RupeeCase Blog
Systematic investing, in plain numbers.
Short, data-backed lessons on factor models, portfolio theory, drawdowns, the real cost of mutual funds and PMS, and the behavioural traps in between. By Tanmay Kurtkoti, founder of QCAlpha and builder of RupeeCase.
Systematic Investing
Average Return Is Not The Return You Keep
Friend waves his fund statement at me over coffee, thrilled. Averaged 12 percent a year, he says, tapping the number the app prints right at the top.
Systematic Investing
The Bigger Number Is The Smaller Return | 2026-07-05 morning
A friend sent me two fund screenshots on Saturday and asked which one to buy.
Portfolio Theory
the risk you can shed vs the risk you get paid to hold
A friend told me he doesn't need fifty stocks. Six names. All researched, all high conviction.
Systematic Investing
Myopic Loss Aversion
A friend refreshes his holdings app maybe ten times a day. I check mine about twice a year.
Personal Finance
the two numbers the dead money line skips
A friend told me over the weekend that renting is throwing money away.
Personal Finance
Flat Rate Trap
A friend sent me a car loan offer this week, pretty pleased with it. Ten percent flat, he said.
Systematic Investing
the base rate of beating the market
A friend forwarded me a fund's ten year track record on Saturday. Every year green.
Corporate Finance
the three bills it strips out
A friend forwarded an investor deck on Saturday, genuinely excited. EBITDA margin 28 percent.
Systematic Investing
Size Vs Junk
A friend runs a small-cap SIP and asked me last week whether the small-cap premium is real or just a story funds tell to sell the product.
Systematic Investing
A Risk Profile Has an Expiry Date
My friend has been putting money into his daughter's college fund since she was three years old.
Portfolio Theory
Single Stock Skew
A friend asked me last week for the one stock to buy and forget for the next ten years.
Systematic Investing
1 Jul 2026 evening
A friend called his new fixed deposit the safe part of his portfolio. 6.5 percent, locked for a year, done.
Market Mechanics + Behavioural
Impact Cost
A friend showed me his trading app last week, genuinely pleased that it charges zero brokerage.
Strategy Spotlight
Breadth Is Not Diversification | THREAD
Pulled the factsheet on one of our higher-octane cards this weekend. A 40-stock momentum basket built from the smallest end of the market.
MF vs PMS vs RupeeCase
the fund that got too big to beat the index
A friend forwarded me his mutual fund's factsheet last week, a little deflated.
Systematic Investing
Emergency Fund as Risk-Profile Prerequisite
A friend texted me on Sunday. He had just taken a risk questionnaire, scored aggressive, and wanted to push his SIP to ninety percent equity.
Factor Models
Factor Zoo
A friend forwarded me a smallcase last week. Six-factor edge, the pitch said.
Systematic Investing
the most expensive instinct
A friend pinged the group the morning the index dropped four percent. \"Pausing my SIP till the dust settles.\" Two others agreed inside a minute.
Systematic Investing
the cash dial, not the stock list
A friend asked me last week which stocks the \"conservative\" version of his portfolio should hold.
Strategy Spotlight
The card that finished 2025 green
Saturday morning, I had the RupeeCase marketplace open, sorted by CAGR like everyone sorts it.
Systematic Investing
NAV myth
A friend showed me two funds last week and asked which was the better buy.
Market Mechanics + Behavioural
Overtrading Overconfidence
A friend asked me over the weekend why his portfolio keeps lagging the index.
Systematic Investing
After Tax And Inflation, Safe Can Go Backwards
An uncle cornered me at a wedding last month to tell me his fixed deposit had doubled his money in ten years.
Systematic Investing
the first crore is the hardest
A friend showed me his SIP statement last week. Eight years of steady investing, and he was deflated.
Corporate Finance
Other Income Quality
A friend forwarded me a results screenshot last week, genuinely thrilled.
Systematic Investing
Goodwill Impairment
Reading through an acquisition last week and the number that stopped me was not the price.
Systematic Investing
24 Jun 2026 morning
A friend sent me a screenshot on Saturday. A five-star fund, finger hovering over the buy button, asking if it was the one.
Factor Models
the premium is the pay for sitting through the drought
A friend forwarded me a value tilt fund last week. Few years in, it had gone nowhere, and he wanted to know if the whole idea was broken.
Systematic Investing
the long run makes the rate safe and the rupees wild
A friend told me over chai he had stopped checking the volatility number on his funds.
MF vs PMS vs RupeeCase
the dividend that is just your own money
A friend texted me a screenshot this weekend, pretty pleased. His fund had \"paid a 10 percent dividend.\" I asked him to do one thing: open the NAV the next
Systematic Investing
Large Midcap Spotlight
A friend sorted the RupeeCase marketplace by returns last week. He stopped scrolling right at the top, where three cards sat almost on top of each other, a
Systematic Investing
the lever you control beats the one you chase
Everyone shops for the fund doing 14 instead of 12. I did too, for years.
Corporate Finance
the business that grows on its suppliers' money
Two companies crossed my desk last week with almost identical income statements.
Systematic Investing
Promoter Pledging
A friend forwarded me a stock last week, down about 40 percent in two sessions, and asked what I thought had broken.
Systematic Investing
Real Vs Nominal Returns
A friend showed me a projection on his phone this morning, properly pleased with himself.
Portfolio Theory
Volatility vs correlation
A friend told me over chai he wanted to add a little gold to his portfolio, then talked himself out of it.
Systematic Investing
the calm-day contract
A friend filled out a risk questionnaire last year. Picked Moderately Aggressive without much hesitation.
Systematic Investing
the cheaper expense ratio that costs a SIP investor more
A friend sent me a screenshot on Saturday. Two ways to own the same Nifty 50 sitting side by side, one an index fund, one an ETF.
Systematic Investing
The cheaper sticker is not the cheaper hold
A friend texted me on Saturday, pretty pleased with himself. He had found a Nifty 50 ETF charging 0.04 pct a year.
Systematic Investing
the leg you can actually buy
A friend forwarded a smart-beta value fund last week. The pitch leaned on the value premium from the textbooks, something like five points a year over the
Systematic Investing
Why Last Year's Best Factor Is A Bad Forecast
A friend sent me last year's factor leaderboard this week. Momentum on top, value scraping the bottom.
Systematic Investing
THREAD
A red morning a few weeks ago. Market down about four percent by 10am, and the group chat was already moving.
Strategy Spotlight
Concentration is a position size, not a return setting
A friend forwarded me a card off the marketplace last week. The one with the steepest line on it.
Systematic Investing
the volatility tax (2026-06-16 morning)
A friend told me last week his fund had averaged a great year. Up 50 percent, then down 50.
Systematic Investing
Why EPS Growth Lags Net Profit Growth
A friend sent me a results screenshot last night. Net profit up 40 percent year on year.
Systematic Investing
capital weight is not risk weight (2026-06-16 evening)
A friend showed me his portfolio last week, proud of how balanced it was.
Systematic Investing
Idcw Vs Growth
A cousin texts me a screenshot on Saturday morning. His mutual fund declared a dividend, Rs 12000 landed in his account, and he is genuinely thrilled.
Portfolio Theory
Risk contribution vs capital weight
A friend showed me his \"balanced\" portfolio on Saturday. 60 percent equity, 40 percent debt.
Strategy Spotlight
the highest Sharpe you can actually hold
Pulled the RupeeCase marketplace table again this evening and caught myself doing the exact thing I warn everyone else about.
Systematic Investing
the tax you pay for someone else's trades
A friend was deciding between a mutual fund and a PMS running roughly the same strategy.
Systematic Investing
SIP start-date is the input you cannot buy back
A friend turned 35 last week and asked, a little embarrassed, whether it was too late to start a SIP.
Systematic Investing
Earnings Quality Five Lines
A midcap's Q4 press release landed in a group chat I am on yesterday evening.
Systematic Investing
Alpha Is Beta In Disguise
A friend forwarded me a fund deck last night. 16.5 pct a year for ten years against the index at 12.5.
Systematic Investing
TRI vs price index
A friend forwarded me a fund factsheet last night. The pitch line was right at the top.
Systematic Investing
why the optimized portfolio loses to the boring one
A friend showed me his portfolio spreadsheet on Sunday. He had run Solver on five years of returns and it handed back weights to two decimal places.
Systematic Investing
the finder's fee you pay forever
A friend has held the same equity fund for years. He bought it through his bank relationship manager, picked it once, and never thought about it again.
Systematic Investing
time in the market vs timing the market
A friend sold a flat last month. For the first time he had a genuinely large number sitting in one account, and it made him nervous.
Systematic Investing
Eps vs Fcf
A friend texted me a screenshot last week. A midcap whose earnings per share had grown roughly thirty percent two years running.
Systematic Investing
Why your sell is not cash yet
A friend sold a chunk of his portfolio on a Friday. He needed cash for a weekend payment, and selling felt like the fast way to get it.
Strategy Spotlight
Allcap Spotlight
Pulled the cap-curve table again last week, the one I keep on a sticky note, and landed on the same quiet contradiction I always do.
Systematic Investing
Off Balance Sheet Debt
A friend sent me an investor deck last week. Net debt to EBITDA of 1.2.
Personal Finance
the raise that never reaches your portfolio
A friend got his third raise in three years last month. He earns nearly double what he did when we met.
Systematic Investing
Survivorship Bias
A friend forwarded me a backtest last week. Beautiful curve. A basket of fifty large caps, run over ten years, and the line never had a lost decade.
Systematic Investing
the lower number is your profile
A friend texted me last week to put him in the highest growth strategy on the shelf.
Systematic Investing
the day the market did not let you sell
A friend texted me at 9:20 one morning a few years back. \"The app won't let me sell.\" He thought something was broken.
Systematic Investing
The pop is not the business
A friend pinged me before an IPO last week. \"Grey market is showing 60, should I apply?\" Fair question.
MF vs PMS vs RupeeCase
six funds, three apps, one portfolio you have never seen in one place
A friend told me last week he was well diversified. Six funds, three different apps, everything green.
Personal Finance
Goal-Based Investing
A friend texted me on Saturday asking which fund to pick for his daughter's college.
Corporate Finance
the amplifier nobody prices in
A midcap industrial reported last week. Sales down 10%. Operating profit down 40%.
Strategy Spotlight
LargeCap Multi Asset Spotlight
A friend sorted the RupeeCase marketplace by returns last week and stopped scrolling about a third of the way down.
Factor Models
the small-cap edge is a regime, not a rule
A friend forwarded me a small-cap fund chart on Sunday morning. Five years, straight up and to the right.
Systematic Investing
Asset Allocation As Alpha
A friend spent his entire Sunday comparing two large-cap funds. Spreadsheet open, expense ratios lined up, five year charts side by side.
Factor Models
Herding And Social Proof . By The Time The Group Agrees, The Trade Is Finished
Saturday morning. The family WhatsApp group lights up. Someone forwards a stock that has already doubled, with one line under the chart .
Systematic Investing
RBI Repo Duration
A friend texted me last night. RBI meets the first week of June, the whole timeline says a cut is coming, and he wanted to know whether to move money into
Personal Finance
Term Insurance Sum Assured
Friend on a chai-call last week asked if his Rs 2 crore term cover was enough.
Systematic Investing
Sharpe . Sortino . Calmar
Friend pulled up three MF factsheets at Friday chai. CAGRs hovering between 13 and 20 pct on the same five-year window.
Strategy Spotlight
Hybrid Three Meanings
Saturday morning. Friend's WhatsApp lands with a question that sounds simple.
Systematic Investing
ROCE vs WACC . Capital Destroyed Politely
Friend forwarded a screenshot Thursday evening. Midcap industrial. Sales up 9 pct YTD.
Systematic Investing
Factor Crowding And Decay . Every Anomaly Published Is A Factor In Decay
Monday morning. Friend forwards a smart beta brochure. Cover number \"Backtested 18 pct CAGR since 2008.\" Small print at the bottom .
Systematic Investing
Methodology Read . Recipe Versus Paragraph
Friend forwards a PMS factsheet on Wednesday evening. Twelve pages of marketing.
Systematic Investing
Sunk Cost Trap . The First Loss Is The Cheapest
Sunday evening. Friend's brokerage app open on the kitchen table. One position 35 pct red.
Systematic Investing
Gold Structural Vehicle Math . Read The Door Before The Metal
Cousin's WhatsApp lands Tuesday evening. a gold-price service screenshot. Gold at $4720.
Portfolio Theory
Position Sizing . Kelly Criterion
Monday morning. Friend forwards a WhatsApp on a \"high conviction\" trade.
Strategy Spotlight
Focused Largecap 20 Spotlight
This morning we wrote about position sizing. Full Kelly is a graveyard with the right tombstone math.
Corporate Finance
DuPont ROE Decomposition
Saturday afternoon. Friend forwards a screenshot of three Nifty 200 stocks.
Factor Models
Multi Factor Stacking
Saturday morning. Friend forwards a smart beta brochure. Five factors stacked into one fund.
Systematic Investing
NPS vs PPF vs ELSS . The Order Matters More Than The Rate
Friend rang up on a chai call this evening. Fresh financial year just started.
MF vs PMS vs RupeeCase
Rebalance Cadence Latency
Friday evening. Friend forwards a screenshot of his smallcase, the one with the friendly name and the slick onboarding.
Systematic Investing
Conservative Starter . Risk Profile First
Saturday morning. Friend's brokerage app open. Two strategies side by side.
Portfolio Theory
Volatility Drag
Monday morning. Friend forwards two MF factsheets. Both print \"10Y average annual return 12 pct\" in big type at the top.
Market Mechanics + Behavioural
Recency Bias + Factor Crowding
Thursday night. Friend texts a screenshot of a smallcase up 60 percent YTD.
Systematic Investing
Fii Flow Signal Vs Noise
Tuesday close. Three numbers on the desk. FII net buyer plus Rs 1329 cr.
Market Mechanics + Behavioural
Cash vs Profit
Tuesday afternoon at the desk. Two Q4 results land in the same hour. Two midcap industrials.
Systematic Investing
Cheap For A Reason . Value vs Trap
Sunday morning. A friend forwards a screenshot. The 30 cheapest stocks in Nifty 500 sorted by trailing P/E.
Systematic Investing
Emergency Fund . Six Months Rule + Vehicle Stack
Sunday chai with a friend. He asks how big his emergency fund should be.
Systematic Investing
Day 364 vs Day 366
A friend texted me Monday morning. He wanted to redeem an equity mutual fund the next day.
Portfolio Theory
Allcap Multi Asset Spotlight
Monday evening, factsheet on the screen. The strategy quoted its Sharpe ratio before its CAGR.
Portfolio Theory
Efficient Frontier
Sunday morning. Friend over chai. Says he is 100 pct equity. Asks why he would add gold to the book if gold compounds slower than equity.
Factor Models
Quality Factor
Friend opened his brokerage app on Friday after the four day rout. His boring stack of staples and pharma barely moved.
Systematic Investing
Sharpe Ratio Decoded
Friend forwarded a fund factsheet on Saturday evening. Highlighted the 14 pct CAGR over five years.
Portfolio Theory
Sequence Of Returns Risk
Friend asked over Saturday chai if he could retire at fifty. One crore in the corpus.
Systematic Investing
INR Record Low Redistribution
Wednesday at the desk. USD INR printed 95.85 today. Fresh record. Brent held above 105 for the third session running.
Market Mechanics + Behavioural
Mental Accounting
Cousin got his Diwali bonus last October. Two lakh straight in. The TV upgrade was done by Friday.
Strategy Spotlight
2W Rebalance Tax Math
Friend pinged on Tuesday evening with the same WhatsApp objection I have heard maybe fifty times now.
Personal Finance
Prepay vs Invest
Friend asked over coffee whether to prepay his home loan or invest the same five lakh instead.
Strategy Spotlight
Microcap . The Deeper You Go
Friend asked over the weekend why we do not just push every rupee into microcap.
Systematic Investing
Rolling Returns vs CAGR
Monday morning. A friend forwards a fund brochure with the headline \"18 percent CAGR since 2018\".
Systematic Investing
Momentum Factor Primer
Saturday morning. A friend WhatsApps me a screenshot of a momentum smallcase down 18 percent for the year.
Systematic Investing
Brent Absorbers vs Amplifiers
Saturday morning. Friend's brokerage app open on the kitchen counter. Nifty was basically flat for the week.
Portfolio Theory
Diversification Cliff
Sunday afternoon I pulled up two crisis charts side by side. March 2008.
Market Mechanics + Behavioural
Anchoring On Your Buy Price
Saturday morning. Filter coffee. My buddy slides his brokerage app across the kitchen counter and shows me a position that has been red for three years.
MF vs PMS vs RupeeCase
MF True Cost Stack
Friend texted his MF statement on Saturday morning. KIM at the top said TER 1.65 percent.
Factor Models
Low Volatility Anomaly
Friend asked me a question last week that took me an hour to answer properly.
Personal Finance
SIP XIRR vs Absolute
Cousin showed me his SIP statement over chai last Sunday. Number at the bottom said 33 pct.
Systematic Investing
Stops in feel not math . 07 May 2026 morning . RupeeCase
Friend texted me last week. He had been holding a name for two years. Got stopped out on a Tuesday at the recent low.
Systematic Investing
Rebalancing Harvests Volatility
``` Friend pulled his CAS out over coffee on Saturday. He had been upset about his five-fund SIP underperforming the index by a margin he could not explain
Systematic Investing
How Many Stocks Do You Own
Friend showed me his portfolio over coffee last weekend. Seven mutual funds.
Market Mechanics + Behavioural
Flow vs Direction
``` Got a message yesterday. Smart guy, runs his own portfolio. He had read that FII outflows in 2026 just crossed the entire 2025 number, and he was askin
Systematic Investing
The Cadence Question
Pulled the rebalance log on RupeeCase Large Midcap this week. The strategy moved 131 times in five years.
Systematic Investing
Drawdown Real KPI
Pulled the data on the 16 RupeeCase strategies last week and stopped on one comparison.
Systematic Investing
Sharpe Ratio Decoded
Pulled the Sharpe numbers across the marketplace last week. Wanted to know which strategy earned its return cleanly and which one earned it by sitting thro
Systematic Investing
Active MF Stripped
Stripped down HDFC Top 100 Fund last weekend. 29 years live. Rs 38432 Cr AUM.
Strategy Spotlight
Smallcap . The Honest Year
Tonight every chart show is going to talk BJP wins across states. By Tuesday open every retail screen will be tilting toward the domestic growth basket.
Systematic Investing
PMS 2 and 20 Math
Pulled the fee math on a 2-and-20 PMS structure last week. Not the abstract version.
Systematic Investing
Risk Profile Fit
Asked myself the question I keep forgetting to ask the people I onboard.
MF vs PMS vs RupeeCase
MF Cost Stack
Saturday morning I am staring at an AMFI factsheet for an average regular-plan large-cap active equity scheme.
Systematic Investing
Equal Weight vs Cap Weight
``` Pulled the NIFTY 50 weights this morning. Wanted to test something.
Strategy Spotlight
5 vs 20 vs 50
Saturday morning I am laying three RupeeCase strategy backtests next to each other on the same screen.
Systematic Investing
RupeeCase Nifty Starter
``` Most people pick their first systematic strategy by chasing the highest CAGR they can find.
Strategy Spotlight
Energy Basket
Saturday evening I am sitting with the Energy Basket factsheet open. Most volatile card on the RupeeCase marketplace.