We’ve been at the WSJ’s tech conference all week.
All week, everywhere you looked, there was Rupert Murdoch, the 83-year-old chairman of News Corp, the Journal’s parent company.
Finally, as the conference closed today, we cornered Murdoch as he was leaving a the show’s final session.
We asked him, after all the money he’s made, prestige and power he’s accumulated: Why is he still working?
He gave a one word answer: “Curiosity.”
We pressed him.
He said, “You’ve got to look to the future. You can’t look back.”-from BI
Category: Excerpts
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BSE to enter commodity trading
(Disclosure:I am market making in the shares of BSE)
Asia’s oldest stock exchange BSE will soon make a foray into commodity trading. A proposal to start a new platform for commodities trading was approved by the BSE board on October 20, said two sources familiar with the development.
BSE’s rival in equity trading, the National Stock Exchange (NSE), already has a presence in the commodity segment through a stake in National Commodity & Derivatives Exchange. Bourses such as BSE entering commodity trading are eyeing the passage of Forwards Contract Regulations Act (FCRA) that could boost trading volumes as it allows launch of further derivative products in the segment.
Earlier this year, the Kotak Group bought a 15% stake in the Multi Commodity Exchange (MCX). While the FCRA Bill was tabled in Parliament last year, the previous government did not pass it in the wake of a major scam at spot exchange NSEL. Despite the severe crisis post the NSEL scam, MCX still dominates commodity trading in India with close to 80 % market share-from ET
(Q) Why change of heart on India ?
Note : This question was in relation to Mohnish’s recent investments in India, which had avoided thus far.
(A)I had stayed away from India as most of the companies tend to be family owned and lots of them have governance issues and hence we didn’t prefer to invest in family controlled businesses.However, we found few opportunities this year, which fit our criteria. One of them is The South Indian Bank.
Why South Indian Bank –
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Unlike west or U.S it’s hard to get a banking license in India
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60% of the country still don’t have a bank account
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Growing middle class are embracing banking and opening bank accounts
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It’s not a family owned business -from BitsBusiness
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Vishwavir Ahuja:Let’s do it
Disclosure:I am market making in the shares of RBL Bank
Bankers said sometimes, the opportunity to build a business from scratch encouraged them to leave cushy jobs at multinational corporations and take up assignments in relatively smaller banks.
In 2009, Vishwavir Ahuja joined Ratnakar Bank (now RBL Bank) as managing director and CEO, after spending about a decade as Bank of America’s India CEO. “It was really a question of what I could do next. It is a very important question for someone who is 49 years old and has been a chief executive for about 10 years. I had two choices—either move into a bigger role globally or build an institution that would have a meaningful impact on the Indian economy. The latter was far more attractive, as I had no interest in leaving India. Therefore, when the opportunity came, I said ‘let’s do it’,” Ahuja told Business Standard.
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Difference between money and wealth
Singer Rihanna earns tens of millions of dollars, but found herself “effectively bankrupt” in 2009. She sued her financial adviser for not doing his job. He offered a legendary response: “Was it really necessary to tell her that if you spend money on things you will end up with the things and not the money?”
The first iron rule of money is that wealth is the stuff you don’t see. It’s the cars not purchased, the clothes not bought, the jewelry forgone. Money buys things, but wealth — assets such as cash, stocks, bonds, in the bank, unspent — buys freedom and security. Pick which one you want wisely.-from Fool