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In this episode, we explain why past returns don’t guarantee future returns, even for high-quality businesses.

Through real case studies like HDFC Bank, DMart, Page Industries, and Asian Paints, we show how high valuations, slowing growth, and strong market narratives can lead to years of poor or zero returns.

You’ll learn why big companies grow slower over time, how competition impacts performance, and how to use a simple framework to question popular, expensive stocks.

This episode is about thinking clearly when everyone is optimistic.