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10 Demons of Investing

I wish all tribe members of Safal Niveshak a very happy Vijayadasami or Dussehra. Today marks the victory of Goddess Durga over the demon Mahishasura. Today also marks the victory of Lord Rama over demon Ravana.

Ravana is depicted and described as having ten heads and as a follower of Shiva, a great scholar, a capable ruler and a maestro of the veena, but someone who wished to overpower the devas. His ten heads represent his knowledge of the six shastras and the four Vedas.

A negative interpretation of Ravana’s ten heads are the ten emotions or senses in humans –

  1. Kama (Lust)
  2. Krodha (Anger)
  3. Moha (Delusion),
  4. Lobha (Greed),
  5. Mada (Pride),
  6. Matsar (Envy),
  7. Manas (The mind),
  8. Buddhi (Intellect),
  9. Chitta (Will)
  10. Ahamkara (The Ego)

When it comes to investing, some of these emotions stand in between the investor and his long term success.

In the illustration that follows, I have tried to depict the ten emotions, or the ten demons, of investing. Print it, paste it on your work desk, and look at it every time you are making an investment decision.

No investor can claim to master or kill these demons, but a knowledge of these residing within you is, I believe, pretty helpful.

10 Demons of Investing - Safal Niveshak
Click on the image to open it in large size;
Drawing is from my son’s colouring book; Colours and words are mine. 🙂

Investing or otherwise, we all have demons inside of us. It’s our choice how many of them we feed, and how often.

The idea is to know and accept that they exist, and then learn to tame them before they eat us and our investment returns.

What do you say? Which of these demons do you feed most often? Share your thoughts in the Comments section of this post.

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About the Author

Vishal Khandelwal is the founder of Safal Niveshak. He works with small investors to help them become smart and independent in their stock market investing decisions. He is a SEBI registered Research Analyst. Connect with Vishal on Twitter.


  1. Keshav Sood says:

    Very innovative style of multidisciplinary thinking sir…

    Your perspective towards investing is different and unique.

  2. I have lost out because of fear. I sold a scrip because I thought I would lose money, and it rose 500% in 4 years after that. I’ve experienced herding and greed too, though thankfully haven’t suffered a lot because of those demons.

    Currently am in the phase of investing for the amount of time which is Warren Buffett’s favorite – forever. Reminded of the Hero Honda slogan, I think “Fill it. Shut it. Forget it.” So my mantra is for money in the stock market is, “Invest It. Confirm it. Forget it.”

    Which demons have troubled you the most, Vishal?

  3. Manish shrivastav says:

    I will start implementing this in my day to day life. Thanks for creating such a creativity thought for us…. Thanks Vishal

  4. Srinivasan AR says:

    Hi Vishal, I daily check your website before reading any other sites. It becomes a habit to read your postings and I must appreciate your hard work for that. Thanks for all your efforts for making novice investors like me to develop knowledge on investing, mental models and behavioural science. I am lucky that i came to know your website and it is a knowledge ocean.


    Srinivasan AR

  5. Jiten Patel says:

    Special thanks to you Mr. Vishal and your tell you frankly I have a great admiration for Mr Parag Parikh.. but after his demise I completely lost hope that someone can actually guide an investor and teach about the emotions part of investing…but In you i see a lot of similarities and I make it a point to read all your articles.. thanking you once again…all the best wishes of Dusshera to you and your and also your team

  6. P Arulselvan says:

    Very useful. Thank you Vishal.

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