 and Nifty 500 have posted gains in six instances, with average gains of 1.6% and 1.9%, respectively, according to data from Motilal Oswal Financial Services for the past decade.The Nifty Midcap 100 and Nifty Smallcap 250 were up seven times over the past decade, according to Bloomberg data."June seasonality has generally favoured Indian equities," said Sriram Velayudhan, senior vice-president, IIFL Capital Services. "However, factors like crude prices, foreign selling and the impact of adverse weather conditions on the impending monsoon will influence market sentiments in June."The Nifty and Sensex dropped by 2.6% and 2.8%, respectively, in May. The Midcap 100 was up 2.6%, and the Nifty Smallcap 250 gained 1.6%.131431493Analysts said investors tracking seasonal trends must look beyond June."As per seasonality, May and June mostly remain mixed, but July has historically been positive," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. "So dips or consolidation of June can be bought for the next leg of the rally for July."Selective themes such as capital markets, power, energy, auto ancillaries, infrastructure, capital goods, and wire and cable could outperform, he said.Lower foreign ownership is helping small and midcaps, unlike large caps, said Velayudhan.
Every major RCB win in IPL 2026 featured a different hero. Sometimes it was Kohli. Sometimes Patidar. Sometimes Padikkal. Sometimes David. Sometimes Krunal. Sometimes Bhuvneshwar. Sometimes it was the bowlers operating as a collective unit. That was the defining characteristic of this championship side. The first IPL trophy ended one of the league's longest waits. The second confirmed something even more important. Royal Challengers Bengaluru are no longer a franchise chasing history. They may well be on their way to creating one.
New Delhi: Travel portal Yatra Online's founders have opened discussions to sell a controlling stake with feelers having been sent to competitors and other potential buyers, people aware of the development said.The companies they have approached include Makemytrip, Paytm Travel, Rapido, Ixigo and a private equity fund, the people said. Yatra is working with advisors on the sale, they said. Suitors could submit non-binding term sheets to formally document their interest next week. Any formal offers will be subject to due diligence, they said.Also Read: Yatra bets on corporate travel as India’s business travel market heads toward $20 billion by FY27Yatra's founders include Dhruv Shringi, Manish Amin and Sabina Chopra. Shringi, also the chairman, said "there is no substance" to this information."We just reported record profits for the year, hence no reason for anyone to sell," Shringi said when ET sought his comment. "This would anyways not be the right time to do something in the travel industry," he said. The other two founders of Mumbai- and New York-listed Yatra could not be reached for comment. Emailed queries to the company did not elicit a response till press time Sunday.Ixigo and Paytm denied any interest in purchasing a controlling stake in Yatra. Makemytrip and Rapido said they would not comment on "market rumours"."That said, our inorganic growth playbook of investing in niche organisations across travel-adjacent categories has not changed," said a MakeMyTrip spokesperson.Also Read: Indians may be roaming closer to home because of a war far away"Online travel booking is becoming a crowded market. It looks ripe for consolidation," said a fund manager at an international investment firm on condition of anonymity.Yatra Online refers to itself as India's largest corporate travel services provider. The company reported consolidated total income from operations of ₹199.3 crore for the fourth quarter ended March 31, 2026, down from ₹228.5 crore a year earlier. Net profit for the quarter fell to ₹8.2 crore from ₹15.2 crore.On an annual basis, the company reported total income from operations of ₹1,032 crore for fiscal year 2026, and a net profit of ₹47 crore. Yatra said it reported its most profitable year in its history despite some "very significant" macro headwinds that impacted three months of the year.CEO Siddhartha Gupta said that its quarter four was affected by geopolitical disruptions and war-related uncertainty, which weighed on international travel demand, particularly in MICE (meetings, incentives, conferences & exhibitions).
For Gujarat Titans, this was supposed to be Ahmedabad's night.Instead, it became an Ahmeda-bad evening for Shubman Gill's men.Also Read: RCB win IPL for 2 straight years, but this player has created a hat-trick of winsOn a stage draped in blue, in front of a crowd willing the home side towards a second IPL crown, Royal Challengers Bengaluru once again arrived like champions who no longer carry the burden of history. They carried certainty. They carried belief. And, as they have so often over the last two seasons, they carried Virat Kohli.Chasing a modest but tricky 156, RCB were never reckless. They were relentless. Kohli, the grandmaster of the chase and the heartbeat of this franchise, produced yet another knockout innings, crafting a half-century that sucked the anxiety out of the contest and the hope out of Gujarat's defence. It was not his most explosive knock. It did not need to be. It was a classic Kohli pursuit — measured, intelligent and utterly inevitable.The numbers will show another fifty. The final will remember much more than that.For a franchise that spent nearly two decades being cricket's great unfinished story, this felt like the final confirmation that last year's title was not an emotional one-off. This is now a team that understands how to win the biggest games. Two titles in two years is not a breakthrough. It is the beginning of a legacy.Yet Gujarat refused to make it easy.After being restricted to 155, a total that always felt 20 runs short on a placid Ahmedabad surface, the Titans fought with the stubbornness that has defined much of their short IPL history. Rashid Khan, magnificent as ever, dragged the contest deeper than it deserved to go. His spell was a reminder that class survives even when the scoreboard does not cooperate. Every wicket he took briefly reignited belief. Every dot ball lifted the noise levels.Also Read: Rohit, Dhoni, Hardik: When IPL's biggest names couldn't deliver this seasonAnd then there was Rajat Patidar — the quiet captain who has turned Royal Challengers Bengaluru from cricket’s great underachievers into a title machine.A year after leading RCB to their long-awaited maiden IPL crown, Patidar is set to script history again, becoming only the third captain after MS Dhoni and Rohit Sharma to guide a franchise to back-to-back IPL titles. If last season was about breaking an 18-year curse, this one has been about building a champion's mentality.Patidar’s numbers do not scream for attention, but his captaincy has. RCB topped the league stage, steamrolled Gujarat Titans in Qualifier 1, and entered the final carrying the assurance of a side that no longer panics under pressure. The 31-year-old has fostered a dressing-room culture built on clarity and calm, repeatedly insisting throughout the season that every game was “just another match” despite the mounting expectations around a title defence.His fingerprints were all over the campaign. Whether it was trusting Josh Hazlewood in crunch overs, backing Krunal Pandya's experience on spin-friendly surfaces, or ensuring Virat Kohli could play the anchor's role without the burden of forcing the pace, Patidar's tactical calls consistently landed. Most importantly, Patidar has managed something few RCB leaders before him could: he has made the franchise feel bigger than its baggage. For years, RCB were defined by near-misses, heartbreaks and dependence on individual brillianceBut Gujarat's bowlers were left carrying a burden that should never have been theirs alone.The real disappointment lay with the batting.Too many starts disappeared. Too many big names drifted through the final without leaving a mark. At no point did the innings gather the momentum expected from a side stacked with stroke-makers and match-winners. The scoreboard moved, but never surged. The pressure remained, and RCB's attack, led by the discipline of Josh Hazlewood and the control of Krunal Pandya, squeezed relentlessly.By the halfway mark, the script already felt familiar.RCB had been the better side for most of the season. They entered the final as favourites. They played like favourites. And when the moment arrived to finish the job, they handed the chase to the one man who has spent nearly two decades making impossible pursuits look routine.Kohli has worn many labels across his career — superstar, run machine, icon, leader.On nights like these, one title fits best- King Kohli.And with another IPL trophy glistening under the Ahmedabad lights, his kingdom just got bigger
RCB captain Rajat Patidar opted to bowl first in the IPL 2026 final against Gujarat Titans, sparking debate on the toss advantage. Historically, batting first holds a slight edge in finals, with 10 wins to 8 for chasing teams. However, Patidar trusts his bowlers on a good batting surface, aiming for a win irrespective of past trends.
Royal Challengers Bengaluru opted to bowl first in the IPL 2026 final against Gujarat Titans. Skipper Rajat Patidar backed his team's strong chasing record on a batting-friendly pitch. Gujarat Titans captain Shubman Gill also admitted he would have batted first, highlighting the toss's favorable outcome for both sides. One change sees Arshad Khan replace Sai Kishore for GT.
Despite Royal Challengers Bengaluru's dominant Qualifier 1 win, former star AB de Villiers expressed concern over Gujarat Titans' formidable bowling attack heading into the IPL 2026 final. Both teams are chasing their second IPL crown, with RCB aiming to defend their title and GT seeking to add to their 2022 victory.
In an environment where global equities are swinging between optimism around AI-led growth and anxiety over persistent inflation, elevated interest rates, and geopolitical uncertainty, investors are once again being tested, not on intelligence, but on psychology.Charlie Munger’s famous list of “human misjudgment tendencies” is not just a philosophical framework. It is, in today’s market, a practical survival guide.Markets in 2026 are still being shaped by three dominant forces:(1) higher-for-longer interest rates, (2) liquidity concentration in a few mega-cap stocks, and (3) emotionally driven retail participation.Against this backdrop, Munger’s behavioral warnings feel unusually relevant.1. The real enemy is not volatility, but emotional distortionMunger repeatedly warned that investors don’t lose money because they lack information, they lose because they misprocess it.Today’s markets amplify that problem.Every CPI print, Fed commentary, or geopolitical headline triggers immediate overreaction. Investors are constantly pulled between fear of missing out (FOMO) in AI-led rallies and fear of correction during rate jitters.This is a classic combination of:Availability bias (overweighting recent news)Social proof (following crowded trades)Stress-induced reaction (panic buying or selling)In Munger’s language, this is the setup for “avoidable stupidity.”2. “Envy and FOMO” are silently driving modern portfoliosOne of Munger’s strongest warnings was about envy, not as emotion, but as a financial destroyer.In today’s market, envy doesn’t look like jealousy of a neighbour. It looks like:Chasing AI stocks after they’ve already rerated sharplyComparing portfolio performance with index benchmarks dailyAbandoning long-term positions because “others are making faster money”When liquidity is abundant in a narrow set of names, envy becomes structurally embedded in portfolio behaviour. Investors are no longer asking “Is this a good business?” but “Am I missing this move?”That shift is dangerous in a market where leadership is concentrated and reversals can be abrupt.3. The “Lollapalooza effect” is stronger than everMunger described the Lollapalooza effect as multiple biases reinforcing each other into extreme outcomes.Today’s version looks like this:Social media hype amplifies narrativesAlgorithmic flows reinforce momentumPassive inflows concentrate capital into large indicesRetail traders amplify short-term spikesThe result: prices detach from fundamentals faster, and corrections become sharper when sentiment shifts.This is why today’s rallies often feel effortless, but reversals feel violent.4. Overconfidence is rising with “easy market memories”A prolonged period of strong returns, especially in largecap tech, creates what Munger called “excessive self-regard”.Many investors now assume:“Buying dips always works”“Quality stocks never go down much”“The Fed will rescue markets eventually”But in a higher-rate regime, that assumption is no longer guaranteed. Valuation compression risk is real, and earnings must now do more of the heavy lifting.Confidence built in one regime often breaks in another.5. The biggest risk today: avoiding pain too aggressivelyOne of Munger’s less discussed but critical ideas is “pain-avoidance behavior”.In today’s context, it shows up as:Selling winners too early to “lock in gains”Avoiding fundamentally strong but volatile sectorsSitting excessively in cash due to fear of drawdownsIronically, in trying to avoid discomfort, investors often underperform the very market they are trying to survive.6. What works in today’s market: Munger-style disciplineIf we translate Munger’s philosophy into today’s environment, a few principles stand out:(1) Concentrate only when conviction is realNot based on stories, but on durable cash flows and long-term pricing power.(2) Expect volatility as a feature, not a flawEven high-quality companies will see sharp drawdowns in a rate-sensitive world.(3) Reduce decision frequencyMost mistakes come from over-trading emotional signals disguised as “information.”(4) Build a bias checklistBefore acting, ask:Am I reacting to news or value?Am I following the crowd?Would I make this decision in isolation?7. The current market lesson in one lineIf Munger were observing today’s markets, the warning would likely remain unchanged:“The biggest returns still come from avoiding obvious psychological errors, not from predicting the next move.”Bottom lineToday’s markets are not irrational, but they are emotionally amplified. Liquidity, technology, and information speed have not removed human bias; they have accelerated it.That is exactly the environment where Munger’s framework becomes most powerful. Because in the end, investing success is still less about knowing more, and more about misbehaving less.
One of the biggest advances in pancreatic cancer in decades came out of a crazy idea born in a Harvard University lab.Chemical biologist Gregory Verdine believed you could fight disease-causing proteins hidden inside cells by chemically gluing them to something else in the body and smothering them."Everybody told us this is crazy, that it would never work," he recalls.Revolution Medicines, which bought one of Verdine's companies in 2018, recently announced that one of its drugs doubled the typical survival time for patients with aggressive forms of the disease, from 6.7 months to 13.2 months. The full results from the company's final-stage trial are expected to be the star of the show at the annual confab of cancer doctors in Chicago this weekend.Spurred by the success of RevMed, numerous companies are now racing to develop similar drugs, dubbed "molecular glues", which can be used to treat a variety of ailments. And investors and pharmaceutical companies with deep pockets are chasing after them, creating one of the hottest corners of dealmaking in the industry.Also read | India's out-of-pocket healthcare spending drops significantly, govt data showsIt's not unusual for exciting new drugs to spark surges in stock prices and dealmaking frenzy. But molecular glue is a particularly complicated science, and the startups pursuing technologies similar to RevMed are mostly in early stages of testing. Their medicines won't be ready for years, if ever.That hasn't stopped big drugmakers such as Novartis, Roche Holding and Eli Lilly from inking research pacts with glue developers that could pay out billions of dollars in milestones.The boom has been especially lucrative for Monte Rosa Therapeutics. Over the past three years, the Boston-based biotech firm has signed three agreements that could be worth over $10 billion to develop molecular glue drugs with both Novartis and Roche.The company, which trades under the stock ticker GLUE, has seen its shares surge nearly 400% over the past year. It's preparing to start mid-stage trials for multiple drugs by the end of this year."The run-up in the share price is justified based on what we've seen so far," says Robert Driscoll, an analyst at Wedbush. Gains are "due to the success of their drugs rather than kind of exuberance around the glue technology as a whole", he says.Science of GlueMolecular glues work in a fundamentally different way from other oral medicines. Most pills - like Prozac for depression or Lipitor for cholesterol - are tiny chemicals that squeeze into a pocket inside a much larger protein to gum up its functioning. But many proteins have few obvious pockets, including key cancer-causing proteins.In fact, about 80% of all proteins in the body are what scientists refer to as "undruggable", meaning they can't be targeted with traditional drug technologies.RevMed's daraxonrasib cleverly circumvents this problem by acting as a molecular stickum. Once inside the body it binds to a healthy protein on one side and then draws in the bad protein to stick to the other side. The healthy protein helps block the bad protein and turn off its signalling.Competitors Line UpMultiple companies are chasing RevMed's lead in pancreatic cancer despite the long odds. San Diego-based Erasca is in early stages of testing a drug it says is more potent than daraxonrasib. Japanese drugmaker Astellas Pharma has begun final-stage trials of a degrader that may help a subset of pancreatic and lung cancer patients.Molecular glues are also being developed as alternatives to injectable drugs used to treat autoimmune and skin disorders. Shares of Kymera Therapeutics have soared more than 180% in the past year thanks to promising early trial results. The company is developing a once-daily pill it hopes will one day compete with Sanofi and Regeneron Pharmaceuticals' Dupixent, one of the world's bestselling drugs."The technology allows you to go after things that would have been almost impossible" to do previously with pills, says Nello Mainolfi, Kymera's founder and CEO.With few effective options for pancreatic cancer, analysts expect RevMed's daraxonrasib to become an enormous bestseller for the company.Prospects for daraxonrasib and speculation about a potential takeout deal have inflated RevMed's market cap to nearly $33 billion. That's a lofty figure for a drugmaker with no approved medicines.The company is preparing to file for US approval soon, and the FDA has promised to give the drug an ultrafast review. It's projected to reach $7 billion in sales a year by 2032, according to the average of estimates compiled by Bloomberg.
Shubman Gill and Sai Sudharsan created T20 history during Gujarat Titans’ IPL 2026 Qualifier 2 clash against Rajasthan Royals by becoming the first men’s pair to register 11 century partnerships. The duo achieved the feat in just 48 innings, surpassing legendary combinations like Chris Gayle-Virat Kohli and Babar Azam-Mohammad Rizwan while chasing 215 in Mullanpur.
The CBI is also considering making a Latur-based paediatrician a witness in the case. The doctor is accused of purchasing the leaked question paper for his son.