New Delhi, Oct. 1 -- Enough has been said about the poor performance of the Indian stock market over the last two years. The benchmark Nifty is down 18% from its record high of 26,373.20, scaled on 5 January this year, while over the last two years, it has delivered a negative return of 13%. Year-to-date, the index is down 14%.

You ask an investor why this market has been down, and she will probably cite key reasons as increased geopolitical risks, higher oil prices, foreign capital outflows, US tariffs, the lack of AI tarde, and weak earnings.

While these are valid factors, ace investor and a market veteran Shankar Sharma, also the founder of GQuant Investech- an AI firm, makes us recall his famous "the lake of returns theory", accordi...