New Delhi, Aug. 19 -- "Mr Economist, which stock should I buy?"

It's a question I keep hearing. It comes up over lunch with colleagues, on phone calls with friends, and at family gatherings. Whenever the market rallies, people want to know which stock will be the next multibagger. Whenever it falls, they ask whether it is finally time to buy.

The assumption is understandable. I spent years studying economics, first as a doctoral student and now as a faculty member at IIM Ranchi. Surely, people assume, I must know where markets are headed.

I wish I knew.

The question has become even more common with the surge in retail participation in equity markets over the past few years. Between 1 April 2020 and 31 March 2026, Indian equities richl...