Newsletter December 2025
MESSAGE FROM THE BOARD
Society Updates Dec 2025
Society Updates
Navin Vohra, CFA
This year also brought a proud moment for all of us - CFA Society India was awarded “Outstanding Society of the Year 2025” at the APAC Society Leaders Conference in Seoul, South Korea...
PERSPECTIVES
PURPOSE-DRIVEN VALUATION: ONE FRAMEWORK, MANY LENSES
Valuation
Varnit Kaushik, CFA
Whether it’s an equity research report, a corporate acquisition, or a tax dispute, the why behind the valuation determines how we approach the how. Valuation is at the heart of finance, yet it is...
PERSPECTIVES
AI in Business Valuation: Balancing Intelligence with Intuition
Valuation
Siddharth Jain, CFA
Valuation has long relied on frameworks grounded in finance theory, empirical evidence, and practitioner experience. But today, Artificial Intelligence (AI) is challenging and enhancing...
PERSPECTIVES
VALUATION CONSIDERATIONS FOR A SPORTS FRANCHISE
Valuation
Varnit Kaushik, CFA
For valuation professionals, sports franchise valuation is a compelling intersection of finance, strategy, and brand analytics. It demands a blend of traditional valuation skills and nuanced understanding of...
PERSPECTIVES
VALUATION BEYOND DCF: TAKING A 360° VIEW FOR A MORE COMPLETE PICTURE
Valuation
Siddharth Jain, CFA
Valuation, at its core, is about understanding the true worth of a business or asset. Among the various techniques available, the Discounted Cash Flow (DCF) method has long been considered a pillar of...
INDUSTRY SPEAK
IN-CONVERSATION WITH RISHI ASWANI, CFA
Interviewed by Parvez Abbas, CFA
My CFA course, especially Levels 1 and 2, and a known person who recommended me into the profession confirmed that valuations was a useful life-skill as it emphasised an understanding of risk...
IN-CONVERSATION WITH CRAIG TER BOSS, CFA
Interviewed by Ajay Minocha, CFA
Prior to the Fair Value standards, portfolio companies were marked at the last round or cost regardless of the performance of the subject company and the valuation multiples. Fair Value standards mandate...
IN-CONVERSATION WITH PARAG MEHTA
Interviewed by Siddharth Jain, CFA
Approach for valuation of intangibles depends on factors like criticality of any intangible to the business and how difficult or time consuming it is to replicate...
BOOK REVIEWS
VALUE INVESTING BOOK REVIEWS
Value investing books distill decades of market wisdom into simple, timeless principles. They remind us that real wealth is built by buying strong businesses at the right price—not by chasing trends. A read for anyone looking to invest with clarity rather than emotion...
INSIGHTS FROM SOCIETY EVENTS
SESSION WITH MR. DURGESH SHAH - VALUE INVESTING PIONEERS SUMMIT
Contributed by
Jatin Khemani, CFA
The session emphasized that successful investing rests on three pillars: high-quality management, sensible valuation, and deep self-awareness as an investor. Durgesh Shah highlighted that in India, management quality—trust, culture, focus, scalability, integrity, and humility, often...
PRACTITIONERS: INSIGHTS: VALUATION IN STRESSED TIMES
Contributed by
Shivani Chopra, CFA
The webinar “Practitioners’ Insights: Valuation in Stressed Times” highlighted the importance of shifting from market-based to absolute valuation methods during periods of uncertainty. Ms. Nimisha Pandit, CFA emphasized focusing on business quality, balance sheet strength, and economic...