The mentor explained:

“A stock is not just a ticker on your screen. It is part ownership in a real business — a factory, a service, a brand, a balance sheet.”

PVR Advisory teaches the same truth: Invest in businesses, not in rapidly changing stock quotes.

Mr. Market changes his mood daily. Good businesses do not.

2. The Market Is a Pendulum

The mentor said: “Mr. Market swings between:

• Unjustified optimism — when stocks become too expensive

• Unjustified pessimism — when stocks become too cheap

The intelligent investor, the PVR Advisory investor, is a realist who sells to optimists and buys from pessimists.”

The apprentice quickly realized: Mr. Market behaves like a pendulum — not a compass.

3. Price Determines Future Returns

The mentor continued: “The future value of your investment is tied to the price you pay today. The higher the price you pay, the lower your future return.”

PVR Advisory teaches the same principle:
Great companies bought at foolish prices give poor returns.
Reasonable companies bought at fair prices give good returns.

Price always matters.

4. Margin of Safety — Your Only Protection Against Being Wrong

The mentor said: “No matter how careful you are, there is one risk you can never eliminate — the risk of being wrong.”

“That is why we use Graham’s idea of a Margin of Safety:

• Never overpay.

• Never get carried away by excitement.

• Always leave room for error.”

This became one of the most powerful lessons the apprentice learned — and one that PVR Advisory teaches every investor.

5. Your Behaviour Matters More Than the Market’s Behaviour

The mentor said: “The secret to your financial success lies inside you. If you become a critical thinker who doesn’t accept every ‘fact’ blindly… If you invest with patience and confidence… You can take advantage of even the worst bear markets.”

He added:

“Develop discipline and courage. Don’t let Mr. Market dictate your emotions. In the end, your success depends less on how your investments behave, and more on how you behave.”

This is the core of PVR Advisory’s philosophy.

6. Think Long Term — India Rewards Patience

While Mr. Market remained unpredictable, India’s economic story kept moving upward steadily.

The mentor reminded him: “Think in decades, not days.”

That is the mindset every PVR Advisory client learns.

7. Consistency Beats Timing

Mr. Market kept whispering: “Buy now, sell now, hurry, panic, celebrate!”

But the mentor taught: “Regular investing — regardless of Mr. Market’s mood — is far more powerful than perfect timing.”

8. Compounding Loves Time, Not Drama

The apprentice was impatient. He wanted explosive growth.

But the mentor explained: “Compounding is like planting a tree. Years of nothingness… Then one day it becomes a forest.”

Mr. Market hates waiting.
But investors who wait eventually win.

9. Equities Are Fire — Treat Them With Respect

One evening, the mentor lit a lamp and said: “Equities are like this flame. Powerful when handled properly. Destructive when handled foolishly.”

He added:

“If you cannot manage the flame, use mutual funds or take guidance from a SEBI-Registered Investment Advisor.”

That is exactly why PVR Advisory exists.

10. Realistic Returns Make You Wealthy, Not Greedy

One day the apprentice asked: “How much should I expect from equities?”

The mentor said: “In Indian equities, 15% annually is exceptional.

Rakesh Jhunjhunwala said it beautifully:

• 18% makes you a King

• 21% makes you an Emperor”

Then he warned: “Mr. Market will tempt you with 40% dreams. Don’t fall for those fantasies. People who chase exuberant returns turn their 

cash into ashes.” 

PVR Advisory teaches this truth every day.

The Transformation of an Investor

Years later, the apprentice no longer reacted to Mr. Market’s mood swings.

He had mastered:

• Patience

• Discipline

• Independent thinking

• Margin of safety

• Long-term focus

• Realistic expectations

He had become exactly what PVR Advisory strives to build:

Not just an investor…
but a wise, rational, and resilient wealth builder.