Safal Niveshak

Wit. Wisdom. Value Investing.

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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.

[Read more…] about Letter to A Young Investor #16: The Most Important Question We Never Ask

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.

[Read more…] about 20 Timeless Lessons for Young and Old Investors

The Psychology of Investing #15: Better Roughly Right Than Precisely Wrong

Two Books. One Purpose. A Better Life.

🎁 Now Available At Special Prices!

“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.

A group of tourists was visiting a dinosaur museum. A guide was entertaining them with interesting trivia about various dinosaur species. Just when they were passing by a huge skeleton of an ancient carnivore, an inquisitive member of the tourist group asked the guide, “How old is this skeleton?”

“Oh, that big T-rex skeleton? It’s about 100 million and 5 years old.” quipped the guide.

“That’s quite an odd figure. I understand the 100 million part but how are you so sure about the last 5 years?”

[Read more…] about The Psychology of Investing #15: Better Roughly Right Than Precisely Wrong

Money Is Simple. Why Do We Make It Complicated?

You may not have heard of Jonathan Clements. He wasn’t a fund manager or a market guru. He was a journalist who tried to make sense of money in a way that felt real, not intimidating.

Between 1994 and 2008, Clements wrote more than a thousand columns for The Wall Street Journal. Later, he started his own site, HumbleDollar. A few days ago, he died at 62, after fighting a rare form of lung cancer for nearly 18 months.

Jason Zweig, his colleague and friend, wrote a remembrance of him. He spoke about Clements’ “obsession” with index funds and his stubborn courage in calling out the financial industry when it misled people.

[Read more…] about Money Is Simple. Why Do We Make It Complicated?

Letter to A Young Investor #15: Are You a Stock or a Bond?

Two Books. One Purpose. A Better Life.

🎁 Now Available At Special Prices!

“This is a masterpiece.”

—Morgan Housel, Author, Psychology of Money

“Discover the extraordinary within.”

—Manish Chokhani, Director, Enam Holdings

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.

Let me quickly take you back to when I began my journey in investing almost 22 years back. I thought the most important questions were the obvious ones, like: Which stock should I buy? How much return can I expect? What mutual fund is better than the other? How much should I invest in bonds and how much in stocks?

[Read more…] about Letter to A Young Investor #15: Are You a Stock or a Bond?

A 5% Decade

Join the Mastermind Membership

The Only Investing Membership You’ll Ever Need

Join 10,000+ students from 30+ countries and learn the structured, step-by-step process of stock picking as practiced by the world’s most successful stock market investors.

Join Mastermind

On the morning of April 10, 1912, the Titanic set sail on her maiden voyage. She was the largest ship afloat, built with the latest technology, and marketed as “unsinkable.”

Her captain, Edward Smith, was a veteran of the seas. The ship’s design was considered so safe that she carried lifeboats for only about half the passengers on board. Even the safety drills were minimal.

[Read more…] about A 5% Decade

Impermanence

🔔 A Note on My Books and Courses

Hardcover Books: The Sketchbook of Wisdom & Boundless

Mastermind Value Investing membership: Learn, connect, and grow with a private community of serious value investors. Click here to join now.

Value Investing Almanack newsletter: Deep, timeless investing insights delivered to your inbox every month. Click here to join now.

The first mobile phone I bought was in 2003. It was with my second salary, and it was a Nokia 3315. In fact, when I looked around, almost everyone had one, and for good reason. You could drop it or even throw it at a wall, and it would still work fine.

Back then, Nokia wasn’t just a company, but the company. If you’d asked me names of businesses that would last forever, I’d have said “Nokia” as one of them without a second thought.

[Read more…] about Impermanence

Investing in Your 40s and 50s: The No-Mistake Zone

🔔 A Note on My Books and Courses

Hardcover Books: The Sketchbook of Wisdom & Boundless

Mastermind Value Investing membership: Learn, connect, and grow with a private community of serious value investors. Click here to join now.

Value Investing Almanack newsletter: Deep, timeless investing insights delivered to your inbox every month. Click here to join now.

Disclaimer: What follows is based on my personal views and experiences, and may not apply to everyone’s circumstances. Your financial situation, risk appetite, and life stage may be very different from mine. Please don’t take offence if something here doesn’t match your approach. Use it only as a perspective, not a prescription.

I received a letter from a reader a few days ago. He was someone around my age and wrote:

I’m in my mid-40s, my kids are growing up, my parents are ageing, and I’m suddenly feeling this urgency about my finances. I’ve been investing, but I don’t know if I’m doing enough or if I’m doing it right. There’s no social security here, and if I mess up, there’s no safety net. What should I do?

I read it twice because it could have easily been me writing that letter. I am middle-aged myself, and lately I’ve been thinking a lot about these same questions about money, security, and the strange cocktail of restlessness and responsibility that creeps up on you in this phase of life.

[Read more…] about Investing in Your 40s and 50s: The No-Mistake Zone

The Psychology of Investing #14: The Authority Illusion

🔔 A Note on My Books and Courses

Hardcover Books: The Sketchbook of Wisdom & Boundless

Mastermind Value Investing membership: Learn, connect, and grow with a private community of serious value investors. Click here to join now.

Value Investing Almanack newsletter: Deep, timeless investing insights delivered to your inbox every month. Click here to join now.

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.

A relative of mine once struggled with a stubborn stomach problem, which included constant acidity, bloating, and fatigue. It wasn’t life-threatening, but it made daily life miserable. At first, he brushed it off as stress, or too much tea and late nights, like most of us would. But after three or four months, the discomfort became impossible to ignore.

Finally, he decided to see a senior doctor in the city, one with decades of experience, consultant at a top private hospital and to a few celebrities, and long waiting lists. As my relative described him later, the aura around him was unmistakable.

But as often happens in doctor visits, the consultation was brisk. After a few quick questions, the doctor prescribed an aggressive line of checkups and treatment. That included an endoscopy, blood tests, ultrasound, and an expensive combination of medicines. The doctor’s fee and tests, which were all done at his clinic, alone cost almost ₹30,000.

[Read more…] about The Psychology of Investing #14: The Authority Illusion