21 Years of Investing – Key Lessons That Changed My Thinking

Investment Learning
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Over the last 21 years, the stock market has been my teacher, my mirror, and my testing ground. I came from a typical middle-class family. After post-graduation from IIT Bombay, first time came across Capital Markets in 2004. The first person in my family to invest in the Stock Market.

So, had loooong and steeeep learning curve. But desire was intense hence did, NSE, BSE certifications, post-graduation in Financial markets and NISM certifications along the way…

I started with the same mistakes most of us make: chasing hot tips, over-trading, and believing there must be a shortcut. There isn’t.

Today, after two decades of wins and many humbling losses, I wanted to share a few key lessons that shaped me:

1. Markets reward patience, not prediction. My best returns came not from timing, but from holding good businesses for years. - Bajaj Finance since 2009 (once sold all)

2. Focus on the business, not the stock price. Thinking like a partner in a business changed everything. - Many as Business Owner.

3. Risk is not volatility – it’s ignorance. The more I understood a company, the calmer I became during market storms. - Volatility is friend who Present me Opportunities as Gifts!

4. Position sizing matters as much as stock selection. Concentration when conviction is high has been game-changing. - Key to Wealth building

5. Money mindset is the invisible edge. Emotions—fear, greed, ego—are the biggest hurdles, not market conditions. - It’s more a inner game than outside.

I still consider myself a student, but I now see investing as a lifelong partnership with businesses rather than a game of quick wins.

I would love to hear:

What’s the one lesson from your own journey that completely changed your investing style?

How did it happen?

Looking forward to learning from your experiences.
Thanks!

Disclaimer: Not a stock recommendation. Just sharing personal experience for discussion.

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Thanks for putting out your experience. Its almost my 5th year in market but only from last 1 year i am focusing on business and gone through similar setbacks initially by tips, FnO and similar shortcuts. But onwards now i am not going back to price action. Your post further upped my confidence. Thanks.

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Very similar story when I started my journey in 2004.
While I held fundamentally sound stocks for long term throughout my investing period, on two occasions (2008 & 2020) I had to exit my portfolio completely due to panic. Had I held those stocks until today, my portfolio would have been ____ times.

One lesson: Never let the panic takeover the control

Ps: Luckily I was never into the trap of broker tips, F&O etc. from day 1.

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Myself started investing at the age of 19. Have to say, my capital was my savings only…whatever i saved, i deposited in my Axis Bank and invested, of course small amount for one doing degree(B.Com, also was doing CA parallelly)… Had no or little success at that time. During articleship days too, I continued my investment, but invested in wrong stocks, made wrong entries and wrong exits…Had a relief journey during 2014-2016 (till Arun Jaitley introduced LTCG).
Have to say, I was late to see this forum…Once I started following valuepickr, there was a sea change in mentality.Earlier I used to panic fast..now there is no panic.
Lessons that worked for me :

  1. Reducing your failure rate is more important than increasing your success rate. Or Managing Risk is more important than managing return.
  2. Stictly no FOMO. Market always moves cyclically.For every up there is a down.So have patience.
    I also have to say Thank you to Mr.Market for giving me lot of knowledge which I could not have got if not for investing. Also huge respect and thanks to my fellow valuepickr members as well for all their guidance and sharing of knowledge. Hope I can pay forward to other members going forward.
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Welcome to the real Wealth creation. I always tell to my students that, In the Stock Market the real game is - 1. Inner compass (behavioral bias, etc), 2. Focus on Business, Management and Valuation 3. Have own crafted framework and strategies those suit to you, based on own cash-flow, goals, timelines, risk appetite, etc.

Listen everyone, but always be in charge of own decisions. It will take you long.

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Yes, panic - crash is discount sell.

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Yes, market is best teacher. As long as you keep learning, evolving and mastering the investment game. Only make sure in this journey - don’t go broke.

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5 Investor Mindset Shifts That Changed My Wealth Journey

In my 21 years of investing, I’ve realized that wealth is not created by knowledge alone — it’s created by shifting how we think.

The market teaches you… painfully. And slowly.

Here are the first 5 mindset shifts that transformed me — from someone chasing returns to someone building long-term financial freedom.

In my 21 years of investing, I’ve realized that wealth is not created by knowledge alone — it’s created by shifting how we think.
The market teaches you… painfully. And slowly.
Here are the first 5 mindset shifts that transformed me — from someone chasing returns to someone building long-term financial freedom.

  1. From “Quick Returns” → to “Long-Term Wealth Creation”
    I started by asking: “How fast can this stock double?”
    Today I ask: “Will this business survive and grow for the next 10 years?”
    The longer the runway, the greater the compounding.
  1. From “Stock Price” → to “Business Quality”
    Earlier I’d refresh the stock price every 30 minutes.
    Now I dig into how the business earns, grows, and defends its moat.
    Stock price is a shadow. Business quality is the substance.
  1. From “What to Buy” → to “How to Think”
    I used to chase tips.
    Now I build frameworks — cash flow filters, capital allocation checks, promoter integrity models.
    Tips fade. Systems scale.
  1. From “More Stocks” → to “Better Allocation”
    I thought having 25–30 stocks = safety.
    Now I know conviction matters more than collection.
    Sometimes, the best portfolio is 10 stocks you understand deeply.
  1. From “Trying to Time the Market” → to “Time in the Market”
    I’ve exited early out of fear. Entered late out of FOMO.
    Now I simply stay invested in great businesses — and let time do the work. One major mistake is that I sold a good quantity of Bajaj Finance in 2012 when purchasing a house in Navi-Mumbai.
    Time in the market beats timing the market. Every time.

What About You?

These shifts didn’t happen overnight. Each took time, pain, and introspection.
But each one brought me closer to clarity, confidence, and financial freedom.

  • Which one of these 5 shifts have you already experienced?
  • Which one are you still working on today?

I’d love to learn from your journey too.
In the next post, I’ll share 5 more mindset shifts — including the one that changed my life the most.
Thanks for reading.

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well said Sir. And i agree with all of the above. The one thing I would add is to add to your winning positions and cut the losing ones as early as possible.

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how has your stock selection process evolved? what parameters you look for. how do you shortlist industries to invest for.

thanks in advance.

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I agree. My only submission, do not decide based on market price alone to decide as winning or losing. Focus on Business prospect.
Market may take sometime to recognize winners as well as Losers.

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Thanks for asking. I will share in detail in due-course. Let me collate it. But will love to share with you all.

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Next 5 Investor Mindset Shifts That Changed My Wealth Journey

This is a continuation of my last post, where I shared 5 mindset shifts that transformed my investing journey.

In this post, I’ll share the next 5 — some of which took me years to fully internalize. One of them even changed the way I lived my life.

  1. From “Fear and Greed” → to “Calm and Discipline”
    Earlier, I’d react emotionally to every move.
    Now, I respond with preparation, not panic.
    Calm thinking leads to better decisions and better returns.
  1. From “Following Others” → to “Understanding Myself”
    Copying others’ portfolios got me into trouble.
    Knowing my own investor persona, risk tolerance, and decision process changed the game.
    Self-awareness is a powerful investing edge.
  1. From “Clutter” → to “Clarity”
    Too many apps. Too many opinions. Too much noise.
    I simplified my process. Cleaned my watchlist. Filtered my news. Now use www.screener.in and www.moneycontrol.com to track the portfolio and business.
    Less noise. More signal. Better returns.
  1. From “Returns Focus” → to “Freedom Focus”
    CAGR is good.
    But true wealth is the freedom to choose how you live.
    Now I ask: “Will this decision bring me closer to peace, purpose, and time with family?”
  1. From “Knowing Everything” → to “Lifelong Learning”
    I used to chase “complete knowledge” before taking action.
    Now I take action, reflect, and improve.
    The best investors are not perfect — they’re just open to learning. Always.

These 10 mindset shifts have helped me build wealth, peace of mind, and the confidence to walk my own path.

I’m now on a mission to help others make these shifts — because I’ve seen what a powerful difference they make. They sound Simple, but transformative and most importantly, I seen them working to get the results.

1. Which shift hit home for you the most?
2. Which one will you focus on next?

Let’s grow together — not just as investors, but as people seeking true financial freedom.

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Important Lesson: Stock Market is a Life Partner, Not a Lottery – Building a Lifetime Relationship

How do you see your relationship with the markets?
For most people, the answer reveals everything about their financial journey.

Many approach the stock market with a lottery mindset. They hope for quick riches, gamble on tips, and chase hot stocks like buying lottery tickets. The thrill is high, but the pain is often higher. Like in any rushed relationship, excitement fades, regret sets in, and wealth slips away.

But if you shift your view, the market can become your life partner. A partner who grows with you, supports your dreams, and provides for your family’s future—if only you treat it with respect and patience.

The Lottery Mindset

  • Believes in overnight success.
  • Depends on luck, rumors, and shortcuts.
  • Ends up with anxiety, losses, and broken trust.

The Partnership Mindset

  • Believes in steady growth through commitment.
  • Values research, discipline, and long-term thinking.
  • Creates stability, compounding wealth, and peace of mind.

In my 20+ years in the stock market, I’ve seen both stories play out. Friends who treated the market like a quick gamble often lost not only money but also confidence in themselves. On the other hand, those who patiently nurtured this relationship with consistent investments in wonderful businesses are today living with freedom, dignity, and choice.

Think of it like a marriage: it’s not about daily drama, but about trust, time, and growth together. You don’t abandon your life partner because of a bad day, nor should you abandon the stock market because of a bad week.

When you commit with the right mindset, the market rewards you with more than just returns—it gives you financial security, emotional stability, and the power to design the life you dream of.

The Choice is Yours

Do you want to gamble and live in fear? Or do you want to partner with the markets and build a legacy?

Your wealth journey depends on this decision.

Remember, markets are not your enemy. They are your ally—if you respect them. Treat them as a lifelong partner, and they will walk with you, quietly compounding your money into financial freedom.

The real lottery is not luck—it’s the wisdom of choosing the right relationship with the market.

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The Informed Investor: How Uncertainty Can Be Your Greatest Wealth Ally

“Uncertainty is not your enemy — it’s the price of long-term success.”
– Warren Buffett
Most people see market uncertainty as danger. Intelligent Investors see it as a golden window.
In the late 1970s, Buffett challenged the common “herd mentality” of investors who panic during downturns. He famously said: “The future is never clear. You pay a very high price in the stock market for a cheery consensus.” That single quote reshapes how we must view market cycles.

The Illusion of Control
As humans, we crave patterns. We want predictability. But the market doesn’t play by those rules. Price movements aren’t precise equations—they’re reflections of business value, investor psychology, global factors, and randomness.
That’s why short-term traders—especially in F&O—get burned. They chase predictability with leverage and emotions. Result? Losses, regret, and capital destruction.

The Herd Mentality = Financial Suicide
Buffett warns of “cheer consensus”—when investors follow the crowd blindly.
When media screams “Bull Run!” people rush to buy. When panic strikes, they sell everything. This behavior leads to buying high, selling low—every investor’s nightmare.
F&O traders fall prey to this the most. Fueled by greed and adrenaline, they ignore fundamentals and get trapped in speculative cycles.

Embrace Uncertainty, Don’t Escape It
Here’s what Intelligent Investors do differently:
• They don’t try to predict the market—they prepare for it.
• They buy wonderful businesses during fearful times.
• They focus on value, not volatility.
They know uncertainty is the price you pay for returns above inflation and bank FDs.

Diversification Is Your First Defense
To survive market storms, you need to spread your investments across industries, asset classes, and geographies.
But diversification doesn’t mean buying random stuff. It means building a well-thought-out, long-term strategy aligned with your goals.

Learn from the Past. Don’t Panic.
History is filled with crashes, recoveries, booms, and busts. Yet over the last 100 years, markets have always gone up over the long term.
If you had invested ₹10,000 in Sensex in 2000, it would be over ₹1,00,000+ by now—even with the crashes.
What matters is not when you invest, but how long you stay invested.

Mindset = The True Gamechanger
Emotional discipline is what separates successful investors from the rest. When others panic, you must stay calm. When others get greedy, you stay rational.
Don’t chase F&O dreams. Don’t rely on tips. Don’t fear corrections.
Stick to business fundamentals. Trust the power of compounding.

Final Lesson: Uncertainty = Opportunity
The future will always look scary. But those who embrace this truth, stay patient, and follow value-investing principles will build wealth.

Learn, Evolve and be humble…

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Do you have any sectoral preference for long term holdings?

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Rather than sectorial I pin-down to specific business and long-term competitive advantage they exhibit through numbers.
Like - branded, luxury, few NBFCs, niche IT service, Energy business with hold on cost and logistics.

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What Lord Ganesh Teaches Us About Smart Investing
— And Why It Might Just Save Your Financial Future

Every year, Ganesh Chaturthi reminds us of new beginnings, wisdom, and strength. But have you ever thought how Lord Ganesh is the perfect role model for investors?

  1. Big ears – Listen more, speak less. Learn from the market, not noise.
  2. Small eyes – Focus sharply. Don’t get distracted by hype.
  3. Large head – Think big. Think long term. Think like an Intelligent Investor.
  4. Calm presence – Be stable. Market volatility is temporary; your discipline must be permanent.
  5. Humble mouse – Even small investors can build massive wealth, with the right mindset.

In the stock market, we’re often chasing speed, noise, and greed. But true wealth isn’t created by jumping trends. It’s built by staying calm, learning constantly, and choosing the right businesses at the right value.

Begin your investing journey—guided by timeless wisdom and modern frameworks.

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Lottery mindset - Not exactly but faster growth options come from 1) Management change 2) Promoters increasing stake 3) Any business triggers - fast growth segment 4) Most rare - Since independence, but now seen - Govt push into a segment…Just a share

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Hello Sir, Thx for opening your thread.
Consider me a newbie who is still in questioning game/markets rather than riding the flow.

As you wrote, “Thinking like a partner in a business changed everything. - Many as Business Owner.” Did you pick Bajaj finance on same lines or is it luck.

The reason is just to tune and understand how things are working. Today, if I got a power to buy back Bajaj finance in early 20’s, I still wouldn’t bought it. My questioning, there are lot of biggies hdfc, axis etc.. they would have tried to make the most. Put it in another way, sme loans, consumer loans and whatever loans disbursed by Bajaj should have been disbursed by other biggies. Though it did happen but the Bajaj did it on very high scale and with what reasoning you choose Bajaj over others.
The way I still see, either one of these two has to be right, biggies didn’t play right or Bajaj is so strong it captured the right market.

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