ET Alpha Wealth Summit | Is alpha dead in Indian markets? Devina Mehra says no, but the game has changed

Devina Mehra at the ET Alpha Wealth Summit said alpha is not dead in Indian markets but the game has changed due to unusually narrow market breadth. She noted that at one point last year only 12-15% of stocks were beating the broader index, with roughly 40% of stocks falling more than 10%, though breadth is now improving. Her core advice was to avoid 100% equity allocation, diversify across at least 50 stocks to reduce luck's role in outcomes, and remain skeptical of multibagger formulas.