Research Paper Discussion | The Loser’s Game by Charles D. Ellis
Join us for the inaugural session of our monthly Zoom webinar series – “Research Paper Discussion”, where we’ll dissect influential research papers on capital markets!
About the Paper
Published originally in 1975, this paper revolutionized investment philosophy by arguing that institutional investing has shifted from a “Winner’s Game” (where victory goes to the most skillful) to a “Loser’s Game” (where victory goes to the one who makes the fewest mistakes). Ellis posits that because professionals now dominate the market, the primary challenge is no longer beating amateurs, but rather overcoming the high costs and inherent errors of active management.
Why This Matters for Us
While the paper was written in a global context, its application to the evolving Indian institutional landscape is profound. As our markets mature and institutional participation rises, understanding whether we are playing a “Winner’s” or “Loser’s” game is critical for every practitioner in India.
Event Details:
Date: 8th April 2026
Time: 6:30 PM
Platform: Zoom (Link will be shared after registration)
It’ll be an open discussion, moderated by CFA Society India volunteers.
We kindly request you to read the paper before joining the call: Charles D. Ellis, “The Loser’s Game
Registration Details:
CFA Society India Member: FREE
Kshitiz Jain, CFA, FRM
Co-Chair, Research and Advocacy Committee | CFA Society India
Kshitiz Jain is an accomplished Treasury and Investment leader with over 14 years of experience across banking, corporate treasury, and wealth management. He was last working as Senior Vice President at Shriram Overseas Investments Limited (Shriram Finance Limited), where he was leading the strategic setup and RBI application process for their Primary Dealership entity.
His previous roles include serving as Co-Founder and Head of Investment Strategy at CAGRfunds, where he scaled an institutional-grade equity advisory practice, and Senior Associate Director of Treasury at CTBC Bank, where he was instrumental in setting up the India Treasury business. He also spent nearly five years at ICICI Bank managing large-scale Indian Rates and G-sec desks.
He has a PGDM from IIM Bangalore and a B. Tech degree from IIT Roorkee. He is also a CFA Charter holder and Financial Risk Manager (FRM).
As a dedicated volunteer for CFA Society India, Kshitiz serves as Co-Chair of the Research and Advocacy Committee, where he regularly engages with regulators for policy advocacy. He is also the Deputy Director of the IIM Bangalore Alumni Association (Mumbai Chapter).