Glossary

It has to survive costs. An edge that only works before costs is not one.

Diffuse decline across all conditions. Different from a regime problem, where losses cluster in one condition.

Not the same as what you can withdraw, and not the same as the margin the app offers you. Three numbers, three meanings.

Genuinely valuable and genuinely partial. It tells you which company is well run; it says nothing about whether the price reflects that.

Brought in after brokers were found misusing client securities, so the protection is real. The cost is that releasing the pledge before a sale is now your operational problem — an unreleased pledge is a short delivery even though the shares are visibly in your account.

An exporter who also imports most inputs has far less net exposure than its revenue suggests.

Pledged shares are encumbered, which complicates recovery if a broker fails.

A course compresses other people’s lessons. Only time supplies your own, and nobody skips that part by reading about it.

The word SEBI uses in the disclosure. Pledges are the common case; the category is broader.

You will be blamed for the losses and never credited for the gains. Teach the method, not the ticker.

Pledge ₹1,00,000 with a 20% haircut and you get ₹80,000 of margin. Haircuts widen exactly when markets get volatile.

The moment a promoter's personal finances become your share price problem.

Mathematically correct and far too aggressive in practice, because you never know your edge that precisely.

Your equity curve was one shuffle of the deck. This deals the same cards again a thousand times and shows the hands you might just as easily have got.

Growth against bet size is an inverted curve. Most people who blew up had a real edge and sized past the peak.

The most active accounts consistently earn the worst returns. Frequency scales cost; it does not scale edge.

One page, free, filed every quarter, containing the single best early warning available on Indian mid-caps.

The ledger minus the cash box. A large and widening gap is not fraud; it is a question that needs an answer.

On a linear axis, steady compounding always looks like a bubble forming at the right edge — which has talked more people out of good holdings than any analysis.

USDINR and friends. Mostly used by importers, exporters and banks to hedge, not by investors to speculate.

Applied where no fixed daily band exists. A fast move can pause at the edge — the market did not run out of buyers, it ran out of permission.

Positive expectancy is what "edge" means. A high win rate is neither necessary nor sufficient.

The headline coupon is not the cost. The cost is the coupon plus the hedge — and where it is unhedged, the cost is unknown until the rupee has moved.

Mechanical by design. Overriding the rule is where the edge disappears.

Two people with identical knowledge make opposite decisions because of it.

Cheap on the headline rate and expensive after a rupee move. Often unhedged.

Disclosed as unhedged exposure by currency, and rarely quoted anywhere.

Captures roughly three-quarters of the growth for about half the volatility, and forgives the thing that actually goes wrong: overestimating the edge.

Not automatically prudence — hedges cost money and expire. Watch the extremes.

It bars the remedy, not the debt: the demand and the credit record both survive it. An acknowledgement in writing, or on the statute's terms a part payment, can start it running again — but only where it is made before the period has already expired.

The dividing line the OCI section is organised around. Gratuity remeasurements and revaluation surplus never come back; a translation or hedge reserve is only parked, waiting for a disposal or settlement date the business does not choose.

A dated, public record of who lent to which entity and what was pledged. Unsecured borrowing creates no charge, so the register is one side of the picture rather than all of it.

Small individually and very large collectively. The genuine edge is a long horizon, no redemption pressure and the freedom to hold cash — never speed or information.

For realistic edges it runs into hundreds or thousands. Most investors never accumulate it.

A daily-timeframe system loses relatively little to it. An intraday one can lose its entire theoretical edge.

A system scanning 200 stocks does not get tired at stock 140. What it cannot do is supply an edge that the rules did not already have.

Fast timeframes maximise noise and cost. Your edge as an individual is patience, not speed.

Four blocked stretches a year, roughly a third of it, before any unscheduled closure. It shuts on you regardless of what you actually know, because a rule that turned on individual knowledge could never be enforced.

Keep it stable. Knowing how a particular stock behaves is an edge that only accumulates with repetition.