Core belief

Fundamental is the Atman, Liquidity the Prana, Sentiments the Maya

“In our view, fundamentals are like the soul, liquidity is like the life force, and market sentiments are like illusions. The ancient Vedic philosophy—one of the oldest in the world—explains the universe and human life through three core ideas: Atman (soul), Prana (life energy), and Maya (illusion). We draw inspiration from these ideas in the way we approach investment research and money management.”

“In Vedic thought, the Atman is the true self—beyond names, labels, or personal judgments. In the same way, the real assets and profit-generating ability of businesses and economies form the ‘fundamentals’ of every market. Just as no person can exist without the Atman, no market can sustain value without strong fundamentals.”

“Prana is the universal energy that drives all movement—it makes every atom and electron vibrate. In markets, this energy is reflected as liquidity, the flow of money that fuels economic activity and sustains the ecosystem. Just as Prana gives life, liquidity gives assets and organizations their functional value.”

“Maya represents the illusion of the world, shaped by each person’s unique perceptions and beliefs. In markets, this illusion takes the form of ‘price’—the value participants assign to assets based on assumptions, experiences, and expectations about the future. Just as Maya is the mind’s creation of reality, price is the market’s shifting perception of economic value.”