From the research desk
Issue 03 · May 2026
Investment thinking,
recorded plainly.
Long-form essays, methodology notes, data briefs, short films. Published when something is worth saying — not on a calendar. Every piece is what we’d send a friend who asked the same question.
The Lead
Essay · Lead
The behaviour gap, by the numbers.
Indian investors typically earn five percentage points per year less than the funds they own. Not because they pick badly — because they get in late and get out early. Twenty years of DALBAR-style accounting, applied to the Indian SIP era, makes the cost of restlessness uncomfortably visible.
14 min
21 May 2026
Notes from the desk
- Data briefWhat 5,000 rolling 3-year periods say about discipline. 11 min · 14 May
- MethodologyWhen ‘beats the category’ means almost nothing. 7 min · 7 May
- BriefWhy we publish less than peers. 3 min · 26 Apr
- BriefOn the cost of switching funds. 4 min · 19 Apr
- BriefA note on benchmark drift. 5 min · 12 Apr
Watch
How we score a fund — the five parameters in four minutes.
A walk through the TRW Score from outside in — performance, risk, consistency, manager quality, cost — on a single dark frame, no soundtrack.