Making Money Requires Conviction, Not Borrowing: Lessons From Vikas Khemani

Khemani began by distinguishing conviction from bias, two ideas often confused in the world of investing. “Conviction is faith grounded in knowledge,” he said, while bias is blind belief.“Conviction requires deep work, but it doesn’t guarantee you’ll always be right. What matters is the discipline to reassess when fundamentals shift and to stay put when they don’t.”

This, he said, applies not only to stock markets but also to careers. Constantly hopping jobs in search of quick rewards often disrupts compounding, while long-term commitment rooted in conviction allows investments to mature.

The Cost of Borrowed Conviction

Khemani's earliest lessons came from personal experience. As a young investor handling his father’s money, he lost a significant sum because he acted on half-knowledge.