Siddhartha Bhaiya’s Final Warning: Why the Multibagger King Predicted an "Epic Bubble" Before His Sudden Passing

The Indian financial world is mourning the sudden and tragic passing of Siddhartha Bhaiya, the brilliant founder, MD, and CIO of Aequitas Investment Consultancy. News of his death from cardiac arrest at the age of 47, while on a family vacation in New Zealand on December 31, 2025, has sent shockwaves across Dalal Street. But beyond the profound grief, investors are now revisiting a powerful and prophetic message he delivered just weeks before his untimely demise: a stark warning that the Indian stock market was an "epic bubble of epic proportions."

Siddhartha Bhaiya was more than just a fund manager; he was a maverick, celebrated as the "Multibagger King" for his uncanny ability to unearth small-cap and mid-cap gems that delivered returns many times over. Over 13 years, his India Opportunities Fund achieved a staggering 33% Compound Annual Growth Rate (CAGR), transforming an initial ₹10 lakh investment into an astounding ₹4 crore for his clients. His firm, Aequitas, grew under his singular vision to manage assets exceeding ₹7,700 crore, a testament to his intellectual honesty and unparalleled market acumen.

However, in late 2025, Bhaiya wasn't just talking about past successes; he was sounding an alarm. At the Moneycontrol Deserv Wealth Summit, he delivered a speech that has now taken on an almost legendary status. He openly challenged the pervasive narrative of continuous market growth, particularly criticizing the Systematic Investment Plan (SIP) culture. Bhaiya rebranded SIP as "SWT" — Systematic Wealth Transfer—arguing that current market valuations were leading to a transfer of wealth from unsuspecting middle-class investors to promoters and the already rich. He cautioned that a Price-to-Earnings (P/E) ratio above 50 for many stocks was a dangerous trap, not a sign of fundamental strength.

True to his contrarian convictions, Bhaiya didn't just speak; he acted. Towards the end of 2025, his fund had significantly de-risked, holding a remarkable 80-90% of its portfolio in cash and gold exchange-traded funds (ETFs). This bold move reflected his deep-seated belief that a substantial market correction was not just likely, but inevitable. He was positioned, as always, to capitalize on opportunities when the market eventually offered them at more rational valuations.

The legacy of Siddhartha Bhaiya is multifaceted. He built a reputation on identifying groundbreaking companies like Avanti Feeds, which delivered 100x returns, Apar Industries, and Sanghvi Movers. But perhaps his most enduring lesson, amplified by his tragic passing, is the importance of independent thinking and conviction in investing. He taught that true wealth creation often lies in going against the crowd, in patiently waiting for value, and in prioritizing health and well-being as the ultimate compounding assets.

As the investment community reflects on his life and extraordinary career, his final warning resonates with profound significance. Was Siddhartha Bhaiya pointing towards an imminent market reckoning, or merely offering a timeless reminder of market cycles and the importance of disciplined, value-oriented investing? His passing leaves a void, but his invaluable insights continue to guide those navigating the complexities of the Indian stock market. His vision of looking beyond the noise, and his courageous call for caution, ensures that his "contrarian" legacy will continue to influence investors for years to come.