I have seen very, very few people enjoy what they have. Money, fame, success, time with children, time with family – all these are precious. Just to save some money do not trouble the people around you. Your child’s 4th birthday will come only ONCE. If it is hot you need a fan or airconditioning. If it is cold you need heating. If your family likes to watch a movie, you need to go and take them along.There is no point that at 59 you say…I have accumulated a lot of money, but my family members hate me because I did not spend any TIME or any MONEY along with them. Remember if your car journey was from a Maruti 800 to a Merc, you should have enjoyed all your cars. Your M 800 would have had the experience of you as a learner, trying to drive up the gradient, learning parallel parking, etc. Your Esteem would have memories of your marriage and perhaps bringing your newborn from the hospital….THESE ARE IMPORTANT, not the car. You pay money and buy a car. You spend time and accumulate memories-blogged Subramanyam
Some stuff I am reading today morning:
Bread is humble no more (BusinessLine)
Why are FIIs pouring money into India? (FirstPost)
Chor ulta kotwal ko daate:Indiabulls want police action against Veritas (FE)
Preparing to fail (BillBonner)
A legendary stock market indicator screams buy (BusinessInsider)
Why investors should avoid hedge funds (Felix)
Need a name for your fund? (Hedgefundnamegenerator)
C B Bhave is one of the finest technocrats in India in the capital markets space.Yet he did not get an extension as the Chief of SEBI.Outlook magazine has an explanation why:
More recently, there’s the case of the appointment of the current chief of the Securities and Exchange Board of India (SEBI), U.K. Sinha—Omita Paul (close confidante-cum-aide-cum-advisor to Pranab Mukherjee) has been accused of having cancelled an extension of the former head C.B. Bhave to accommodate Sinha, who was heading UTI Mutual Fund.
Once Sinha got the job, she is said to have delayed the appointment of the UTI MF chief to enable her brother Jitesh Khosla, a 1979 batch IAS officer, to have a shot at the post (he wasn’t even in the initial shortlist). Omita has denied any hand in this, saying Khosla had applied of his own accord. His candidature was reportedly protested by the fund’s largest shareholder, the investment firm T. Rowe Price. Khosla later withdrew from the race.
Oh the games people play !!
Retail investors have fled India’s stock markets and it seems that they are not likely to come back in a hurry.
One big reason is the common perception on Main Street “Sab Promoter Chor Hai” i.e. all promoters are crooks.
The newsflow has also been supporting this viewpoint.
Today Veritas came out with a report indicating that the promoters of Indiabulls Group have swindled large amounts from their companies.
Earlier, the newsreport was how the Deccan Chronicle promoters moved money away from their print media business into aviation.
Next was Arvind Rao of Onmobile passing fake bills from his company.
The less said about the shenanigans of Anil Ambani, Gautam Adani the better.
What is distressing is also the behavior of companies like HDFC. HDFC Life Insurance paid group entities like HDFC Bank and HDFC Securities, excess money in the name of “marketing expenses”. They were paid Rs. 428 cr. and 133 cr. respectively, which was more than 2.5 times the money actually spent.
No wonder the Indian public is turning away from the devils in the stock market to the devils they know best-their local jeweller and the local real estate agent .
That’s assuming they still have money left after paying the bills in an era of low growth and double digit inflation.