This is An Investor's Diary — notes from diary of a small investor, written by Vijay Kumar Gaba.
I write on Indian equity markets, macroeconomics, and the geopolitical currents that might impact my investment strategy. The writings are entirely based on what I read, observe, and experience during my travels, work and interactions with various people.
Nothing in this blog is intended to be investment research, investment advice of a suggestion to invest or not invest.
Readers of this blog are usually investors, policy makers and academics, who want the reasoning behind a view, not just the view itself. Every post tries to move from situation to implication — what changed, why it matters, and what an investor might reasonably do about it, if anything.
A few things that show up often in this space: India's fiscal and currency arithmetic, banking sector liquidity, consumer confidence and the bifurcation between mass and premium demand, and the geopolitical threads — West Asia, global trade, central bank policy — that ripple back into Indian markets. Longtime readers will also recognize a framework I built in 2017 around Democracy, Demography and Demand as a lens on Indian equity valuation, which continues to inform how I read the market's derating and re-rating over time.
I don't write with citations or a research-desk apparatus. What's here is my own reading of primary sources, offered plainly, for readers willing to sit with the reasoning rather than skip to a conclusion.
This blog has been running since 2013. If you're new here, the archive is the best introduction — start wherever a headline catches your interest, and the rest tends to follow.
For questions, corrections, or to get in touch, see the Contact page.