India’s stock market is at record highs—but why do so many investors feel poorer? In this sharp, data-driven analysis, Debashis Basu dismantles three deeply held beliefs about Indian equities: that Nifty returns reflect investor portfolios, that economic growth automatically translates into corporate earnings, and that earnings growth guarantees strong market returns.

In this audio Debashis Basu explains how government-led capex fuelled a small- and mid-cap boom that lifted retail portfolios while leaving Nifty heavyweights largely untouched—and why the slowdown in capex has reversed that trend. It also examines the long-term gap between India’s GDP growth and Nifty earnings, drawing comparisons with China, Japan, Taiwan, and South Korea to show why fast-growing economies don’t always deliver stock market wealth.

Finally, it tackles the most dangerous myth of all: ignoring valuations. Using historical examples from India and global markets, he shows how high valuations can destroy returns even when growth looks strong. A must-watch for investors willing to question popular narratives and update their beliefs about India’s equity markets.

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