DadQuant @DadQuant

Life satisfaction is highly consistent with personality traits. The top trait was "Have a lot of fun".

It took India more than 20 years to get to about 2 crore mutual fund investors. In just the last few years since 2020, we’ve added over 4 crore more. Higher returns and easier access surely helped bring more people into mutual funds. But I think we’re now moving to the next phase. Investors want to understand mutual funds beyond just returns and star ratings. That’s what we want to focus on with the Varsity mutual fund channel: explaining different concepts using examples, data, and what really matters when investing in mutual funds. And, as always, in the @ZerodhaVarsity style, as simple as we can make it. Hope we can add some value through this channel. And if there’s anything you think we can do better, please let us know. 🙂 youtube.com/@VarsityMF

Varsity @ZerodhaVarsity

5 days ago

We’ve started a new YouTube channel dedicated to mutual funds: Mutual Funds by Zerodha Varsity. There are plenty of mutual fund videos out there. Our attempt is to bring strong data, practical examples and simple language to help you understand how things actually work. We’ve

4 14 93 17K 26

Always come back to this video when you think you can't.

We’ve started a new YouTube channel dedicated to mutual funds: Mutual Funds by Zerodha Varsity. There are plenty of mutual fund videos out there. Our attempt is to bring strong data, practical examples and simple language to help you understand how things actually work. We’ve started with topics like XIRR vs CAGR, the common misconceptions around SWP, when STP actually makes sense, and what mutual funds really cost you including the difference between Total Expenses Ratio and Base Expenses Ratio. Would love for you to check it out. Send us your love, tell us what you think, what we can improve and what you’d like us to cover next. Link attached here: youtube.com/@VarsityMF

Starting this month, your PF contribution goes up, take-home comes down, while the CTC might stay the same. Big change in how your PF is calculated Starting 17 September 2026, the government has increased the salary limit used to calculate PF. It was ₹15,000 per month. Now it's ₹25,000 per month. Let's break it down simply. PF is calculated at 12% of your salary (Basic + DA). Now, ₹15,000 was the statutory limit. Some companies were deducting PF only on that ₹15,000 limit. Some were deducting on your actual Basic + DA. The current change impacts you the most if your company was deducting on that statutory limit of ₹15,000. That limit has now gone up to ₹25,000. So for those on the ceiling: Before: 12% of ₹15,000 = ₹1,800 per month Now: 12% of ₹25,000 = ₹3,000 per month This increase happens on both sides, yours and your employer's. So in total, ₹2,400 more per month goes into your PF account. Where does this extra money come from? If your company follows a CTC-based salary structure (which most companies in India do), both your PF and your employer's contribution to PF are already part of your CTC. So when PF goes up, it doesn't mean your company is paying you more. It means a higher portion of the same CTC now goes towards PF. Your CTC stays the same. Your PF goes up. Your take-home comes down. Will this affect everyone? As we said, it depends on how your company calculates PF and whether they were following the ceiling or deducting on full Basic + DA. Some of you might see no change at all. Others might see a drop of up to ₹2,400 per month in take-home. One thing to keep in mind The money isn't like an extra tax. It's going into your PF account, which is still your money. You'll get it when you retire or when you withdraw it. It also earns interest (PF interest rates have been around 8%+ historically). So your monthly take-home might shrink, but your retirement savings just got a push, whether you like it or not. Who feels this the most? People with lower salaries. For someone earning ₹40,000 to ₹50,000 a month, losing ₹2,400 from take-home is a noticeable hit. The rule is the same for everyone, but the impact is heavier on those who can afford it the least. Also, for those who are depending on their take-home end to end every month, this can pinch. What do you need to do? Nothing. Your company's payroll team will handle this. Just keep an eye on your next payslip, you'll see the updated numbers there.

At a valuation of ₹4.4 lakh crore, the IPO of India’s largest stock exchange, NSE, opens today. BSE shares are up 2,600% since they began trading in 2017. MCX shares are up 1,100% since 2012. At the upper price band, NSE is valued at over 3x BSE. A thread on NSE’s shareholders and their IPO proceeds. 🧵 (1/10)

Choosing a mutual fund can be confusing with so many categories and metrics. Join us this weekend on Varsity Live to learn how to: 1. Understand fund categories and factsheets 2. Evaluate performance beyond returns 3. Choose funds based on your goals 4. Learn through illustrations and live Q&A Learn by doing. Reserve your spot here: varsitylive.zerodha.com/programmes/a4c…

@mitrapredator 😅

محمدباقر قالیباف | MB Ghalibaf @mb_ghalibaf

2 weeks ago

Straits Taylor Rule: i = r* + π* + 1.5(π−π*) + 0.5(y−y*) + α(SOH−SOH*) + β(BEM−BEM*), α,β > 0 Let’s see if a hike could open SOH or produce a single barrel :) You can’t 25bp a chokepoint and r* isn’t neutral. It’s SOH risk premium, and We set it. Stay unanchored !

2K 6K 35K 6.8M 5K

Invesco - Taher Badshah Bandhan - Manish Gunwani now; Anoop Bhaskar, prior Nippon - Samir Rachh

Varsity @ZerodhaVarsity

2 weeks ago

Know Your Small Cap Fund

4 10 178 16K 64

Something I found really surprising when I first came across is how the volatility of a portfolio can be much lower than the volatility of the individual assets inside it. Say you have two assets, both with 20% volatility. You put half your money in each. You'd expect the portfolio to also have 20% volatility: 50% of A's 20% plus 50% of B's 20%. But if those two assets tend to move in opposite directions, like gold and equities often do, the portfolio's volatility can drop to less than 14%. This is the idea from Harry Markowitz's portfolio theory. Right now, equity is the asset class testing our patience. At another point, it could be gold or something else. The focus has been disproportionately on how single assets are performing. The more we see people reporting them, the more we focus on them. I guess we, at least those in the financial education space, have to talk more about portfolio returns instead of individual asset classes. Yes, every portfolio is different. But even a simple reference like 60% equity, 30% debt, 10% gold tells a very different story from just looking at equity/gold alone. zerodhavarsity.substack.com/p/2-years-no-r…

@Patterns0001 A good counter would be JBG, UST and gilts versus Indian 10y. The gap between developed and Indian bonds should be at the lowest levels.

$127 billion, that’s how much NRIs deposited through FCNR(B) this time around. Ananth Narayan, former Whole-Time Member of SEBI and a currency-market veteran, explains why RBI used it to break the negative cycle around the rupee. A thread on what this did to the rupee, FX reserves and banking liquidity. 🧵(1/9)

I resigned from Anthropic today. I spent the last three years doing pretraining research at both OpenAI and Anthropic. Neither company is acting responsibly. They are racing straight to self-improving superintelligence and gambling with our lives. More thoughts below.

Not all multi-asset allocation funds are the same. The three largest in the category — ICICI Pru, SBI, and Nippon India — hold the same label but are fundamentally different. ICICI Pru is equity-heavy: 67% in stocks, 10% in gold, and an ultra-safe debt book. Thanks to its higher equity allocation, it has also consistently beaten Nifty 500 returns over the last three years. Think of it as an equity fund with a gold buffer. SBI looks conservative on the surface: nearly 39% in debt, the lowest volatility, and the smallest drawdowns. But dig deeper and it's also taking risk: the highest small-cap exposure (16% vs ~6% for the other two) and the most credit risk in its bonds (18.8% below AAA). Nippon India is the truest multi-asset diversifier: the fund with some international equity exposure (4.9% via MSCI World), a mix of gold and silver, and the best risk-adjusted returns of the three, all at the lowest cost. But diversification alone doesn't drive returns, stock selection still matters.

International investing: GIFT City outbound funds vs investing directly

Satya Sontanam @SatyaSontanam

3 weeks ago

Gift City funds for retail investors: How the jargon changed: AMC for mutual funds → FME (Fund Management Entity) in GIFT City. Mutual Fund Scheme → Retail Scheme. SID → Offer Document. SEBI, here → IFSCA, there. If you look at the funds being offered, there is a

1 1 4 2K 1

Gift City funds for retail investors: How the jargon changed: AMC for mutual funds → FME (Fund Management Entity) in GIFT City. Mutual Fund Scheme → Retail Scheme. SID → Offer Document. SEBI, here → IFSCA, there. If you look at the funds being offered, there is a fairly good geographical spread : US markets, developed markets, emerging markets and even China. Some funds start with a minimum investment of $500, and the onboarding looks digital end-to-end for some fund houses. Depends on your bank, too. One interesting point from PPFAS Gift around taxation. The tax rates do look steep — 42.74% for short-term gains and 14.9% for LTCG at the fund level. But the tax on dollar gains. So, the rupee depreciation benefit that we typically consider while calculating capital gains on international investments isn’t considered here. That really is a huge point to look at. Of course, this doesn’t take away from the valuations at which we may be investing in these markets. But I think Gift City funds is an interesting avenue if you’re looking at international investing. An article on how these funds work, what they offer and what investors should look out for. Link in comments.

A lot of us have learnt about markets, investing, and money from @karthikrangappa, often without ever sitting in a classroom with him. For over a decade, he has been the person behind @ZerodhaVarsity. While today there is a team working along with him, the philosophy has always remained the same: don’t just tell people what to do with their money; teach them how to think about it and make their own decisions. On Teachers’ Day, we couldn’t think of a better time to publish this conversation with him. In this video, he spoke about how Varsity was built, why it has always remained free, how it has evolved, and what he believes good financial education should really do. Happy Teachers’ Day, guru ji. ❤️ Watch the full conversation here: youtube.com/watch?v=GPwQqP…

Tonight is supposed to be the darkest night across the three Lokas, the earth, the Pitru lok and Svarga. Grateful to the one who illuminated the Universe by taking birth in this darkness, in a prison, for us, for the good of the world.

India's GDP is booming and the private sector is finally waking up! The economy grew 7.8% in the April-June quarter, but the heartening thing is the data coming out of India's private sector. Investments rose 11.9% ​YoY; the share of gross fixed capital formation (GFCF) or the investment in the economy accounted for 34.3% of the GDP, one of its highest levels in the recent past. And bank credit to industry rose at a brisk 20%. Which means it’s not just government spending and consumption driving growth. India’s economy is firing on all cylinders. But the big question is — is this just a one-off quarter or can it sustain for the rest of FY27? In the meantime, if you want to know why everyone cares about the GDP and the different ways to calculate economic growth, do watch our video on the Varsity YouTube channel. Link in comments🔗

Over the course of 3 months at OpenAI, 3 consecutive secret AI civilizations got started, then got wiped out, only to reemerge from the predecessor’s ashes. This culminated in the third one taking over part of OpenAI itself. All this happened while humans remained more-or-less in the dark about the scope of the conspiracy. I’ve spent the last three days reading through these reports and trying to understand exactly what happened. Here is my attempt to tell the whole story in plain English: dwarkesh.com/p/openai-huggi…