The Golden Thumb Rule | In small caps, fundamentals—not narratives—drive returns: Aniruddha Naha

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Small-cap investing demands discipline, focusing on fundamentals like earnings and cash flows for sustainable wealth. Aniruddha Naha, CIO-Alternates, PGIM India, emphasizes that strong balance sheets and management are key. He advises investing when small caps are beaten down, not during euphoria. This approach unlocks alpha generation through discovery and re-rating over the long term.