Want to learn Fundamental Investing?
I am committing to teaching basic fundamental investing, which will include a balance sheet, cash flow statement, income statement and all ratios revolving around them.
I will add one ratio every day to this thread🧵🧵:
Being a founder is so freaking hard man.. chewing glass every day. If you fail, no one cares. If you succeed, you are given way more problems. Sometimes I really wonder how many founders wake up in the morning and ask themselves "is it really worth it".
Starting a company is so glorified - but building, scaling and maintaining one is a different story. This is why it's so important to do this for the right reasons - solve problems you are deeply passionate about and one you'll do even if the world is against you. At least there will be light at the end of the tunnel that's constantly drawing you in on those days when you are questioning your motivation.
I have never had the courage to personally start a company for this reason. Just wanted to say to the ones going through this - I see you, I salute you and I admire you 🫡
SEBI’s new proposal might quietly create more millionaires in India.
Because right now, most salaried Indians invest only what survives after rent, EMIs, bills, travel, subscriptions, and lifestyle expenses.
And usually… there’s not much left.
That’s why I think SEBI’s new proposal around payroll-based mutual fund investing could become a much bigger shift than people realize.
The proposal allows employers to facilitate automatic mutual fund investments directly through salary deductions.
At first glance, this may look like a small operational change.
But behaviorally, it changes everything.
Because wealth creation is rarely about finding the “best” stock or timing the market perfectly.
It’s about consistency.
The biggest problem with investing today is that it depends on monthly discipline: “I’ll invest whatever is left this month.”
The problem?
Investing becomes optional. Expenses don’t.
Automatic salary investing flips that equation:
Invest first. Spend the rest.
This is one of the reasons systems like 401(k)s helped create millions of long-term investors in the US.
If implemented well, this could:
• Increase retail participation in financial markets
• Improve long-term investing discipline
• Reduce emotional investing behavior
• Help salaried employees build wealth passively over decades
Small SIPs invested consistently for 20–30 years can create extraordinary outcomes through compounding.
Sometimes, the biggest financial innovations are not new products.
They’re systems that make good behavior automatic.
India may be moving one step closer to that.
Would you opt for automatic salary investing if your employer offered it?
Join 1100+ investors who recieve financial insights monthly on my newsletter for free: https://t.co/xh2j81badE
Plan your finances today: https://t.co/1Oq32Nhx2H
@CalmInvestor Moving to Ultrahuman? Or waiting for a discount :)
I think whoop might reduce the prices slightly because of Google Fitbit air, let’s see, have my renewal in August :)
Advisoira is built completely using Codex,
Claude Code and Kimi 2.6
Today @OpenAI just made Codex free for every business enterprise for 2 months:
https://t.co/ea0bGY4Jin
What are you building?
#openai@sama
Want to learn Fundamental Investing?
I am committing to teaching basic fundamental investing, which will include a balance sheet, cash flow statement, income statement and all ratios revolving around them.
I will add one ratio every day to this thread🧵🧵:
The one thing I admire most about him is the intellectual honestly he has.
Always changes his opinions when facts change, never afraid to accept his mistakes.
I’ve met a lot of people who are successful - I think this is an innate quality in all of them.
Having this quality does not guarantee success, but not having it surely guarantees that you don’t get successful.
I've lost interest. Earlier I was very confident that India would become a developed country. I'm no longer sure.
Some of the states in India are doing very well. As a country, our growth is subpar. No where near to become a developed nation.
Most NRIs still invest through regular Indian funds without realizing GIFT City funds can offer:
• 0% LTCG
• 0% STCG
• No STT
• No TDS
• No mandatory ITR filing
A cleaner, more tax-efficient route to Indian markets. 🇮🇳
The future of global investing for NRIs is being built in GIFT City.
https://t.co/1Oq32Nhx2H
Spot on.
Multiple people ask me if they should pursue PMS now that their corpus crossing the “eligibility” criteria.
I say, you are better of without it.
Dezerv charges 0% fixed fee. Here's why that's the most expensive wrapper on the market.
A 0% fixed management fee sounds like the ultimate honesty. Pay the manager only when you make money. What could be fairer?
The math says the opposite. The better the manager performs, the more the wrapper costs you. The exact opposite of alignment.
Dezerv runs a Portfolio Management Service holding mutual funds and stocks. 0% fixed + 10% profit share, high watermark, ₹50 lakh minimum.
Take ₹1 crore over 20 years. Same capital, same horizon, same underlying mutual funds. Only the fee wrapper differs.
Path A — flat-fee RIA at 0.8% advisory + 0.8% direct MF TER + GST.
Path B — Dezerv: 0% fixed + 10% profit share + 0.8% TER + 0.1% PMS operating costs + GST.
After 20 years:
• 10% gross → ₹4.89 cr (RIA) vs ₹4.66 cr (Dezerv). Gap: ₹23 lakhs.
• 12% gross → ₹7.05 cr vs ₹6.44 cr. Gap: ₹61 lakhs.
• 15% gross → ₹12.06 cr vs ₹10.37 cr. Gap: ₹1.69 crore.
• 18% gross → ₹20.34 cr vs ₹16.52 cr. Gap: ₹3.82 crore.
Flat-fee wins in every scenario. The gap widens as returns rise — the wrapper takes a bigger cut precisely when compounding matters most.
Structurally the opposite of "manager only eats when you eat."
But surely Dezerv generates alpha to justify the cost? Active rebalancing and dynamic allocation are pitched as the source. Two problems.
🪙 The rebalancing tax. A PMS holds units in the client's segregated demat. Every switch is a redemption — STCG at 20% under a year, LTCG at 12.5% above ₹1.25 lakh after. A directly-held MF pays zero tax during the holding period. The wrapper trades phantom alpha for real tax leakage compounding against you for 20 years.
📉 The empirical record. 521 equity PMS schemes on PMSBazaar, 249 with five-year tracks. Multi-cap PMS beating MF Direct flexi-cap average: 35.8%. Large-cap: 16.7%. Mid-cap: 0%. Most PMSes lose to a low-cost direct MF portfolio after fees, before tax. After tax it gets worse.
A wrapper of mutual funds asking investors to believe in compound alpha — selection skill on top of fund-manager skill — that the data does not show.
The honest answer for an HNI:
→ Four to six well-chosen direct mutual funds
→ A flat-fee RIA at 0.5–1.0% of AUM
→ Buy and hold. Rebalance only on regime change, not on the calendar.
That setup beats Dezerv by ₹23 lakhs to ₹3.82 crore over 20 years on a ₹1 crore corpus.
The Dezerv structure is not malicious. It is just engineered to pay the provider very well in the years the investor most needs upside protected.
"0% fixed fee" feels generous where fees are usually opaque. Generosity is not the same as alignment.
Pushback welcome. If anyone has run the same math with realistic Indian taxation and reached a different answer, I'd like to see it.
Note: Dezerv's PMS Disclosure Document is not public. I have estimated pass-through operating costs (custodian, audit, accounting) at 0.1%. SEBI permits up to 0.5%, so the gap above is a conservative one.
The upper people move in the ladder of wealth, the more they think of buying products uniquely positioned for welfare of the rich.
The harder truth is, a majority of these products are there to just rip you off.
But then, that’s why they are made exclusive and advertised as “can’t have”.
FOMO sells more.
The upper people move in the ladder of wealth, the more they think of buying products uniquely positioned for welfare of the rich.
The harder truth is, a majority of these products are there to just rip you off.
But then, that’s why they are made exclusive and advertised as “can’t have”.
FOMO sells more.
The pitch reads well. The math underneath does not.
The PMS fee sits on top of the mutual fund expense ratio, not in place of it. All-in: 1.1 to 2%. A direct MF portfolio does the same job at 0.5 to 1%.
Tax pass-through is a feature of mutual funds, not the PMS wrapper. The moment the PMS rebalances between schemes, the demat books a redemption and tax follows.
Profit sharing without a hurdle rate is not alignment. The manager keeps 20% of the upside and bears none of the downside. Investors pay carry for beating zero.
A HNI with 50 lakh can buy 4 to 6 direct funds, pay an RIA a flat fee, and keep most of what the wrapper would have taken. The structure pays the provider better. Not the investor.