Market veteran Sanjoy Bhattacharya has expressed strong criticism of the growing trend of relying on storytelling in stock market investments, asserting that it undermines the importance of data-driven decision-making. Speaking at the IPFEAST 4.0 LEGENDS event in New Delhi, Bhattacharya emphasized that investing should be grounded in evidence, not imagination. He provocatively labeled storytelling as “the biggest bullshit that goes around in stock markets,” arguing that while creativity can be beneficial, it cannot replace the necessity of rational analysis. “You need to be rational, look at the data, and make decisions,” he stated, acknowledging that even seasoned investors may only be correct about 25 percent of their decisions.

Bhattacharya's observations highlight a concerning trend among Indian investors, who increasingly lean on narratives rather than factual analysis. He noted that this reliance contradicts the principles championed by celebrated investors like Warren Buffett, renowned for his emphasis on rational thinking over storytelling. He explained that complex narratives often captivate investors because they create a false sense of understanding. "The less you understand about something, the more impressed you are by it," he remarked, urging investors to recognize that true investing often involves patience and a willingness to endure what he called “boring” decisions, akin to “watching paint dry.”

Reflecting on his personal investment journey, Bhattacharya acknowledged past mistakes, including investing in companies with questionable promoter integrity and placing undue trust in manipulated earnings. He underscored the importance of independent thinking and the necessity of being contrarian in a market that demands both humility and resilience. “Stock prices go nowhere for a while,” he cautioned, advising investors to distinguish between their ego and their investment thesis. Bhattacharya concluded by reiterating that success in the stock market requires patience, humility, and luck, and is not a pursuit for everyone, as it demands significant effort and dedication.