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The NorthPath Letter
Long-form strategic analysis of global businesses, capital markets, and the business of investing — written for the professional reader who wants structural understanding, not daily noise.
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All essays are journalism and education for a general professional readership. Nothing on this page is investment advice or a recommendation in respect of any specific financial instrument. Where individual securities are discussed, the author’s position is disclosed in the relevant essay in line with MAR Article 20.
- Audited, Not Published: How to Read the Cost Audit Trail in an Indian Annual Report
- The Latent Group: Mancur Olson’s 1965 Logic of Collective Action, the Swing Producer That Stopped Paying in 1985, the Seven Shares in Ten That Go Unvoted, and Why the Long-Term Equity Investor Must Ask Who Bears the Burden
- Two Thousand Birds or Two Hundred Thousand: Desvousges’s 1993 Oil-Pond Survey, Hartzmark and Sussman’s 2019 Globes, and Why the Long-Term Equity Investor Must Price the Quantity, Not the Symbol
- Certified, Not Vetted: How to Read the Director Non-Disqualification Certificate in an Indian Annual Report
- The Pasture Open to All: Garrett Hardin’s 1968 Tragedy of the Commons, the Cod That Vanished in 1992, the Alp That Did Not, and Why the Long-Term Equity Investor Must Ask Who Else Is Grazing
- The Room That Agreed With No One: Katz and Allport’s 1931 Pluralistic Ignorance, Westphal and Bednar’s 2005 Boardroom Proof, and Why the Long-Term Equity Investor Must Count the Doubts Before He Counts the Hands
- Counted, Not Known: How to Read the Quarterly Shareholding Pattern of an Indian Listed Company
- Filed, Not Read: How to Read the Annual Return (Form MGT-7) of an Indian Listed Company
- The Wine and the Cloth: David Ricardo’s 1817 Comparative Advantage, Japan’s Opening in 1859, the Foundry That Made No Chips of Its Own, and Why the Long-Term Equity Investor Must Ask Not What a Company Does Well but What It Gives Up to Do It
- Resigned, Not Removed: How to Read an Auditor’s Resignation at an Indian Listed Company
- Stretch and Snap: Alfred Marshall’s 1890 Elasticity of Demand, the Palermo Rooftop, Marlboro Friday, Mexico’s Peso-a-Litre Tax, and Why the Long-Term Equity Investor Must Know How Far a Price Can Move Before Volume Answers
- The Ledger and the Legend: Walters and Fernbach’s 2021 Proof That Investors Remember Returns They Never Earned, and Why the Long-Term Equity Investor Must Keep a Record That Cannot Flatter Him
- Lawful, Not Sound: How to Read the Secretarial Audit Report of an Indian Listed Company
- Thinking at the Margin: Jevons, Menger and Walras in 1871, Marshall’s Principle of Substitution, the Wells That Kept Pumping at $31, and Why the Long-Term Equity Investor Must Judge Every Decision by the Next Dollar
- The Baseline That Moves: Brickman and Campbell’s 1971 Hedonic Treadmill, Arkes’s 2008 Reference Point That Climbs Faster Than It Falls, and Why the Long-Term Equity Investor Must Fix His Standard Before the Portfolio Fixes It for Him
- Placed, Not Offered: How to Read a Qualified Institutional Placement and Its Placement Document
- Where the Curves Cross: Alfred Marshall’s 1890 Equilibrium of Demand and Supply, the Ships That Arrived After the Boom, and Why the Long-Term Equity Investor Must Ask Which Blade Moved
- The Speeding Ticket and the Trade: Zuckerman’s 1964 Sensation-Seeking Scale, Grinblatt and Keloharju’s 2009 Finnish Driving Records, and Why the Long-Term Equity Investor Must Take His Excitement Somewhere Other Than the Portfolio
- Raised, Then Parked: How to Read the Statement of Deviation and the Monitoring Agency Report of an Indian Listed Company
- The Correction That Strengthens the Error: Nyhan and Reifler’s 2010 Backfire Effect, the Ten Thousand Subjects Who Could Not Reproduce It, and What the Long-Term Equity Investor Should Do With a Rebuttal
- The Manufactured Fact: Kuran and Sunstein’s 1999 Anatomy of the Availability Cascade, and Why the Long-Term Equity Investor Must Date Every Claim Before Weighing It
- Said, Then Filed: How to Read the Earnings Call Transcript of an Indian Listed Company
- The Arbitrary Base: Ariely, Loewenstein and Prelec’s 2003 Proof That a Valuation Can Be Perfectly Coherent and Still Start From Nowhere
- The Just-World Hypothesis: Melvin Lerner’s 1966 Innocent Victim, the Subpostmasters Everyone Preferred to Believe Were Thieves, and Why the Long-Term Equity Investor Must Never Read Desert Into an Outcome
- Asserted, Not Assured: How to Read the Board’s Report in an Indian Annual Report
- In-Group / Out-Group Bias: Tajfel’s 1971 Minimal Group Experiments, the Boards That Recruit Their Own, and Why the Long-Term Equity Investor Must Ask Who Is Inside the Room
- The Room Full of Owners: Darley and Latané’s 1968 Discovery That a Duty Divided Is a Duty Undone, and Why the Long-Term Equity Investor Must Never Assume Someone Else Has Read It
- Reviewed, Not Audited: How to Read the Quarterly Results of an Indian Listed Company
- Stress-Influence Tendency: Charlie Munger’s Seventeenth Misjudgement, the Dancing Mice of 1908, and the Rule That Is Written Before the Storm
- The Twelve Reasons That Convinced No One: Schwarz’s 1991 Discovery That How Hard a List Was to Make Outweighs What Is on It, and Why the Long-Term Equity Investor Should Ask for Three Risks Rather Than Thirty
- Traded, Then Told: How to Read the Insider-Trading Disclosures of an Indian Listed Company
- Unclaimed, Not Forfeited: How the Seven-Year Rule Moves an Indian Shareholder’s Dividends and Shares to the IEPF
- Reason-Respecting Tendency: Charlie Munger’s Twenty-Fourth Misjudgement, the Word “Because” at the Copying Machine, and Why the Long-Term Equity Investor Must Grade the Reason Rather Than Register It
- Nothing Bought, Nothing Sold: How to Read a Bonus Issue and a Share Split
- The Twaddle Tendency: Charlie Munger’s Twenty-Third Misjudgement, the Bee That Danced Nonsense, and the 49,000-Word Annual Report
- The Yardstick Next Door: Festinger’s 1954 Discovery That We Measure Ourselves Against Whoever Is Nearest, and Why the Long-Term Equity Investor Must Supply an Objective Standard Before the Room Supplies a Social One
- Chosen, Not Offered: How to Read a Preferential Allotment and the Warrant That Comes With It
- Senescence-Misinfluence: Munger’s Twenty-First Tendency, the Age of Reason, and the Boards That Moved the Line
- Disaster Myopia: Guttentag and Herring’s 1986 Discovery That the Probability of a Shock Falls With the Time Since the Last One, and Why the Long-Term Equity Investor Must Price the Risk He Has Never Seen
- Bid, Not Accepted: How to Read a Delisting Offer and the Reverse Book Building in Indian Listed Equity
- Drug-Misinfluence Tendency: Charlie Munger’s Twentieth Misjudgement, Wanting Without Liking, and Why the Instrument Fails Before the Judgment Does
- The Price of Being Let Down: Bohnet and Zeckhauser’s 2004 Discovery That Investors Demand More From a Risk That Can Betray Them, and Why the Long-Term Equity Investor Must Underwrite the Steward Before the Statement
- Entitled, Not Given: How to Read a Rights Issue and Its Letter of Offer in Indian Listed Equity
- Use-It-or-Lose-It: Charlie Munger’s Nineteenth Tendency, the Skills the Navy Had to Relearn, and Why the Long-Term Equity Investor Must Keep Flying by Hand
- The Missing Small Losses: Burgstahler and Dichev’s 1997 Discovery That Reported Earnings Bend Around a Threshold, and Why the Long-Term Equity Investor Must Read the Distribution Before He Reads the Number
- Disliking and Hating Tendency: Munger’ Third Tendency, the Price of Sin, and Why the Long-Term Equity Investor Must Audit What He Refuses to Own
- The Twelve Bets That Were One Bet: Enke and Zimmermann’s 2019 Proof That Investors Treat Correlated Signals as Independent Evidence, and Why the Long-Term Equity Investor Must Count Sources, Not Reports
- Operant Conditioning: B. F. Skinner’s 1938 Analysis of Learning by Consequence, the Scratch-Card in the Trading App, and Why the Long-Term Equity Investor Must Starve the Reflex He Cannot Afford
- The Company at a Distance: Liberman and Trope’s 1998 Discovery That Horizon Changes What a Decision Is Made Of, and Why the Long-Term Equity Investor Must Write the Thesis at Both Ranges
- Divided, Not Sold: How to Read the Scheme of Arrangement When an Indian Company Splits in Two
