Ajit Dayal

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The Tragic Comedy of the "Perfect" Investor

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In the Paradox of Buridan's Ass: A donkey placed precisely midway between a stack of hay and a pail of water dies of both hunger and thirst because it cannot make a rational decision to choose one over the other.   In investing, "analysis paralysis" often leads to missed opportunities. A "good enough" decision executed in time (like buying a quality stock at a fair price) is infinitely better than a "perfect" decision made too late. This paradox is the investor's ultimate trap. We endlessly scrutinize balance sheets, read every analyst report, and wait for the "perfect" market pullback that never comes. While we chase the mirage of absolute certainty, the market moves on. The hay (growth) gets eaten by others, and the water (value) evaporates.    Benjamin Graham, the father of value investing, taught that "the investor’s chief problem—and even his worst enemy—is likely to be himself." Graham didn't advocate for the ...
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Success lessons from the founders of Google

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E veryone knows the success story of Google. Its co-founders Larry Page and Sergey Brin are considered to be the best minds with outstanding business capabilities who built the world’s most valuable company. The mantra of their success and lessons they offer are equally useful. Here is what I learned reading about them.  • One doesn’t need formal education to be successful. Just take advice and learn from successful people. • Think big; Think long-term. Google is a by-product of big-picture thinking and a long-term vision.  Many products and solutions that Google offers today, or will be offering in future, were merely imaginary or impossible when they were conceived. In the backyards of Google, the teams were working on many of these futuristic ideas, thinking big with a long-term vision. • Believe in your idea even though you may not have the resources. The biggest success stories in the world such as Google, Amazon and Microsoft started in a garage.  Success will ev...
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“Silver caught in the melting ice-cream syndrome”

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I   buy a dish of ice cream for ten rupees and am perfectly content with it. Then the waiter announces that ice cream is sold out for the day and none will be available anymore. Suddenly, my ordinary ice cream turns into a scarce commodity. You offer me twelve rupees for it, but Ashok—who was planning to order ice cream himself—quickly raises the bid to fifteen rupees. You, being slightly conservative by nature and unable to resist a neat profit, sell the ice cream to Ashok. Ashok then talks up the ice cream so enthusiastically that I begin to feel I sold too early. Convinced I made a mistake, I buy the same ice cream back for twenty rupees. Then I look down—the ice cream has melted. This is the classic investing trap driven by greed, scarcity, and FOMO—and silver investors often fall straight into it. Silver shines when supply narratives, inflation fears, or global uncertainty peak, but it lacks a compounding engine. Prices rise on excitement, not endurance. By the time most...
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