New Delhi, Dec. 11 -- In the world of investing, the name Vijay Kedia commands a fair amount of respect. Renowned for his early bets on small- and mid-cap companies that went on to deliver monumental returns-multibaggers, in market parlance-Kedia's insights are closely followed.

Recently, however, the veteran investor has sounded a note of caution. The very hunting grounds that made him famous, he suggests, are now fraught with risk. His advice to retail investors is clear: step back from the dangerous game of chasing multibaggers in the current market environment.

Instead, Kedia advocates a pivot-one that prioritizes capital preservation over explosive growth. He frames this shift with a memorable analogy: moving out of "Cheetah" stock...