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  • Jul 6, 2026 - The Macro Trap: Why Bottom-Up Investing Still Wins in India

The Macro Trap: Why Bottom-Up Investing Still Wins in India

Jul 6, 2026

The Macro Trap: Why Bottom-Up Investing Still Wins in IndiaImage source: Google Gemini

In the roaring Indian stock market, many investors have turned into amateur economists.

They think the best way to make big money is "top-down" investing-finding a big trend like government spending or local manufacturing, picking the hottest sector, and riding the wave.

For these investors, value investing legend Seth Klarman recently gave a timely warning. In an interview on Masters in Business, Klarman explained why focused, "bottom-up" investing-looking at one company at a time-is still the safest path to long-term success.

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Rahul Shah

Rahul Shah co-head of research at Equitymaster is the editor of (Research Analyst), Editor, Microcap Millionaires, Exponential Profits, Double Income, Midcap Value Alert and Momentum Profits. Rahul has over 20 years of experience in financial markets as an analyst and editor. Rahul first joined Equitymaster as a Research Analyst, fresh out of university in 2003 but left shortly after to pursue his dream job with a Swiss investment bank. However, he quickly became disillusioned working for the 'financial establishment'. He learned first-hand the greedy stereotype of an investment banker is true and became uncomfortable working for a company that put profit above everything else. In 2006, Rahul re-joined Equitymas ter to serve honest, hardworking Indians like his father, who want to take control of their financial future - and not leave it in the hands of greedy money managers. Following the investment principles of Benjamin Graham (the bestselling author of The Intelligent Investor) and Warren Buffet (considered the world's greatest living investor), Rahul has recommended some of the biggest winners in Equitymaster's history.

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