Glossary

The older exchange. More listed companies, much less trading volume.

The ₹1 lakh minimum lot is not a mark of quality — it is a regulatory warning label, set high deliberately to keep out investors who cannot absorb the loss.

It belongs to the security, not the company, and it moves. The ordinary one lets you square off the same day; the trade-to-trade one does not, and the chart looks identical either way.

Occasionally the most important note in the entire report, and almost never read.

"It was ₹900 last year" tells you nothing about what it is worth now.

Almost everyone is overconfident on first measurement. Writing the number down before the outcome lets you size to your actual reliability rather than to your felt certainty.

Distributors know when orders slow long before a quarterly result says so. Three shops near your home are one geography and one distributor, not three sources.

Know your system’s worst historical drawdown before trading it, because you will live through it.

What separates analysis from hoping. A thesis that cannot be wrong cannot be right either, because every development will be reinterpreted as confirmation.

The nominee receives; the legal heir owns. Confusing the two is how carefully planned money ends up in court.

What the typical stock actually did, as against the average, which a few extreme winners have inflated. Almost every return figure quoted at you is the mean.

India’s oldest index and the one on the evening news.

Quiet years say nothing. A dangerous exposure and a harmless one produce exactly the same uneventful statement.

Three good years is roughly a hundred decisions — nowhere near enough to mean anything.

The name on the board outside. It changes when a company rebrands or moves segment, which is why it is not what settlement relies on.

When an Elliott count fails, the standard response is to renumber it rather than to conclude the method was wrong. A framework that cannot be wrong cannot be tested.

Cap the bad print instead of dropping the bar. The row stays, so every rolling window keeps its length and every date still lines up.

Most non-banking financial companies may not take public deposits at all; the deposit-taking category is a separately authorised, and shrinking, subset. Regulated, but not a bank and not insured — the extra rate is credit risk on one company with no safety net behind it.

The observations underneath are sound; the counting is not testable. The rules allow enough extensions and truncations that two competent analysts routinely produce opposite counts on the same chart.

“As much as possible” is the absence of a goal, and it guarantees the target keeps moving.

The observation underneath is sound — trends do advance in bursts separated by corrections, with the middle push usually strongest. The numbering adds a precision that is not there.

Without one there is no definition of managing somebody’s money well, because there is nothing any outcome can be measured against. A few sentences is enough; the absence is what causes the arguments.

The most reliable observable sign that somebody is in trouble, and unlike profit and loss it can simply be asked about. An opportunity does not get better because you are behind.

The reason you can transact at all in a less liquid instrument. Their absence is why some stocks show a 2% spread.

A shareholder who is not deciding whether to sell but is prevented from selling until a date the offer document names. The absence of selling before that date says nothing whatever about intention.

You are not judging the business — only observing that the market is treating it well.

Why a cyclical trading well below replacement cost is a real observation — and why nobody builds new capacity at the bottom.

Compensation for enduring drawdowns, not a payment that arrives on schedule. It shows up over decades and can be absent for years at a stretch.

Every tedious disclosure rule exists because somebody once lost their savings to its absence.

Searching a name there takes under a minute. Anyone absent from it is not permitted to charge you for advice, and none of the grievance escalation path is available to you.

Not available to an Indian equity scheme meeting redemptions. Its absence is why a manager under liquidity pressure reaches instead for the blunter tool of limiting the money coming in.

If no observable outcome could prove it wrong, it is not a thesis — it is a hope.

A mistaken buy has to be paid for in full and sold the next day. Marked as the BE series on the NSE and the T group on the BSE, and it usually arrives with a narrowed price band attached.