Today I got a message from someone asking for some multi-bagger stocks. Not the first time this has happened. The reason for failure in the markets for most people is *unrealistic expectation.* • What will you do with a multi-bagger when the first time it falls 25% you panic and want to sell? Buying a stock is like buying a car — maintenance and monitoring is needed after purchase. If you don’t maintain a portfolio like you maintain a car the quality of the asset will go down. • ⁠Since COVID most people have only wanted to buy small-cap, micro-cap and nano-cap stocks. They’ve come to love the term ‘penny stock’. Quick returns is what they’ve wanted without understanding the risk. In this process they have bought bad stocks and put too much capital in fewer stocks. • ⁠People have forgotten that stocks give returns not because they are on the news or their banking representative or someone on YouTube recommends. They go up because of the business’s strength, which unfortunately, people don’t analyse. People spend more time in buying a ₹20,000 phone than creating a ₹20 lakh portfolio.