Nepal Edition · A Book, Written in the Open

The Investor's Canon

A complete, execution-first investing operating system for the Nepali investor, built for a ten-year horizon — from Nepal Rastra Bank's credit cycle down to the mechanics of a single NEPSE trade. 4 volumes, 18 parts, 118 chapters, plus the three Part 0 framework chapters — 121 chapters in all.

By Santosh Adhikari

New here? See the Framework first→

A 3-diagram map of the whole system, before the 121 chapters.

✓ Complete — all 121 chapters (Part 0 + chapters 1–118) are published

This is the complete Canon, published in the open chapter by chapter rather than held back for a single release. Every chapter is explained the way you'd explain it to a curious friend over tea: no term used before it's defined, and every idea grounded in things a Nepali reader already knows — NRB policy, NEPSE, remittances, the local sabzi mandi. Every chapter is live and linked below.

No chapter titles match. The term may still be covered inside a chapter — try the Glossary.

Volume 1: FOUNDATIONS

Part 0THE FOUNDATIONAL FRAMEWORKS (READ BEFORE PART I)

0.1Nepal’s Credit Cycle: The Hidden Equity Cycle~16 min · Read → 0.2NRB Policy → Equity Price Transmission: The Central Causal Chain~16 min · Read → 0.3Liquidity Regimes in Nepal: The Four-Phase Framework~20 min · Read →

Part ITHE MASTER VARIABLE: CREDIT, LIQUIDITY & POLICY TRANSMISSION

1NRB’s Monetary Policy Framework~24 min · Read → 2Credit Policy and Its Direct Impact on NEPSE~29 min · Read → 3NRB Policy Transmission — From Announcement to Share Price~27 min · Read → 4Nepal’s External Sector and NEPSE Implications~28 min · Read → 5How India’s Economy Affects NEPSE~25 min · Read → 6Global Macro and Event-Driven Risk~30 min · Read →

Part IIMARKET STRUCTURE (NEPSE REALITY FIRST)

7What Is NEPSE and Why It Behaves Differently~36 min · Read → 8Regulatory Architecture of the Nepal Capital Market~45 min · Read → 9Market Participants in NEPSE~41 min · Read → 10Trading Mechanics in NEPSE~31 min · Read → 11The Liquidity Problem — NEPSE’s Most Critical Structural Characteristic~34 min · Read → 12Market Microstructure Failures in NEPSE~29 min · Read →

Part IIIINSTRUMENTS ACTUALLY AVAILABLE IN NEPAL

13Ordinary Shares~24 min · Read → 14IPOs and the Primary Market~35 min · Read → 15Rights Issues and FPOs~27 min · Read → 16Mutual Funds in Nepal~23 min · Read → 17Debentures and Bonds in Nepal~26 min · Read → 18What Does Not Yet Exist in Nepal~31 min · Read →

Part IVCORPORATE GOVERNANCE AND PROMOTER BEHAVIOUR

19The Governance Landscape in Nepal~25 min · Read → 20Promoter Behaviour — The Most Underanalysed Risk in NEPSE~23 min · Read → 21Insider Trading and Information Asymmetry in Nepal~20 min · Read → 22Conglomerate Cross-Holdings and Promoter Webs in Nepal~20 min · Read → 23Governance Scoring for NEPSE Companies~20 min · Read →

Volume 2: ANALYSIS

Part VFINANCIAL STATEMENTS & REPORTING STANDARDS

24Reading Financial Statements Under Nepal Standards~27 min · Read → 25The Balance Sheet — Deep Reading~27 min · Read → 26The Income Statement — Deep Reading~28 min · Read → 27The Cash Flow Statement — The Truth Teller~30 min · Read → 28Red Flags in Nepali Financial Statements~30 min · Read →

Part VISECTOR ACCOUNTING LOGIC

29Banking Sector Accounting Logic~22 min · Read → 30Development Bank and Finance Company Accounting~25 min · Read → 31Microfinance (MFI) Accounting Logic~24 min · Read → 32Hydropower Project Accounting Logic~28 min · Read → 33Insurance Sector Accounting~25 min · Read → 34Manufacturing, Trading & Hotel Sector Accounting~26 min · Read →

Part VIITAXATION & RATIOS

35Capital Gains Tax in Nepal~24 min · Read → 36Dividend and Interest Taxation~28 min · Read → 37Tax Treatment of Rights and Bonus Shares~23 min · Read → 38Tax Planning for the Long-Term NEPSE Investor~32 min · Read → 39Valuation Ratios in the NEPSE Context~21 min · Read → 40Profitability Ratios — Sector by Sector~27 min · Read → 41Asset Quality, Capital, Solvency & Efficiency Ratios~27 min · Read →

Part VIIIPROJECT FINANCE & HYDROPOWER MODELLING

42Understanding Project Finance~27 min · Read → 43The Hydropower Financial Model~31 min · Read → 44Evaluating a Hydropower Stock on NEPSE~28 min · Read →

Part IXVALUATION

45The Philosophy of Valuation~29 min · Read → 46Discounted Cash Flow (DCF) Valuation~35 min · Read → 47Relative Valuation (Comps)~36 min · Read → 48Dividend Discount Model (DDM)~30 min · Read → 49Book Value and Net Asset Value Approaches~32 min · Read →

Volume 3: EXECUTION

Part XBEHAVIOUR AND INVESTOR PSYCHOLOGY

50Why Nepali Investors Systematically Lose Money~30 min · Read → 51Core Behavioural Biases for the NEPSE Investor~29 min · Read → 52Building Investor Temperament~42 min · Read → 53Behavioural Training Exercises~32 min · Read →

Part XILIQUIDITY ENGINEERING & POSITION SIZING

54Liquidity as a First-Order Investment Risk in NEPSE~30 min · Read → 55Exit Risk in NEPSE~30 min · Read → 56Position Size vs. ADV Rule: The Governing Law for NEPSE~33 min · Read → 57Free Float-Based Allocation Limits~26 min · Read → 58Circuit Trap Exit Modelling~32 min · Read →

Part XIIPORTFOLIO CONSTRUCTION

59Asset Allocation Within Nepal’s Investment Universe~34 min · Read → 60Equity Portfolio Construction for NEPSE~27 min · Read → 61Portfolio Risk Management~25 min · Read → 62Systematic and Disciplined Investing~29 min · Read →

Part XIIITHE CANON SCORING SYSTEM

63Philosophy of the Canon Scoring System~32 min · Read → 64The Seven-Dimension Company Quality Score (0–100)~22 min · Read → 65Sector-Specific Sub-Score Adjustments~30 min · Read → 66Using the Canon Score in Portfolio Decisions~31 min · Read →

Part XIVSTRATEGIES, PLAYBOOKS & DECISION FRAMEWORKS

67Long-Term Value Investing on NEPSE~29 min · Read → 68Dividend Income Strategy~32 min · Read → 69IPO, Rights Issue & Sector Rotation Strategies~28 min · Read → 70Research and Tracking Systems for the Nepali Investor~27 min · Read → 71The Banking Sector Playbook~27 min · Read → 72The Hydropower Sector Playbook~27 min · Read → 73The Microfinance Sector Playbook~26 min · Read → 74The Insurance Sector Playbook~26 min · Read → 75The Manufacturing & Hotel Sector Playbook~32 min · Read → 76The Liquidity-Based Entry and Exit Playbook~33 min · Read → 77The IPO Playbook~27 min · Read → 78The Rights Issue Playbook~34 min · Read →

Part XVCALIBRATION & BACKTESTING

79The Backtesting Mindset~24 min · Read → 80Calibrating Your Scoring Model Against NEPSE History~28 min · Read → 81Testing and Refining Exit Rules~26 min · Read → 82Measuring and Managing Model Drift~23 min · Read →

Volume 4: MASTERY

Part XVIFULL CASE STUDIES (WORKED END-TO-END)

83Case Study 1 — A Commercial Bank~32 min · Read → 84Case Study 2 — A Hydropower Plant~33 min · Read → 85Case Study 3 — A Microfinance Institution~25 min · Read → 86Case Study 4 — A Manufacturing Company~24 min · Read → 87Case Study 5 — A Rights Issue Decision~34 min · Read → 88Case Study 6 — An IPO Analysis~32 min · Read → 89Case Study 7 — A Bank Failure or Near-Failure~34 min · Read → 90Case Study 8 — The 2021 NEPSE Mania~36 min · Read → 91Case Study 9 — A Hydropower Overrun and Delay~35 min · Read → 92Case Study 10 — An Insurance Company~30 min · Read → 93Case Study 11 — A Hotel Sector Investment~32 min · Read →

Part XVIITHE INVESTMENT CONSTITUTION & PERSONAL OPERATING SYSTEM

94The Daily, Weekly, Monthly, Quarterly & Annual Routines~28 min · Read → 95Writing Your Personal Investment Constitution~31 min · Read → 96Rules for Overriding the Model~28 min · Read → 97Maximum Drawdown and Loss Rules~32 min · Read → 98The Constitution Review and Update Protocol~28 min · Read → 99The Full Investment Memo — A Complete Worked Example~30 min · Read → 100The Full Portfolio Construction Walkthrough~26 min · Read →

Part XVIIIOPERATIONAL TOOLS, DATA REFERENCE & ALMANAC

101Pre-Buy Checklists~27 min · Read → 102Financial Model Templates~26 min · Read → 103Position Sizing and Portfolio Management Tools~26 min · Read → 104Performance Monitoring Tools~22 min · Read → 105The Canon Data Pipeline~24 min · Read → 106The NEPSE Data Handbook — Historical Almanac~27 min · Read → 107Keeping the Canon Current~25 min · Read → 108Adapting to Market Evolution~32 min · Read → 109The Lifelong Investor’s Mindset~29 min · Read → 110The NEPSE Regulatory Change Tracker~25 min · Read → 111Building Your Personal Research Library~28 min · Read → 112Technology Tools for the NEPSE Investor~31 min · Read → 113The Annual Financial Calendar for NEPSE~28 min · Read → 114Communication Protocols — Broker, AGM, SEBON~25 min · Read → 115Multi-Generational Wealth Building Through NEPSE~29 min · Read → 116Teaching the Canon — Sharing Knowledge Responsibly~24 min · Read → 117The Canon Audit — Annual Self-Assessment~32 min · Read → 118Final Synthesis — The Complete Canon Investor~25 min · Read →