In this episode of Konversation with Kushal, I sit down with Devina Mehra—pioneering investor, market analyst, and founder of First Global. From a surprising career pivot after Manmohan Singh’s landmark budget to launching the first non-Japanese Asian firm on the London Stock Exchange, Devina shares her trailblazing journey and powerful lessons for investors at every stage.She recounts how her first ₹25,000 investment turned into ₹1 crore—purely by chance—and breaks down why luck is often mistaken for skill. Through powerful examples like Apple, Tesla, and Titan’s near-failures, she dismantles market myths and highlights the dangers of survivorship bias.We dive into why only 17 Indian companies posted consistent profit growth over a decade, and how First Global stood alone in recommending Amazon stock when it traded at just $1. Devina also explains why asset allocation matters more than stock picking, why equity returns come in sudden bursts, and how arbitrage funds offer better risk-adjusted returns than many investors realize.This episode is packed with insights on: • Spotting accounting scams using cash flow mismatches • IPO traps built on hype, not fundamentals • The hidden dangers of small-cap investing • Why high margins and equity dilution often mislead investors • The illusion of safety in gold and domestic-only portfolios • The myth of cloning famous investors’ strategiesIf you want clear, data-driven investing wisdom and a brutally honest look at market dynamics, this conversation is for you.