LOS ANGELES — As LeBron James approaches the twilight of his record-shattering 23rd NBA season, the eternal debate over basketball’s Greatest of All Time has taken a reflective turn. In recent wide-ranging interviews, the 41-year-old Lakers superstar has downplayed direct comparisons with Michael Jordan, calling the GOAT conversation “tiring barbershop talk” while acknowledging their vastly different playing styles and expressing hope that he has made his childhood idol proud. The comments, made as James continues piling up historic milestones, have reignited passionate discussions rather than settling them.

James told ESPN that he has never compared himself to Jordan because “our games are totally different.” He described himself as a point-forward who has always prioritized playmaking, while noting Jordan’s scoring-first mentality. “I never have compared myself to MJ,” James said. “I have been a point-forward/forward-point my whole life. I have always looked for the pass. MJ kind of looked for the shot. Not kind of — he did.”

The remarks come amid another postseason run for the Lakers, where James has added to his already unparalleled résumé. In the playoffs, he became the first player in NBA history to reach 500 career postseason steals, widening his lead over Jordan in that category. He also continues to chase longevity records, having already passed numerous milestones Jordan set during his shorter but dominant career.

Jordan himself has long downplayed the GOAT label. In past interviews, he predicted the debate would become “debatable” once new generations emerged and emphasized that comparing eras is inherently unfair. Recent reports suggest Jordan has privately defended James against harsh criticism, once calling ESPN’s Michael Wilbon to urge softer coverage of the young LeBron.

The 2026 version of the debate reflects how far James has come. With four NBA titles across three franchises, all-time scoring leadership, and unmatched versatility, many analysts argue his case has never been stronger. Yet Jordan’s six championships, perfect Finals record, and cultural dominance remain the gold standard for many fans and former players. Stephen A. Smith and other commentators reacted strongly to James’ latest comments, with some interpreting them as a subtle concession and others as mature perspective.

James has emphasized respect for Jordan throughout his career. He wore No. 23 early in his career as a tribute and has repeatedly called Jordan the player who inspired him most. In the ESPN interviews, he expressed hope that Jordan is proud of how he represented the number. That humility stands in contrast to the often heated social media battles between fans of both icons.

Statistically, the gap continues to widen in James’ favor on volume metrics. He leads in career playoff steals, total games played, and assists, while holding the all-time scoring crown. Jordan maintains advantages in scoring average, defensive accolades in certain seasons, and Finals dominance. Advanced metrics like Win Shares and Value Over Replacement Player show a tight race when adjusted for era, but longevity gives James a massive edge in cumulative production.

The debate remains deeply personal for fans. Jordan represents the pinnacle of 1990s basketball excellence — six titles in eight years with the Chicago Bulls. James symbolizes endurance, adaptability and team success across two decades and multiple franchises. As James nears potential retirement after the 2026-27 season, many believe the conversation has evolved from “who is better” to “who had the greater career.”

Jordan has stayed largely silent on the latest round of comments, consistent with his approach of letting achievements speak. Those close to him say he views the debate as ultimately unwinnable and unnecessary. James, for his part, has grown weary of it dominating discussions about his legacy. “You can love both of us without trying to tear the other person down,” he has said in various forms over the years.

Analysts note that the GOAT debate may never have a definitive winner. Different eras, rule changes, competition levels and playing styles make apples-to-apples comparisons difficult. Jordan faced hand-checking and physical defenses; James has thrived in a spacing-friendly, analytics-driven league while carrying heavier playoff minutes over more seasons.

As the Lakers push deeper into the 2026 playoffs without Luka Doncic, James’ leadership and production continue fueling arguments on both sides. His ability to elevate teammates and adapt at age 41 adds another chapter to his résumé. Whether that ultimately sways more voters in the endless GOAT poll remains uncertain.

For now, James seems content focusing on the present — chasing another title while mentoring younger players. Jordan, at 63, watches from afar as the game he revolutionized evolves. Their mutual respect, even amid the public debate, stands as one of the sport’s most compelling ongoing storylines.

The conversation James once engaged with more directly has become, in his words, tiring. Yet it shows no signs of fading. As long as basketball is played, fans will argue about the greatest. LeBron James’ latest reflections may not have surprised Michael Jordan — but they have given the debate fresh nuance in 2026.

NEW YORK — Wordle players across the globe tackled puzzle No. 1780 on Monday, May 4, 2026, with many turning to online hints and community discussions as the daily brain teaser from The New York Times delivered another challenging five-letter word. The solution for today’s Wordle is RISER, a noun that can describe a person who gets up early in the morning or the vertical part of a step in a staircase. For those still solving or looking back on the puzzle, here are the progressive hints, strategies and context that defined this moderately difficult entry in the popular word game’s ongoing streak of daily challenges.

The puzzle opened with a subtle hint pointing to something that rises, whether a person after sleep or a structural element. A stronger clue noted it starts with the letter R and features one repeated letter. Players who guessed common starters like SLATE or STAIR quickly narrowed options, with many reporting the word took an average of five guesses according to New York Times data. The repeated R and mix of common consonants made it trickier than average, though the two vowels helped once the pattern emerged.

Wordle enthusiasts on social media and forums like Reddit shared their journeys, with many celebrating streaks maintained or lamenting near-misses. One common path involved starting with STAIR, leaving just four possibilities and leading directly to RISER on the third or fourth try for sharp solvers. Others who opened with words containing more vowels took longer but still cracked it before the six-guess limit. The answer’s dual meaning — an early riser or a stair riser — added a satisfying “aha” moment for those who landed on it.

Created by Josh Wardle and now owned by The New York Times, Wordle has maintained massive popularity since its 2021 explosion, with millions of daily players worldwide. Puzzle #1780 continued the game’s tradition of accessible yet thoughtful vocabulary tests, drawing on everyday English words that reward both luck and strategy. Today’s solution fits the pattern of nouns that appear in common contexts like home design or daily routines, keeping the game approachable for casual fans while offering depth for word nerds.

For players seeking help without spoilers, the best approach remains starting with a balanced opener containing multiple vowels and common consonants. Words like ADIEU or SLATE remain popular for information gathering. Once yellow or green letters appear, focus on elimination and patterns — today’s puzzle rewarded those who tested R-heavy options early. Community sites and apps provide additional tools, but the official game’s simplicity is what keeps it addictive for players of all ages.

The rise of Wordle variants and spin-offs, including the more complex NYT Connections and Strands, has only heightened interest in the original. On May 4, discussions around #1780 trended as solvers compared notes and shared scoredle breakdowns. Many noted the puzzle’s difficulty rating hovered around “moderately challenging,” with some calling it a fair test that rewarded logical deduction over pure luck.

Wordle’s enduring appeal lies in its daily ritual and shareable results. Green, yellow and gray square grids flooded social media as friends and family compared streaks. For newcomers, the game’s rules are straightforward: guess a five-letter word in six attempts, with feedback on correct letters and positions. Today’s answer, RISER, highlights how the game draws from both common and slightly specialized vocabulary, keeping even veteran players on their toes.

Looking back, puzzle #1780 joins a long line of memorable entries. Previous days featured words like PUFFY, while future puzzles promise more surprises. The New York Times continues refining the word list to balance difficulty and fairness, removing obscure terms while retaining engaging challenges. For May 4 specifically, the solution’s double R and straightforward definition made it satisfying once solved, with many players posting victory emojis and celebrating unbroken streaks.

Beyond entertainment, Wordle serves as a gentle workout for vocabulary and pattern recognition. Educators have incorporated it into classrooms to build word skills, while seniors appreciate its low-pressure format for daily mental stimulation. The game’s accessibility — free, browser-based and quick — has helped it survive trends that felled other viral apps. On a day when global news cycles were busy, millions still found time for their Wordle fix.

If you missed today’s puzzle or want to improve for tomorrow, remember the community’s collective wisdom: track letter frequency, avoid repeating confirmed gray letters, and use process of elimination. RISER may have stumped some, but its reveal sparked conversations about language and everyday terms. Whether you solved it in three guesses or needed all six, the daily Wordle ritual remains a bright spot for millions seeking a moment of mental clarity.

As Wordle enters its fifth year of widespread popularity, puzzles like #1780 remind fans why the game endures. Simple rules meet clever word selection, creating moments of triumph or gentle frustration that keep players coming back. For those who nailed RISER today, congratulations — your streak lives on. For everyone else, tomorrow’s puzzle awaits with fresh hints and a new chance to test your skills.

This article was written by

Follow

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Dear Partner:

Arquitos returned -7.2% net of fees in the first quarter of 2026. Individual returns will vary based on timing of investment. Please check your statement for specific results.

Liquidating Biotechs and Biopharmas

In the first few years of running Arquitos, a popular special situation theme involved distressed companies from the financial crisis. The company was being restructured. Subsidiaries were sold off, closed, or put into some sort of runoff. Sometimes the end goal for the company was liquidation.

Investors often misunderstood the value that was left over from these situations. In some cases, shares traded significantly lower than the net assets left over from the restructuring. Sometimes the corporate shells that were left with tax loss carryforwards had even more value if an effective cash flowing acquisition was made.

Back then, the theme generally focused on finance-related companies. Over the last few years, something similar has been happening with a handful of biotech and biopharma companies. A representative example is a pre-revenue biotech that believes it has a promising drug in its pipeline. They may have had positive results from clinical trials. The company is able to raise money off that success, but then the drug fails in a phase 3 trial. The company generally has excess cash after that failure, but the share price sometimes drops significantly below the net cash price.

I have historically done well with the theme that mispricings (think opportunities) can occur when there is changeover involving different types of investors. In the biotech example above, the shareholder base of that company are investors who are specifically interested in new drug development. Those shareholders don’t care about the post-failure balance sheet or tax loss carryforwards. They certainly don’t care about owning a failed company where the potential future returns are measured in two digits and not three or four.

Those types of shareholders indiscriminately sell on the news that the clinical trial failed.

For the company, the economically rational thing to do in that situation is to immediately cut the work force and as many expenses as possible, attempt to get out of all long term commitments such as leases, survey their intellectual property to determine if any of it has value, and then return the cash on their balance sheet to shareholders. After that, if there is interest from outside parties involving the corporate shell and their tax assets, then the company should hand the reins over to them.

Oftentimes, the company needs to be pushed to do the economically rational thing. Fortunately, there are a few activists in this area. We currently are passive owners of a basket of these situations. I am a buyer, so will keep the names that I am interested in private at this point. I am also interested in taking a more active role for the right opportunity. If this is an area of interest for you, please let me know.

ENDI Corp. (ENDI)

ENDI shares declined from $16.75 at the end of 2025 to $15.00 at the end of the first quarter.

In March, the company reported strong results for full year 2025. Assets Under Management increased by 21% to $4.1 billion at the end of 2025 compared to the end of 2024. Overall revenue increased by 38% to $21.3 million. Adjusted EBITDA increased to $11.1 million from $6.5 million compared to the year before. ENDI ended 2025 with $53 million of total cash and investments compared to $20.1 million at the end of 2024.

The company will report Q1 2025 results in May.

Finch Therapeutics (FNCH)

Finch shares declined from $13.49 at the end of 2025 to $9.64 at the end of the first quarter. They are lower today. Don’t let this declining price fool you. As I will explain below, no actual value within the company has declined.

Consistent with the liquidating biotech and biopharma theme, Finch is one of the rare companies that is doing the economically rational thing. As I have mentioned in previous letters, they won a jury trial in August 2024 against Ferring Pharmaceuticals, with the jury finding that Ferring infringed on three of Finch’s patents. The value of that award to Finch is between $25 and $80 per share depending on the post-trial decision from the judge. The judge must determine an ongoing royalty rate and determine whether enhanced damages will be awarded. We have now waited more than 20 months for the judge’s decision.

No matter the outcome, an appeal is highly likely and will cost money. Finch also had a lease that they needed to get out of. Due to these two items, even when the judge provides a decision, the market will give a substantial discount to its shares compared to the overall award.

Because of this, the company decided to move forward with a strategic Chapter 11 filing in order to eliminate the lease obligation and organize an outright sale of the entire company. This sale involves the litigation claim above, 160 issued patents that Finch owns or exclusively licenses, an additional potential case of infringement involving a global corporation, and the corporate shell, which has significant net operating loss carryforwards.

The company has disclosed that there has been healthy interest from potential buyers. We should have a resolution in early June.

I believe that this process will maximize the value of Finch for shareholders and will monetize the assets more effectively than if Finch remained a publicly traded company. While the ultimate sale price won’t be known until June, I continue to believe that we will get a healthy premium over our purchase price.

Liquidia Corporation (LQDA)

Liquidia shares increased from $34.49 at the end of 2025 to $37.74 at the end of the first quarter.

I have written extensively about our investment in Liquidia. The launch of their Yutrepia product has been nothing short of outstanding. We will be receiving a company update in the next few weeks and expectations continue to be high.

The current short term market moving event is the judicial decision in Liquidia’s patent infringement case with United Therapeutics (UTHR) involving PH-ILD. We should receive the decision at any moment.

The math checks out as follows:

If Liquidia wins outright with no infringement found, Liquidia should be able to produce $1.2 billion in revenue in 2027 with net margins of at least 60%. If we apply the current market multiple of their competitor, United Therapeutics, then Liquidia shares are worth at least $140 per share fully diluted.

If Liquidia is found to have infringed on the United Therapeutics patent, the likely outcome is for the court to impose a royalty on Yutrepia sales involving PH-ILD with a royalty range between 3% and 10%. Assuming PH-ILD-related Yutrepia sales are 70% of overall 2027 sales of $1.2 billion, and assuming the worst-case scenario of a 10% royalty, Liquidia shares are worth approximately $123 per share fully diluted.

In the worst-case scenario, the judge could find that Liquidia infringed on the United Therapeutics patent and issue a permanent injunction on the sale of Yutrepia to PH-ILD patients. I believe this potential outcome has less than a 5% chance of happening. However, if it does happen and there are no sales to PH-ILD patients in 2027, Liquidia shares would still be worth $70 per share in 2027 on sales to PAH patients alone.

To be clear, if the patent infringement decision goes against Liquidia, I would expect shares to decline in the short term, perhaps sharply. But, if you follow the math I have laid out above, Liquidia is extremely cheap today under any outcome.

Additionally, I believe the company can continue to significantly grow revenue with stable margins in 2028 and beyond. $1.2 billion in 2027 is just the beginning. Treprostinil formulations like Liquidia’s Yutrepia currently generate $2.9 billion of annual industry revenue. Liquidia has already shown that they can not only take the majority of the treprostinil market, but they can also expand the total addressable market by treating patients who are both naïve (i.e., not currently being effectively treated), and by more effectively addressing patients who are currently being treated by non-treprostinil treatments.

I have never been this bullish on a position we have held in the fund. Again, there certainly could be short term volatility in the stock, but if you look at the numbers above, Liquidia is well positioned to trade at a stock price much higher than today in 2027 and beyond even if there is an extreme negative outcome in the patent infringement case.

Thank you again for your investment and commitment. Arquitos is open to new investments and additional contributions from current investors on a monthly basis. I appreciate your introductions. I look forward to continuing to compound assets on your behalf for many years to come.

Best regards,

Steven Kiel

References

1. Founded April 10, 2012

Original Post

Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

NEW YORK — NYT Connections Sports Edition puzzle No. 587 for Monday, May 4, 2026, challenged players with sports-themed word groups that tested knowledge of athletic fitness, coaching history, famous curses and college team nicknames. The New York Times word game continues its daily popularity among sports fans, delivering clever categories that blend trivia, wordplay and common threads. For those still solving or seeking a complete breakdown, here are progressive hints, strategic tips and the full answers to today’s edition.

The puzzle featured 16 words arranged in a 4×4 grid. Players must identify four groups of four words that share a common theme, with difficulty levels ranging from yellow (easiest) to purple (hardest). Today’s edition rewarded broad sports knowledge, particularly around physical conditioning, NFL leadership, legendary sports curses and Big Ten conference lore. Many players reported solving it in four to five attempts, describing the puzzle as moderately challenging but fair.

Progressive Hints (Spoiler-Free at First): Start with obvious fitness-related terms. Look for adjectives describing peak athletic condition. Another group involves current leaders of NFL franchises. A third draws from well-known supernatural jinxes in sports history. The toughest category connects partial names from prominent college athletic programs in the Big Ten.

Yellow Category (Easiest): In Good Shape — AGILE, ATHLETIC, FIT, STRONG. These words describe athletes in excellent physical condition, a straightforward warmup category that many players identified first.

Green Category: Current NFL Head Coaches — COEN, GLENN, REID, RYANS. These surnames belong to active coaches in the National Football League, testing fans’ knowledge of the league’s sideline leaders as of spring 2026.

Blue Category: Famous Sports “Curses” — BAMBINO, BILLY GOAT, MADDEN, SI COVER. This group references legendary jinxes: the Curse of the Bambino (Red Sox), Billy Goat Curse (Cubs), Madden Curse (video game cover) and Sports Illustrated Cover Jinx.

Purple Category (Hardest): Starts of Big Ten Team Names — BOIL, BUCK, CORN, HAWK. These prefixes complete well-known Big Ten school nicknames: Boilermakers (Purdue), Buckeyes (Ohio State), Cornhuskers (Nebraska) and Hawkeyes (Iowa).

The puzzle’s structure encouraged logical deduction. Many solvers started with the fitness words, then moved to recognizable curse references. The NFL coaches group required more specific sports knowledge, while the Big Ten starters proved trickiest for casual players. Community forums lit up with discussions, with some praising the educational value and others noting clever misdirection in the grid.

Connections Sports Edition has grown rapidly since its launch, capitalizing on the original game’s success while focusing exclusively on athletic themes. The daily format keeps fans engaged, blending nostalgia (curses), current events (coaches) and general knowledge (fitness and nicknames). Puzzle #587 maintained the high standard, offering something for both hardcore sports enthusiasts and casual solvers.

For strategy, experts recommend scanning for obvious clusters first, then using process of elimination. Today’s grid contained tempting red herrings, such as words that could loosely fit multiple categories. Avoiding early mistakes on the purple group was key to preserving guesses. Players who shared results on social media celebrated perfect solves or close calls, with many posting their colored grids.

The New York Times continues refining Connections Sports Edition to balance accessibility and challenge. Daily puzzles like #587 draw millions of attempts worldwide, fostering community and friendly competition among friends and families. Whether solved in three attempts or requiring all mistakes, the game provides mental stimulation and sports conversation starters.

Looking ahead, tomorrow’s puzzle promises fresh categories and new opportunities to test sports IQ. For those who enjoyed today’s edition, revisiting past puzzles or exploring related NYT games like the standard Connections or Wordle can extend the fun. Puzzle #587 will be remembered for its mix of timeless sports lore and contemporary references, perfectly capturing the spirit of the series.

As sports fans worldwide compared notes on May 4, the consensus was clear: another engaging daily challenge successfully delivered. Connections Sports Edition continues proving why themed word grouping games have become a staple of morning routines for millions seeking both entertainment and intellectual exercise.

In the world of currency trading, few resources are as powerful – or as underappreciated – as historical price data. Whether you are a retail trader experimenting with your first algorithm or a seasoned professional running a multi-currency portfolio, your ability to make informed decisions depends heavily on understanding what markets have done in the past. Forex historical data is not merely an archive of price movements; it is the raw material from which trading strategies are built, tested, and refined.

What Is Forex Historical Data?

Forex historical data refers to recorded time-series information about currency pair prices — typically including the open, high, low, and close (OHLC) for a given time interval, as well as trading volume where available. This data can range from tick-by-tick records (capturing every individual trade) to daily or weekly summaries spanning decades. The granularity and time horizon of the data you need depends entirely on your trading approach.

Scalpers and high-frequency traders require ultra-granular tick data with millisecond timestamps. Swing traders typically work with hourly or 4-hour candles. Long-term macro traders may only need daily or weekly closes going back ten to twenty years. In each case, the underlying principle is the same: to understand the future probability of price movements, you must first study the past.

Why Historical Data Matters

The most immediate use case for historical data is backtesting — the process of applying a trading strategy to past market conditions to see how it would have performed. Without rigorous backtesting, a trader is essentially flying blind, relying on intuition or theoretical reasoning alone. Historical data transforms strategy development into a quantifiable, reproducible process.

“Backtesting with high-quality historical data is not a guarantee of future success — but trading without it is nearly a guarantee of inconsistency.”

Beyond backtesting, historical data supports a wide range of analytical functions. It allows traders to identify recurring seasonal patterns — for instance, the tendency of certain currency pairs to exhibit higher volatility during specific months. It enables the calibration of risk management parameters, such as appropriate stop-loss distances based on historical average true range. And it provides the empirical grounding for statistical models that attempt to forecast future price distributions.

Common Pitfalls: Data Quality and Survivorship Bias

Not all historical data is created equal. One of the most dangerous mistakes a trader can make is to backtest with low-quality, adjusted, or incomplete data. Missing ticks, incorrect timestamps, and interpolated prices can produce dramatically misleading backtest results — a phenomenon sometimes called “garbage in, garbage out.”

Survivorship bias is another subtle trap. If your historical dataset only includes currency pairs that are still actively traded today, you may be excluding periods of extreme illiquidity or crisis-related behavior that could stress-test your strategy in ways clean data never would. Rigorous data sourcing means accounting for these edge cases from the start.

Where to Source Quality Historical Forex Data

The market for historical forex data has matured significantly over the past decade. Traders today have access to a range of free and premium sources, each with different levels of granularity, accuracy, and coverage.

Free sources such as Histdata.com offer minute-level OHLC data for major pairs going back to the early 2000s — a solid starting point for strategy development. MetaTrader platforms also allow users to export historical candle data directly from their brokers, though quality varies widely depending on the data feed.

For institutional-grade tick data with precise timestamps and bid/ask spreads, paid providers are generally necessary. One of the most reputable sources in the industry is the Swiss forex broker Dukascopy, which offers comprehensive tick-level historical data through its JForex platform and publicly accessible data center. The data spans over a decade for most major and minor pairs and is widely regarded as among the cleanest available for retail use.

Other notable premium sources include Refinitiv (formerly Thomson Reuters), Bloomberg Terminal, and True Tick, all of which cater primarily to professional and institutional users. For algorithmic traders building in Python, Quandl and Polygon.io also provide structured forex data via API.

Practical Considerations for Working with Historical Data

Once you have sourced your data, working with it effectively requires some technical groundwork. Most professional traders store and process historical data using relational databases or time-series databases such as InfluxDB or TimescaleDB, which are optimized for high-frequency temporal queries.

Data normalization is equally important. Different sources use different conventions for timestamps (UTC vs. local broker time), decimal precision, and handling of weekends or holidays. Before any analysis, it is essential to clean and align your dataset — a process that is often more time-consuming than the analysis itself.

Traders using Python can leverage libraries such as Pandas for data manipulation and Backtrader or Zipline for backtesting. Those preferring a more visual workflow may find platforms like TradingView or QuantConnect offer sufficient built-in historical data for strategy testing, though with less flexibility for custom research.

The Long View

Markets are not static. Regimes change, correlations shift, and volatility patterns evolve with macroeconomic cycles. A strategy that performed brilliantly from 2010 to 2015 may be entirely unsuited to the environment of 2025. This is precisely why maintaining access to long, high-quality historical datasets is an ongoing commitment — not a one-time task.

The traders and institutions that consistently outperform over long time horizons are invariably those who treat data as infrastructure. They invest in its quality, update it continuously, and stress-test their assumptions against the full spectrum of market history — including the crises, the anomalies, and the quiet periods that reveal a strategy’s true character.

In trading, as in most empirical disciplines, the past is not a perfect predictor of the future. But it remains our best available lens through which to examine it.

“We are around the bottom range”: long-term positioning unchanged

Responding to whether current levels offer a buying opportunity or if investors should wait for deeper corrections, Mehra said her view has remained consistent over the past several months.

“My view has been consistent. So, last month on your channel or on your Hindi channel I had said that the market is somewhere around the bottom range, I do not know whether it will start moving in two weeks or two months or whatever, but we are definitely around the bottom range. And my advice was that whatever is your equity allocation, remain invested. So, never have 100% in equity… whatever is your equity allocation, it was time to be invested then and it is time to be invested now as well.”

She added that while she does not make index forecasts, probability suggests a better year ahead. “Overall, while I do not give index projections, in probability terms I think 2026 will be a better year than 2025…”

Live Events

She also flagged sentiment as a contrarian indicator, noting that periods of fear tend to be more constructive than euphoric phases.
“When making money appears very-very easy… that is usually the worst time to get out of the market.”No fixed themes, but sector rotation continues
On identifying long-term themes, Mehra said her investment process is not based on multi-year forecasts but on a quarterly re-evaluation of opportunities.

“We look at everything from base zero every quarter. The question we ask is: if we had cash today, where would we be invested?”

She pointed to past calls in capital goods and recent overweight positions in autos, auto components, and pharma.

“You are right, we identified capital goods in October 2021… last couple of years we have been overweight auto components and autos… pharma and healthcare we have been consistently overweight.”

While pharma saw consolidation in 2025, she said the overall stance remains constructive.

She also highlighted selective exposure to banking, including PSU banks, while maintaining that the portfolio remains diversified across FMCG and chemicals.

Power sector emerging as a key area of interest
One sector showing improving visibility is power, both generation and equipment.

“One sector which has begun to look better is power including the power equipment and power utilities and I suspect part of it is to do with data centre spending because data centres are extremely power intensive.”

Earnings outlook: mixed but not negative
Addressing concerns around earnings growth and valuation, Mehra cautioned against over-reliance on index-level PE multiples, arguing that sector composition changes make long-term comparisons misleading.

“Looking at aggregate markets, it is usually not very meaningful if you talk about the Nifty PE… you are not comparing apples to apples.”

She noted that valuations across many sectors are not stretched versus historical averages. “It is not as if that we are very-very stretched on the valuation side.”

On earnings, she acknowledged near-term disruptions but remained broadly constructive.

“Overall, I am not negative on the earning trajectory. Probably I would have expected a better acceleration, but for this geopolitical conflict…”

She added that commodity price shocks could create second-order effects across sectors.

Oil shock manageable, not structural disruption
On rising crude prices amid geopolitical tensions, Mehra said the situation is not unprecedented and can be absorbed over time.

“We have lived with $100 oil almost two decades ago… it is not something unprecedented or something we cannot navigate.”

However, she acknowledged that India being an oil importer will feel macro and corporate-level impact depending on duration of price pressures.

“It might settle down somewhere in the middle but I do not think it is like an absolute disaster.”

IT sector: not dead, but evolving cautiously
On the IT services sector, Mehra pushed back against extreme bearish narratives, noting that the industry has repeatedly adapted through structural shifts.

“The obituary of the IT services industry in India has been written many-many times.”

She highlighted AI-related risks but stressed execution uncertainty and the continued need for human intermediation in enterprise systems.

“No CTO is going to hand over the keys of the kingdom to an AI product company.”

At the same time, she acknowledged a key macro risk lies in employment generation rather than corporate profitability alone.

“If the employment part slows down, that is more of a question mark for the economy as a whole.”

Valuations still not compelling enough for aggressive positioning
Despite some cooling in valuations, Mehra said the sector does not yet warrant a large overweight stance. “We are close to market weight, but it is still not at a stage where I can say that I want to make a big bet on it.”

She concluded that any meaningful business upcycle may take time to play out.

“The business itself will take time but I am saying that it will appear, it may not be exactly next month.”