Three friends.Too many opinions.A lot of research.

Tyche Capital is a research practice run by three friends. We like reading about businesses, markets, and the occasional thing we probably should’ve been doing instead.

We write down what we think, why we think it, and what could prove us wrong. No fancy jargon, no pretending we have all the answers — just our research, our reasoning, and the occasional bad call.

Because the best way to know if you actually understand something is to put your thoughts out there and let the internet prove you wrong.

The Trio Behind It All

Kushagra Agarwal
Co-Founder
Ankith Bharadwaj
Co-Founder
Vedansh Mishra
Co-Founder

A view you haven’t written down is very easy to be right about.

We started keeping notes because arguing from memory is a dangerous game. Somehow, every old opinion starts sounding a little smarter than it actually was.

Writing things down fixes that.

You have to explain what you think, why you think it, and — most importantly — what could prove you wrong. You can’t quietly change the thesis six months later just because the world didn’t quite cooperate.

Putting it out in public makes that even harder. Someone else can read it, disagree with it, and point out the part where we clearly lost the plot. That’s useful.

So Tyche Capital isn’t about having a house view or pretending we have all the answers. It’s a record of three people trying to understand businesses and markets: putting our thinking on paper, learning from it, and occasionally coming back to find out how badly we got it wrong.

What goes into a note.

Why we think it

Not just the conclusion. We write down what we read, which numbers caught our attention, and what assumptions we’re making. “Trust us, bro” is not a particularly useful research methodology.

What could prove us wrong

Every thesis has a weak spot, and we try to find ours before the market does. So we write down the one thing that, if we’re wrong about it, could make the whole argument fall apart.

What happened afterwards

This is the part that keeps us honest. If a thesis works, great. If it completely falls apart, the original note stays up, and we add what we missed, what changed, and what we got wrong.

Because a research archive full of winning calls is probably just a very carefully edited memory.

We put our own money where our notes are.

The three of us invest together, along with a small group of friends and family. We mention it because it seems worth knowing when you’re reading our research: these aren’t just ideas we throw around and forget about five minutes later.

It’s a private arrangement between people who already know each other. It’s not a fund you can join, we’re not looking for investors, and there’s no secret “apply now” button hiding anywhere on this website. If you came here looking for somewhere to put your money, we’re not what you’re looking for.

What we do put out publicly is the research: the notes, the reasoning, the mistakes, and whatever we learn along the way, available to everyone on the same terms.

And yes, when we get something spectacularly wrong, our own money vanishes like Houdini.

Read the research