: Staying in bad investments simply because money has already been spent on them.

Here are the key insights from the book that every investor must internalize.

However, a caution: A pirated PDF often misses the nuances. Parikh’s writing is dense with tables, anecdotes, and margin notes that lose formatting in scanned copies. Moreover, the act of buying the book is itself a behavioral discipline—it signals commitment to learning. A free PDF, hoarded and never read, is ironically the kind of lazy behavior Parikh warned against.

Parikh famously wrote: “Your stomach should be stronger than your brain.” If you cannot stomach a 30% fall in your portfolio, you have no business being in equities.

We feel pain when we see a stock portfolio down 10% on paper. We feel comfort seeing an FD statement showing "guaranteed" interest. But Parikh argued the FD investor is the real risk-taker, quietly losing real wealth to taxes and inflation.