"The word 'iconic' is
used too frequently - an icon is a statue carved in wood. It was shocking at first,
when I got that reference. It was a responsibility, and it's impossible to live
up to - you're supposed to be dead, for one thing."
—Debbie Harry (American,
1945-)
Word for the day
Supererogatory (adj)
Going beyond the
requirements of duty.
Malice towards none
Mostly sycophants and court
poets do serious harm to their masters by imposing (undeserved) greatness on
them.
First random thought this morning
Uttrakhand is struggling again. Mother Nature is furious. Deities
do not want millions of revelers to crowd their abode with all their
paraphernalia - SUVs, packets of potato wafers, cola cans, beer bottles, etc.
Why the Religious cannot appreciate this simple fact that Deities
made the faraway, secluded, and difficult to reach mountains their abode
because they wanted the pilgrimage to be an act of penance and not picnic.
Sum of the Parts
Last week I spent two nights walking the streets of Old Delhi. The
atmosphere there was amazing. The aroma of great food supplemented the peoples'
enthusiasm and gaiety well. I did not see any reflection of Dhaka, Brussels,
Istanbul, Turkey or Kairana there. People from all faiths and socio-economic
strata mixed well and all appeared happy.
This morning, while leaving for school, my daughter did not forget
to remind that I need to book ticket of "Sultan" starring Salman
Khan, first thing in the morning. "For me too", my wife a devout
Hindu, shouted from the puja room.
From my various trips across the country and overseas, I have
discovered that at individual level, people of all faith and cultures are much
more friendly and compassionate to each other at individual and family level.
But this goodwill is not necessarily shared at a wider society or community
level.
A classic case in point could be Dr. Subramanian Swamy who may
share good relations with his Muslim son-in-law but still show hostilities to
the Muslims in general.
I find that the sum of the parts (SOP) of Indian society is much
superior, harmonized, cohesive and acceptable than the aggregate picture,
especially the one presented in media discourse of political narratives.
Despite occasional flaring up of passion due to localized events,
Indian people are more or less at peace with their immediate neighbors. and
friends from different faiths and communities.
Although SOP has been a popular method of valuing conglomerates
with interest in diversified businesses; it has not yielded the desired results
in most cases.
Perhaps drawing courage from the social context, analysts have
traditionally valued conglomerates, like L&T, Jaiprakash Associates, ITC,
HCC, AB Nuvo, etc. on SOP basis. The results have been mostly disappointing.
In most cases, we have seen the inferior parts impeding growth of
the relatively superior parts. The cross subsidization of low yielding
businesses by the parts with superior return profile has mostly diminished the
overall performance, chronically.
Unlike the social context, where the SOP have complemented each
other very well and kept India together, democratic and overall progressive,
the SOP method of growth has not worked in business sphere.
No wonder we have seen frequent "de-merger" of earnings
dilutive businesses and "sale of non-core assets" deals. Bankers,
consultants and lawyers have certainly made much more money in this whole SOP
process. Unfortunately, the same cannot be said about the lenders and
shareholders.
As the economy seeks to turn the corner, we will see a great deal
of newsflow on business re-organization and "value discovery" through
SOP method. I chose to remain oblivious to all such great discoveries. I
certainly do not mind taking the risk of missing on a few multi-baggers.
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