Safal Niveshak

Wit. Wisdom. Value Investing.

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Archives for October 2025

The Psychology of Investing #16: The Silent Killer of Rational Investing

One Purpose. A Better Life.

“This is a masterpiece.”

—Morgan Housel, Author, Psychology of Money

“Discover the extraordinary within.”

—Manish Chokhani, Director, Enam Holdings

The Internet is brimming with resources that proclaim, “nearly everything you believed about investing is incorrect.” However, there are far fewer that aim to help you become a better investor by revealing that “much of what you think you know about yourself is inaccurate.” In this series of posts on the psychology of investing, I will take you through the journey of the biggest psychological flaws we suffer from that causes us to make dumb mistakes in investing. This series is part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.

We make tens of thousands of decisions, from what to wear and what to eat to what stock to buy. Many are trivial, but each drains a small amount of mental energy.

Psychologists have a name for this: decision fatigue. It’s the tendency for our decision making to become impaired as a result of having recently taken multiple decisions.

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The Great Indian IPO Illusion: Belief, Hype, and the Price of Imagination

Gifts of Wisdom: Save on My Books + Mastermind (Until 31st October 2025)

Every Diwali, we clean corners we don’t usually look at. It’s a nice metaphor for our inner world too — for our habits and biases that need some fresh air. So this year, I’m sharing limited-time offers on the few things I created to help us see more clearly: my books and the Mastermind Membership.

🎁 The Sketchbook of Wisdom & Boundless (both hardcover): Read my reflections on self-discovery, growth, and living a life that’s yours.

🎁 Mastermind Value Investing Membership: My most comprehensive learning program, which now also includes Value Investing Almanack and weekly/biweekly live Q&A sessions, is open with ₹3,000 off for new members. Click here to join now.

In his book Sapiens, Yuval Noah Harari tells the story of the French carmaker Peugeot to explain something interesting about the human mind—our ability to believe in what does not physically exist.

Peugeot, he writes, is not the factory, the cars, or even the employees. All of these can disappear, yet Peugeot would continue to exist. It was born from a few sheets of paper signed by a group of lawyers in 1896. From that moment onward, it lived as an idea, a legal fiction, and a shared belief that united thousands of people under one name.

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Investing in Your 20s and 30s: Build the Foundation That Builds Your Freedom

Gifts of Wisdom: Save on My Books + Mastermind (Until 31st October 2025)

Every Diwali, we clean corners we don’t usually look at. It’s a nice metaphor for our inner world too — for our habits and biases that need some fresh air. So this year, I’m sharing limited-time offers on the few things I created to help us see more clearly: my books and the Mastermind Membership.

🎁 The Sketchbook of Wisdom & Boundless (both hardcover): Read my reflections on self-discovery, growth, and living a life that’s yours.

🎁 Mastermind Value Investing Membership: My most comprehensive learning program, which now also includes Value Investing Almanack and weekly/biweekly live Q&A sessions, is open with ₹3,000 off for new members. Click here to join now.

I recently wrote an article about investing in your 40s and 50s. A reader wrote back:

Are the lessons you wrote about also applicable to someone in their 20s or 30s? I’m 27, just started earning decently, and everyone keeps telling me to ‘start investing early.’ I’ve begun SIPs in a few funds, but honestly, I don’t know what I’m doing or why. Should I buy stocks? Should I buy a house? Should I ‘go aggressive’ while I’m young?

I smiled reading that, because it took me back twenty years. When I was his age, I too believed that getting rich was a race and that the faster I invested, the sooner I’d reach the finish line.

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Letter to A Young Investor #16: The Most Important Question We Never Ask

Diwali Gifts of Wisdom: Save on My Books + Mastermind (Until 31st October 2025)

Every Diwali, we clean corners we don’t usually look at. It’s a nice metaphor for our inner world too — for our habits and biases that need some fresh air. So this year, I’m sharing limited-time offers on the few things I created to help us see more clearly: my books and the Mastermind Membership.

🎁 The Sketchbook of Wisdom & Boundless (both hardcover): Read my reflections on self-discovery, growth, and living a life that’s yours.

🎁 Mastermind Value Investing Membership: My most comprehensive learning program, which now also includes Value Investing Almanack and weekly/biweekly live Q&A sessions, is open with ₹3,000 off for new members. Click here to join now.

I am writing this series of letters on the art of investing, addressed to a young investor, with the aim to provide timeless wisdom and practical advice that helped me when I was starting out. My goal is to help young investors navigate the complexities of the financial world, avoid misinformation, and harness the power of compounding by starting early with the right principles and actions. This series is part of a joint investor education initiative between Safal Niveshak and DSP Mutual Fund.

Dear Young Investor,

I hope this letter finds you well.

Today, I want to talk to you about a question that sounds simple but can change the way you think about investing and life. But before that, let me talk a bit about… Disney.

So, a few years ago, Disney conducted a study to uncover what fascinated children most in their theme parks. Was it Mickey and Minnie? The spinning teacups? Or the grand Cinderella’s castle?

Surprisingly, it was none of those.

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See, and the Light Appears

Diwali Gifts of Wisdom: Save on My Books + Mastermind (Until 31st October 2025)

Every Diwali, we clean corners we don’t usually look at. It’s a nice metaphor for our inner world too — for our habits and biases that need some fresh air. So this year, I’m sharing limited-time offers on the few things I created to help us see more clearly: my books and the Mastermind Membership.

🎁 The Sketchbook of Wisdom & Boundless (both hardcover): Read my reflections on self-discovery, growth, and living a life that’s yours.

🎁 Mastermind Value Investing Membership: My most comprehensive learning program, which now also includes Value Investing Almanack and weekly/biweekly live Q&A sessions, is open with ₹3,000 off for new members. Click here to join now.

See, and the Light Appears

I recently read this beautiful couplet from Sant Kabir:

जब मैं था तब हरी नहीं, अब हरी है मैं नाही, सब अँधियारा मिट गया, दीपक देखा माही |

When I was, God was not; now God is, and I am not. All darkness has vanished—the lamp is lit within.

Kabir is not speaking of a deity outside of us. He is pointing to something far more subtle—the end of the “I,” the end of the self that is forever seeking, comparing, and becoming.

When that ceases, what remains is “light,” or the illumination that arises when the mind is still and free from its own shadow.

We spend much of life chasing light outside us, in wealth, possessions, status, knowledge, and even in spirituality. But as long as the self seeks, the darkness continues.

Perhaps then, our real work is not to search for light, but to see the darkness as it is… without running away from it, and without naming it. In that seeing, the light appears.

As you celebrate Diwali with your family and friends, may you come upon that light.

There is no greater clarity and no deeper freedom than that.

Happy Diwali.

—Vishal

20 Timeless Lessons for Young and Old Investors

Diwali Gifts of Wisdom: Save on My Books + Mastermind (Until 31st October 2025)

Every Diwali, we clean corners we don’t usually look at. It’s a nice metaphor for our inner world too — for our habits and biases that need some fresh air. So this year, I’m sharing limited-time offers on the few things I created to help us see more clearly: my books and the Mastermind Membership.

🎁 The Sketchbook of Wisdom & Boundless (both hardcover): Read my reflections on self-discovery, growth, and living a life that’s yours.

🎁 Mastermind Value Investing Membership: My most comprehensive learning program, which now also includes Value Investing Almanack and weekly/biweekly live Q&A sessions, is open with ₹3,000 off for new members. Click here to join now.

Investing is a lot like riding a bicycle for the first time. You start off feeling wobbly, unsure of what you’re doing. Every little bump feels like it’s going to throw you off. You hold your grip on the handle too tightly, overreact to every movement, and fall a few times. But if you stick with it, you slowly find your balance.

You ultimately realise it’s not about avoiding every bump but learning how to roll through them without crashing.

Over the years, I’ve had my fair share of crashes in the investing world. Some left me with bruises (mostly to my ego), while others taught me lessons I wouldn’t trade for anything. Some time back, I shared some of these lessons on Twitter—simple truths for both new and experienced investors that might help make the journey a little smoother.

This isn’t some definitive guide or magic formula. Think of it more like a list of signposts—reminders that might help you find your balance, especially when the market gets rough.

Whether you’re just starting out, or you’ve been riding the investing bicycle for years, I hope these lessons help you stay steady when it matters most.

Here they are.

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