Business
The Golden Thumb Rule | Growth at a reasonable price is my rule; overpaying can destroy returns even in bull markets: Srinivas Rao Ravuri
In this edition of The Golden Thumb Rule, Ravuri emphasises that sustainable wealth creation is not about chasing momentum but about adhering to Growth at a Reasonable Price (GARP).
He cautions that even in a rising market, overpaying for future growth can erode returns and hurt long-term compounding.
Drawing on market data from the past five years — where headline indices doubled but a large share of stocks delivered muted or negative returns — Ravuri underscores the importance of entry price, margin of safety, and disciplined asset allocation.
He also shares practical thumb rules on acceptable PE multiples, navigating market euphoria, and striking the right balance between time in the market and valuation-driven investing. Edited Excerpts –
Kshitij Anand: If you had to define valuation discipline in one sentence, what would be your golden thumb rule for investors?
Srinivas Rao Ravuri: Our golden rule is Growth at a Reasonable Price, or what we call GARP, which is what we follow at Bajaj Life. Before I dwell deeper into this, I just want to make a point. Given the markets we have seen over the last five years, the Nifty has doubled and delivered about 14% compounded returns.
Ignoring the COVID phase, from Jan 2021 to now, Nifty 500 companies have doubled. But within that, a good 40% of companies — around 200 — have delivered negative returns over these five years when the market has doubled. And about 15% of the companies have delivered very healthy returns.
So, the point I am making is that if you buy at the right price, compounding will automatically work in your favour. But if you overpay and pay today entirely for expected future growth, you can lose money even in a good market.
Kshitij Anand: Why do most investors abandon valuation discipline during bull markets, and what is the thumb rule to avoid that? There is a saying that when everyone is talking about markets and giving tips, that is the time you should actually bail out of the markets.
Srinivas Rao Ravuri: Well, we are investors and we are human beings. And we have emotions. Markets are governed by fear, greed, and, as some people say, career risk. In bull markets, we tend to see people ignoring time-tested principles of investing and valuation metrics like price-to-earnings and start focusing on narratives instead.
In fact, even professional investors go through a relative valuation phase — saying X company is trading at 60 PE and it is cheap because Y company in the same space is trading at 80 PE, so it looks better. I think that is one challenge we face. Another issue is that people believe they will ride the flavour or momentum of the season, citing examples like defence, infrastructure, and real estate. They start thinking this time is different and that these sectors will deliver returns forever. These are things we need to be mindful of.
We are here to make money, and the first principle to keep in mind is: do not lose money.
Kshitij Anand: Coming back to your first point about the right price to buy — what is your thumb rule to decide when a stock is too expensive to buy, regardless of how strong the story is?
Srinivas Rao Ravuri: Here again, I would like to use a simple price-to-earnings metric to determine whether a stock is expensive or not. For a steady-state business, I would say paying 33 times earnings is fine. What is the logic? When we say the price-to-earnings ratio is 33, we are essentially talking about a 3% earnings yield.
For a growth company — and investing in equity is about investing for growth — a 3% earnings yield plus growth is acceptable to me. Within that, for a relatively new business or a new segment where high growth is visible today, maybe you can pay up to 50 PE. Anything more than that raises questions about the margin of safety. That is what I would like to avoid as far as possible.
Kshitij Anand: I understand. In fact, even in new fund offers and IPOs, we see a lot of companies trading at much higher PEs than what you just highlighted as a benchmark. Any word of advice or caution for investors there?
Srinivas Rao Ravuri: Absolutely. I think what we need to keep in mind is that high-quality companies can also be poor investments if bought at the wrong price. As I mentioned earlier, we are already seeing that happen. The first principle is avoiding big mistakes.
Companies in new-age sectors, catering to evolving markets and demonstrating long-term growth potential, tend to trade at premium valuations. But what is important is sustainability and also keeping in mind the concept of mean reversion.
Kshitij Anand: Now, let me also ask — investors do end up buying stocks that may be available or trading at a premium valuation. It does happen. So, what is your thumb rule on paying a premium valuation? When can we say it is justified, and when is it dangerous?
Srinivas Rao Ravuri: When there is a long-term reinvestment runway — meaning the durability of business growth and earnings growth is visible — I do not mind paying a premium. Let us say there are companies addressing a large market, with a unique business proposition and superior management. That, in turn, means the company can deliver.
If you look at the last 10 years, the Nifty has delivered around 15% earnings growth. But here is a company that, given all these positives, is likely to deliver double that earnings growth. In such a case, I may have to pay a higher price. However, what we need to keep in mind is whether this growth is seasonal, cyclical, or much more long-lasting. If it is cyclical, we should be extremely mindful of paying a high price.
Kshitij Anand: And how should investors think about valuation in high-growth stocks? What is the golden thumb rule to avoid overpaying for growth?
Srinivas Rao Ravuri: First, focus on the business model — whether the underlying business has the potential to deliver sustainable long-term growth. Even if it does, it is important to remember that we cannot be masters of everything. I am a professional investor, and even then, we are not here to capture every possible upside from every possible company. Understanding the company and knowing what we are good at is important.
Focusing on the margin of safety is an essential part of risk management. A company may look great on the surface, and you may see brokerages, media, and everyone talking about how great the business is. But ultimately, valuations are paramount. As I said earlier, keeping it simple — paying more than 50 PE means you are extrapolating current growth for many years ahead, and your returns may end up depending more on PE expansion than on earnings growth.
Kshitij Anand: During times of euphoria — especially post-2020, when markets saw a strong rally and SIP contributions rose sharply to around ₹31,000 crore — many investors started investing aggressively. For someone investing in individual stocks, what is the thumb rule for valuation during such euphoric phases? Should one buy less, hold tight, stay out, or wait for dips? What would be your advice?
Srinivas Rao Ravuri: The first thing to focus on, even more than stocks, is asset allocation. What percentage of your savings or surplus are you allocating to each asset class? I have seen people debating very passionately about a particular stock or equity mutual fund, while only 5% of their surplus is actually invested in equities.
Asset allocation is the starting point. That is where investors should seek expert advice from financial advisors to determine their risk appetite and decide what percentage of their money should go into each asset class.
Second, during euphoric times, it is important to reduce exposure to equities and increase allocation to fixed income. Within equities, what we do at Bajaj Life is gradually shift portfolios from high-PE, cyclical companies to more stable businesses, such as utilities, and increase the overall quality of the portfolio.
So, first, adjust at the asset-class level. Second, within equities, move toward relatively safer and less volatile sectors and stocks. That is what we believe investors should do.
Kshitij Anand: And for long-term investors, is valuation about entry price or time in the market? What is the golden balance rule there?
Srinivas Rao Ravuri: I would say time in the market builds wealth, but the entry price determines how well it compounds. Staying invested is essential, but valuation defines the starting yield on capital. To that extent, a good entry point with a margin of safety reduces your downside risk. Our approach is to own businesses that generate sustainable growth, but to enter them thoughtfully.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Business
JAAA: Superior Risk-Adjusted Return Presents Unique Buying Opportunity (NYSEARCA:JAAA)
I focus on a rigorous fundamentals-foremost equity and credit research. I currently work as a financial advisor/planner, and do analysis in my free time. I have an undergrad in business administration, an MBA in finance, and currently am a doctoral candidate (a DBA with a concentration in Finance and Investment Management). My research style typically involves process-driven research, followed by blending several valuation models together to get a blended, 12 month price target. I enjoy utilizing full DCF analysis in conjunction with SOTP, peer/multiples analysis, and risk-adjusted approaches. I thoroughly enjoy reading filings, technical documentation relevant to the sector, and then translating that data into conclusions with actionable insights. I enjoy learning about the various sectors and companies I find myself researching, and always feel like there is something to learn. As a curious individual, equity and credit research is very fulfilling, and even fun!I always try to find 2-4 variables that drive value or hinder growth, stress test them, and then let fundamental evidence incorporated with book-value set my viewpoint for the research project. I enjoy the energy sector, commodities, tech, and financial sectors the most. I joined Seeking Alpha to share my thoughts with a wide audience. I originally started with sharing my analysis with a few of my friends who are also advisors and/or analysts. I am always open to a myriad of viewpoints, as I feel the most accurate viewpoints and research is made through a collection of great minds working together to figure something out. If you appreciate thorough research, and want to learn more about a company beyond just what is inside of their books, then I believe you will enjoy the research that I work on.
Analyst’s Disclosure: I/we have a beneficial long position in the shares of JAAA either through stock ownership, options, or other derivatives. 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.
The views expressed in this article are solely the author’s own and do not represent the opinions or recommendations of an SRO or broker-dealer. This article is for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any security. Readers should consult their own financial advisor before making investment decisions. As a reminder, Investment products: Are NOT FDIC insured. Not deposits of, or obligations of a bank, and may be subject to investment risk, including a possible loss of principal.
Structured Credit Risk Disclosure:
Collateralized loan obligations (CLOs), collateralized debt obligations (CDOs), and mortgage-backed securities (MBS) are complex structured finance instruments that carry risks beyond those of traditional fixed-income securities. These risks include but are not limited to: credit risk of the underlying loan or mortgage pools; prepayment and extension risk that may alter expected cash flows and duration; liquidity risk, as secondary markets for structured credit instruments may become illiquid during periods of market stress, potentially resulting in significant price dislocations relative to net asset value; structural subordination risk, whereby losses in the underlying collateral pool are allocated according to a payment waterfall that may differ across tranches and vintages; concentration risk in underlying loan portfolios, which may have material exposure to specific sectors, industries, or borrowers; interest rate risk, particularly for fixed-rate tranches or during periods of rapid monetary policy change; and mark-to-market volatility that may substantially exceed the realized credit losses of the underlying collateral. Past performance of any CLO tranche, rating category, or structured credit index, including historical default rates, is not indicative of future results. Credit ratings assigned by nationally recognized statistical rating organizations reflect opinions of creditworthiness at a point in time and are subject to revision, suspension, or withdrawal. Investors should carefully consider their risk tolerance, investment horizon, and liquidity needs before investing in structured credit products.
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.
Business
Luka Exits Lakers Game in OKC with Hamstring Strain
Los Angeles Lakers star Luka Doncic left Thursday night’s game against the Oklahoma City Thunder in the first quarter with an apparent left hamstring strain, the latest injury setback for the Slovenian superstar and a significant blow to a Lakers team fighting for Western Conference positioning as the 2025-26 NBA regular season winds down.

Doncic, who has been the focal point of the Lakers’ offense since his arrival in Los Angeles, limped off the court after grabbing at his left hamstring during a defensive sequence. He was visibly in discomfort and headed directly to the locker room, with the team later ruling him out for the remainder of the contest. The Thunder ultimately won the high-stakes matchup, further tightening the playoff race in a loaded Western Conference.
Lakers head coach JJ Redick confirmed postgame that the team would evaluate Doncic further, with imaging likely scheduled in the coming days. “He felt it on that end and we didn’t want to push it,” Redick said. “We’ll get a better sense tomorrow, but hamstring issues need to be taken seriously.”
The incident revives concerns about Doncic’s durability after he missed several games earlier in the season with a similar left hamstring strain. That previous injury sidelined him for multiple contests in February, forcing the Lakers to lean heavily on LeBron James, Austin Reaves and supporting cast members during his absence. Dončić returned and posted strong performances, including a 42-point outing in one of his first games back, but the recurring nature of lower-body issues has become a talking point around the franchise.
Impact on Lakers’ Playoff Push
The Lakers entered the game in Oklahoma City sitting in solid playoff position but well aware that every game matters in a conference where the top seeds are separated by few wins. Without Doncic, the offense lacked its primary creator and scorer. James shouldered more responsibility, but the Thunder’s athleticism and depth proved too much on their home court.
Doncic has been averaging career-like numbers in his first full season with the Lakers, contributing elite scoring, playmaking and rebounding. His partnership with the 41-year-old James has been one of the league’s most compelling storylines, blending veteran leadership with generational talent. However, health questions have shadowed the duo at times this season.
Team officials have emphasized caution with soft-tissue injuries like hamstring strains, which can linger and worsen if rushed. Recovery timelines vary widely — some players return in a week or two with proper management, while others miss several weeks. The Lakers’ medical staff will likely take a conservative approach given the importance of the postseason.
Doncic’s Injury History and Resilience
This is not the first time Doncic has dealt with hamstring or lower-leg soreness since joining the Lakers. Earlier in the campaign, he missed time with the same left hamstring issue, prompting the team to implement stricter load management. Dončić has spoken openly about the physical demands of the NBA schedule and the adjustments required after his trade from the Dallas Mavericks.
Despite the setbacks, the 27-year-old has shown remarkable resilience. He has consistently returned stronger and more efficient, using rest periods to refine his game and maintain conditioning. Fans and analysts alike have praised his work ethic and basketball IQ, qualities that have helped the Lakers remain competitive even when dealing with injuries across the roster.
The timing of this latest exit is particularly frustrating for Los Angeles. With key games remaining against strong opponents, the team needs all its stars healthy to secure favorable playoff seeding and avoid a grueling first-round matchup. The Thunder, led by MVP candidate Shai Gilgeous-Alexander, represent one of the toughest tests in the league.
Broader Context for the Lakers
The Lakers have navigated a season filled with injury challenges, yet they have remained in the playoff picture thanks to James’ longevity and contributions from role players. Reaves has emerged as a reliable secondary option, while younger pieces have stepped up when called upon. Still, the absence of Doncic shifts the offensive burden significantly and exposes vulnerabilities in spacing and creation.
League-wide, hamstring strains remain one of the more common soft-tissue injuries, often linked to fatigue, explosive movements and incomplete recovery from previous ailments. Modern NBA training staffs use advanced monitoring tools, including wearable technology and force plates, to detect early warning signs, but the unpredictable nature of these injuries continues to frustrate teams and players.
For the Thunder, the win over the shorthanded Lakers reinforced their status as Western Conference frontrunners. Oklahoma City’s depth and defensive versatility allowed them to capitalize on Los Angeles’ missing star power.
What’s Next for Doncic and the Lakers
The Lakers will provide daily updates on Doncic’s status as they prepare for upcoming games. Fans hope for a short absence, but realistic expectations point toward at least a few games missed while the hamstring heals. The team’s medical team will focus on reducing inflammation, strengthening surrounding muscles and gradually reintroducing basketball activities.
Doncic himself has remained positive in past injury situations, often emphasizing the importance of listening to his body and returning at full strength rather than risking a more serious setback. His leadership off the court has also been noted, as he continues to support teammates even when sidelined.
As the regular season enters its final stretch, every healthy minute counts for contenders like the Lakers. A prolonged absence for Doncic could alter their seeding and playoff path, making the coming days critical for the franchise.
League observers will watch closely for the official diagnosis and expected timeline. In the meantime, the Lakers must find ways to generate offense and maintain defensive intensity without their primary ball-handler. James, Reaves and the supporting cast will be asked to do more, testing the depth that has been both a strength and a vulnerability this season.
The NBA postseason remains the ultimate goal, and health will likely determine how far any team — including the Lakers — can advance. For now, all eyes remain on Luka Doncic’s left hamstring and how quickly he can return to the court that has defined his superstar career.
Business
NewLake Capital Partners Stock: Double-Digit Yield From Cannabis Landlord (OTCMKTS:NLCP)
I’m just one man with a Robinhood account, a laptop, and seven years’ experience as a financial analyst, journalist, and writer, looking to demystify the stock market for the everyday investor. I’m also a contributing analyst over at The Motley Fool and you can check out more of my analysis there if you’re so inclined. I like a good value and favor a conservative steady-growth portfolio strategy. My interests are primarily the energy, tech, and industrial sectors but I will write about anything that strikes my fancy. Follow me on X for updates and my other writing projects.
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.
Business
Puzzle 1749 Solution, Hints and Analysis for Today’s Five-Letter Word
The New York Times Wordle puzzle for Friday, April 3, 2026 — puzzle No. 1,749 — offered players a fresh five-letter challenge that tested vocabulary, deduction and a bit of luck as millions logged in for their daily word-guessing ritual.

While exact details of today’s solution remain under embargo until the puzzle rolls over at midnight Eastern Time, the streak of recent Wordle answers and community patterns provide helpful context for solvers preparing to tackle puzzle 1749. Yesterday’s Wordle No. 1,748 on April 2 had the answer SOBER, an adjective meaning temperate in the use of alcohol or serious and solemn in demeanor, according to Webster’s New World College Dictionary.
The sequence of recent solutions shows the game’s editors continue to favor common yet interesting words that balance accessibility with moderate challenge. Puzzle 1748 featured no repeated letters, began with S and included two vowels — characteristics that often guide early guesses.
Wordle, created by Josh Wardle and acquired by The New York Times in 2022, presents players with six attempts to guess a hidden five-letter word. After each guess, colored tiles provide feedback: green for correct letter in the correct position, yellow for correct letter in the wrong position, and gray for letters not in the word at all. The simple yet addictive format has sustained massive popularity years after launch.
Typical Solving Strategies for April 3 Puzzle
For today’s puzzle No. 1,749, experienced players recommend starting with strong opening words that maximize vowel and common consonant coverage. Popular starters such as “SLATE,” “CRANE,” “TRACE” or “AUDIO” help eliminate or confirm multiple letters quickly. Yesterday’s answer “SOBER” reinforced the value of testing common consonants like S, B and R early.
Solvers should pay close attention to vowel placement and possible double letters. Recent puzzles have varied between words with repeated letters and those without, keeping players alert. If early guesses yield several yellow or green tiles, narrowing possibilities through process of elimination becomes key.
Community sites and the official Wordle Review often provide post-puzzle analysis, including the word’s part of speech, definition and any interesting etymology. For instance, “SOBER” carries both literal meanings related to sobriety and figurative senses of gravity or restraint.
Wordle’s Enduring Cultural Impact
Since its humble beginnings as a private game for Wardle and his partner, Wordle has grown into a global phenomenon shared across social media, workplace chats and family groups. Players proudly post their emoji grids — sequences of green, yellow and black squares — to celebrate streaks or commiserate over tough losses.
The New York Times has maintained the game’s daily rhythm while adding features such as statistics tracking, optional hard mode and integration with other Games offerings like Connections and the Mini Crossword. Puzzle numbers have climbed steadily, with No. 1,749 marking another milestone in the game’s long run.
Many players have turned Wordle into a morning or evening routine, using it as a quick mental warm-up or relaxing wind-down. The game’s accessibility — no downloads required beyond a web browser or the NYT app — has helped it reach audiences of all ages and backgrounds.
Tips to Improve Your Wordle Game
Veteran solvers suggest building a mental or physical list of high-frequency five-letter words. Focusing on words that contain multiple vowels or common letter combinations improves first-guess efficiency. When only a few letters remain, considering alphabetical order or phonetic patterns can help narrow options.
Hard mode, which forces players to use confirmed letters in subsequent guesses, sharpens skills for those seeking extra challenge. Sharing results without spoilers respects friends still working on the puzzle while fostering friendly competition over longest streaks or fewest guesses.
For those who occasionally miss a day, archived puzzles and community discussions allow catching up without breaking streaks in some tracking tools. The official NYT Wordle Review page provides in-depth hints, conversation and gentle nudges for players who want support without full spoilers.
Broader NYT Games Ecosystem
Wordle sits alongside other popular daily games from The New York Times, including Connections (which on April 3 featured themes around catty synonyms, verbs meaning to crave, cocktail glasses and “_____ control” phrases), the Mini Crossword, Spelling Bee and Letter Boxed. Together they create an engaging ecosystem that keeps players returning for fresh mental exercise.
As April 3, 2026, dawned, solvers worldwide prepared for puzzle 1,749 with varying strategies — some sticking to favorite starter words, others experimenting based on recent answer patterns. Whether today’s word relates to everyday objects, emotions, actions or abstract concepts remains to be seen once the puzzle unlocks.
For players who solve quickly, the satisfaction of a green row on the first or second guess brings a small daily victory. For those who need all six attempts, the learning process and eventual reveal still deliver reward. Even missed puzzles become opportunities to discuss tricky words with fellow enthusiasts online.
The simplicity of Wordle — one word, six tries, universal rules — continues to explain its staying power in an era of complex digital entertainment. It requires no special knowledge beyond basic English vocabulary yet rewards pattern recognition, logical deduction and a touch of intuition.
As the day progresses, social media will likely fill with discussions, shared strategies and light-hearted reactions to puzzle 1749. Some will celebrate extended streaks, while others will reset and aim to rebuild. All will appreciate the daily ritual that brings a moment of focus and fun.
The New York Times Games team curates each puzzle to maintain an approachable yet stimulating difficulty curve, ensuring Wordle remains welcoming for newcomers while offering depth for dedicated fans. With thousands of possible five-letter words in the English language, the variety keeps the game feeling fresh even after more than 1,700 editions.
For those still working on today’s puzzle, good luck — and remember that tomorrow brings another chance with Wordle No. 1,750. Whether you are a casual player or a streak-chasing expert, the game continues to unite people through the simple joy of cracking a hidden word one letter at a time.
Business
Microsoft to invest $10 billion in Japan for AI and cyber defence expansion

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Lynas Rare Earths Stock: Long-Term Price Floor Seems To Be Priced In (OTCMKTS:LYSCF)
Hello readers! Passionate about technology, my focus will be on finding and analyzing companies that can play a relevant role in today’s geopolitics, leverage their IP, and eventually, with time, become new leaders. Therefore, the investment style will correspond to growth companies with a bias on the mid-cap segment. The main sectors under study will be biotechnologies, computer chips, cloud technology, energy, and commodities. Special attention will be given to risks surrounding business cases, with a top-down approach completing each bottom-up analysis. A systematic balance sheet analysis will be performed as growing businesses often fail the funding test. In contrast, a stress test will be employed to challenge my thesis and see what degree of safety lies in each model. Long-term capital appreciation will be preferred over short-term speculation. Holding a master’s in communication and an MBA and having completed my experience in journalism, I will be happy to share my ideas and points of view with you. As an SA contributor since 2023, I look forward to your comments to help me improve my work and will do my best to provide you with the most extensive coverage in these thematics. Best regards
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.
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