CEO Estee Capital, Entrepreneur, live to think and explore
Orlando, FL
Joined May 2009
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Bold predictions--when experts can predict five years of zero returns boldly, then the readers are naive or passive. Haven't found evidence that experts can do that. Gold, bonds and real estate generate FD type returns-- on average lagging equity by about 5% over long periods.
Shankar Sharma has a very different view of the SIP story investors hear every day.
In a conversation with Mint, he said:
✅ SIPs are fundamentally the wrong product for India.
✅ Equity markets were never designed to enrich masses
✅ SIPs are bleeding FX out of India, and the government should disincentivise them.
✅ SIPs will disappoint investors.
This matters a lot. Lack of short selling and leverage --> expression through options and single stock futures --> possibility of manipulation between cash and F&O settlement price --> Major distortion like Jane St
This is a typical conundrum. When to trust your system. Aew pointers--1) what is the return if you take out 1, 3, 10 trades (were you just lucky)? What happens if you adjust parameters by 5-10% (did you overfit)? How long was the draw besides the current 410 day one
Sandeep Tyagi retweeted
Trend following system 👇
1.5X notional exposure
43% CAGR
27% max DD
410 days - Maximum time system in DD
Worst 3 year rolling CAGR - 17%
Trend followers - Is this worth trading? What more should I look for?
These are eye popping returns. Estee would be happy to allocate capital (post thorough due diligence). DM me if interested
7 months since I started automating my trading. 🤖
The first 3–4 months were full of goof-ups. Bugs, missed orders, lots of fixing on the fly. It stabilised slowly, and since the start of September everything has run fully automated, from setting capital to sending the daily report.
Since 10 March 2026, NAV has gone from 10.00 to 13.38, net of all charges, before tax:
Portfolio: +33.8% in 114 trading days
Zerodha: +33.4%
Dhan (added in August): +20.5% in 41 trading days
Build the process, fix it, then trust it. 📈
Very interesting. Some transparency resulted in massive hit to valuation. Does mutual fund distribution have similar costs which are known, but still continue to be large?
teapawt.net/i/trending/21029569691…
I find it interesting that there is a whole community of traders who follow this hash tag
#Nse_Stock_Under_Rs10
Extreme example of how perception plays an important role in investment. Logically the per share price should have no impact on share price movement, but it does!
Interesting observations. The three learnings point to the core challenge of quant investing--how do you stay true to a systematic process when you are faced with new information all the time. At Estee we have learnt that integrity means having faith in your own process.
Six years ago, I took a leap of faith. I stepped out of the comfort of large institutions and steady pay checks, chasing a vision: could we build an investment platform in India truly centered on research, data, and discipline?
Back then, it was just me, my laptop, and endless curiosity. I spent countless nights running backtests, refining models, questioning myself—and then digging deeper because I was convinced there had to be a better way to invest.
The early days were anything but glamorous: rejections, dry months, compliance struggles, and many moments when quitting felt easier than persisting. Yet every challenge sharpened my resolve. Every “no” taught me something, and every small win kept me moving.
Looking back, what stands out is not the milestones themselves but the evolution in thinking.
When I began, I assumed the hardest part would be building models that worked. It wasn’t. The hardest part was building conviction—sticking with a philosophy through drawdowns, defending it when markets disagreed, and refining without losing the core.
Today, @ResearchWright is more than an idea. It’s a platform built on research and discipline, trusted by thousands of investors. Two years ago, we took the next leap with our Portfolio Management Service (PMS), proving that a young, research-driven firm can stand tall in an industry dominated by giants.
The early years were about proving quant investing could work in India. The past two years have been about showing that it can scale, sustain, and differentiate in a crowded market.
A few insights from this journey:
• 𝗠𝗼𝗱𝗲𝗹𝘀 𝗮𝗿𝗲 𝗲𝗮𝘀𝘆, 𝗱𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲 𝗶𝘀 𝗵𝗮𝗿𝗱. The math ends; the real work begins when you face uncertainty.
• 𝗖𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻 𝗰𝗼𝗺𝗽𝗼𝘂𝗻𝗱𝘀. Staying true to your process makes it more powerful over time.
• 𝗧𝗿𝘂𝘀𝘁 𝗶𝘀 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲. It’s built through clarity, transparency, and consistency.
Six years in doesn’t feel like an endpoint. If anything, it feels like the beginning. Markets will keep changing. Our challenge is to keep questioning ourselves—while holding on to what matters.
Good quantitative investing is not about predicting every market move. It is about building a repeatable process in which probabilities, diversification and risk controls matter more than conviction.
Proprietary firms earned roughly ₹44,000 crore and FPIs ₹14,000 crore, with algorithmic trading accounting for about 99% of their profits. Expiry concentration also remains extreme: 59% of index-options turnover occurs on expiry days.
On 20 August, SEBI released two studies showing that individual participation in equity derivatives fell about 20%, while 87.7% of individual traders still lost money.
I wonder if the same people whonlist money last year, continued in the market or market attracted new people.
There is a proposal to use tariffs to pay citizens, and potentially even eliminate income tax. This is problematic in two ways--tqriffa will have to higher than right now to offset income tax. Second it moves taxation from income to consumption. Will hit poor people badly
Sandeep Tyagi retweeted
Goldman Sachs lifted its December 2026 gold target to $4,900/oz from $4,300, citing strong Western ETF inflows and expected central bank buying.
Sandeep Tyagi retweeted
As coding tools like Claude Code, Codex become much better (my recent trials have shown me a huge step level jump for 0 to 1 projects compared to 6 months ago), is it actually likely that people will start making their own one off apps? Right now people prefer using existing polished tools, but when the tech reaches the point where I can really imagine an app idea, create it just for me and it works (connections, the UI is nice, the experience is completely personalized) is that something we imagine people will really do? Do those apps just live in ChatGPT or Claude Canvas? Do we have no app interfaces and just have a chat interface for everything? Do we download the "last app" where all your future apps will just be generated on the fly?
I'm now 100% confident the tech will reach this level, but I'm wondering if the behavior will actually change or we'll still end up appreciating the "bespoke" software created by companies?
Issue in Jane Street was 25% ADV trade in cash market intraday. Limit should be put on both intraday cash and f&o exposure in ADV terms (or proxies)
economictimes.indiatimes.com…
Download Economic Times App to stay updated with Business News - etapp.onelink.me/tOvY/135dde…
I thought we desperately needed rate cut to help the economy. But I guess the numbers are not accurate and economy needs no help
Breaking News: President Trump moved to fire the official in charge of jobs data, claiming, without evidence, that labor numbers were being “manipulated.” nyti.ms/4muAReF
Mean reversion and momentum are two sides of the same coin. Sometimes for some stocks mean reversion works and sometimes momentum works. That is why at @gulaqfintech we use multi factor models balancing various views
It’s always a pleasure listening to @Jatin_Khemani .How to generate Alpha using 'Mean Reversion' | w/ Jatin Khemani, CFA (St... youtu.be/paLL3pLhKEk?si=eh6K… via @YouTube
5. A healthy market requires many voices, not a single overpowering shriek. Some way of limiting the potential sway any one trader can hold is important (though JS traded using multiple FPIs, and domestic entities, so this is tricky)
6. A true market maker would have observed pricing differences caused by buying/selling pressure on certain instruments and provided liquidity (possibly losing in the process if they did not execute efficiently)