fund managers with 20 years of exp across cycles r evaluated on 3 year returns by ppl with 5 year exp 4 investors who hv 2 yr time horizons
— Kalpen Parekh (@KalpenParekh) July 4, 2015
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The Fearless Modi
Lalit Modi is in the news lately for his challenges to the establishment.
Check out his latest tweet:
My Q to #rahulgandhi and #robertvadra did you ever receive any hospitality from @lalitkmodi – and did u declare it to @INCIndia #lalitgate
— Lalit Kumar Modi (@LalitKModi) July 3, 2015
As a history buff,I am reminded of another fearless Modi-Lalit Modi’s grand father Rai Bahadur Gujarmal Modi :
“Gujarmul-ji was a fearless man.Once, a delegation from the sugar industry wanted to meet Morarji Desai when he was Prime Minister.Gujarmal-ji lead the delegation.
When the delegation went to meet Morarji-bhai,he,as was his habit,started preaching.Before he could finish, Gujarmul-ji started interrupting him.This went on for some time.Morarji-bhai continued in his inimitable style.
Gujarmul-ji then said, ‘Mr.Prime Minister,we have not come to meet Morarji-bhai.We have come to meet the person who is occupying the Prime Minister’s chair.We bow to the chair.So long as you are sitting in this chair we bow to you.Once you leave this chair we will never come to meet you’
Morarji-bhai found his match in Gujarmul-ji and fell quiet”
-from KK Birla’s autobiography “Brushes with History“
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Weekend Mega Linkfest: July 03, 2015
Some off beat reads for the weekend:
The Rahul Yadav story you’ve never heard before (Haresh Chawla)
Shibulal: 60 and Rebooted (Forbes)
Lessons for journalists from Lalit Modi (Newslaundry)
Dying lonely in Japan (R&K)
A Nepali taxi driver in Qatar (Wilson)
A world without work (Atlantic)
What do Rahul Yadav’s IIT friends say about him (Qz)
Auto Review: Hyundai Creta (Team BHP)
The future of emerging markets (Laura Tyson)
Did Sanjay Gandhi slap Indira Gandhi 6 times? (Scroll)
Nikki & Bobby come to town (Open)
Games Cricket Godfathers play (Outlook)
What Jackie Chan taught Will Smith (Forbes)
Indian miner Adani makes his case (Sydney Morning Herald)
Gandhi bumps (Media Crooks)
Snoop Dogg feels the bite of Parsi legal culture (Scroll)
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Pabrai’s excuse
Had stayd away fm India as most cos tend to b fmly owned & lots of them hv governance issues
Pabrai's pathetic excuse 4 not investing in IND
— Samir Arora (@Iamsamirarora) July 3, 2015
In China, you can now literally bet the house on the nation’s tumultuous stock market.
Under new rules announced Wednesday by the country’s securities regulator, real estate has become an acceptable form of collateral for Chinese margin traders, who borrow money from securities firms to amplify their wagers on equities. That means if share prices fall enough, individual investors who pledge their homes could be at risk of losing them to a broker.
“It does come across as relatively desperate,” said Wei Hou, an analyst at Sanford C. Bernstein & Co. in Hong Kong. “Globally, illiquid assets such as real estate are not accepted as collateral as they are very hard to liquidate.”
“This is simply not practical,” said Chen Gang, the chief investment officer at Shanghai Heqi Tongyi Asset Management Co. He joked with colleagues that brokers would have to become experts in everything from property to antiques, given the range of assets that clients could potentially pledge.
“Brokers are not stupid,” said Hao Hong, a China strategist at Bocom International Holdings Co. in Hong Kong. “I don’t think they would be willing to take this kind of collateral.”
The Shanghai Composite Index closed below the 4,000 level on Thursday for the first time since April, even after stock exchanges cut fees and the securities regulator rolled out its margin financing rule revisions more quickly than planned because of “market conditions.” Declines since June 12 have erased at least $2.4 trillion of value from Chinese shares, more than the entire market capitalization of France.
–from Bloomberg