"The lie is a condition
of life."
—Friedrich Nietzsche (German,
1844-1900)
Word for the day
Verisimilar (adj)
Having the appearance of
truth; likely; probable, e.g., a verisimilar tale.
Malice towards none
BJP lost in Bawana bypoll in Delhi.
Narendra Modi should resign, as he has lost mandate of
people.
#AAPSpokesperson
First random thought this morning
As per NSSO survey on housing conditions, the majority of India's
population, both rural and urban, may be living in homes with space smaller
than the minimum floor area per person recommended for prison cells. Juxtapose this
finding to other popular data points, viz., a large number of people still do
not have access to toilet, primary health, and poor work conditions and may be
living on Rs32/day income.
What you may get that is that Jail, for many of the poor in India
might not be an unfamiliar or totally unwanted territory. #RightToLiberty
Beyond macro data
A close study of the investment
strategies followed by most successful fund managers shows that almost all of
them have kept their life simple by not patronizing Bollywood masala films.
Though some occasionally
successful, and not so reputable, fund manager do claim to have consistently
discovered new gems (multibaggers in common market parlance) and made
exponential returns for investors, very little data is available to verify
their claims.
The question that is bothering my
mind since past few months is why do we in India need the equity research as so
highly ranked and paid profession!
The genesis of this question is
the disconnect I am witnessing in the analysts projection of India growth story and
the picture I am seeing while travelling through the hinterlands of the
country.
Most of the equity research and
strategy published in past six months broadly appears optimistic on Indian
equities over next couple of years. But unfortunately, I do not see their
optimism being shared by a vast majority of the populace.
Wherever I go there is an
environment of despondency. Farmers, students, laborers, traders,
manufacturers, industrialist, bankers, workers (including government workers),
teachers, man, women, youth, old, rich poor - all appear complaining, unhappy
about whatever they doing presently, and uncertain about their future.
I grant that some of this
despondency may be emanating from the disruption due to regulatory changes
having long term positive implications and therefore be very subjective and
unsustainable. Some of this could also be attributed to the negative campaign
of the dispirited opposition parties and section of media sympathetic to them.
However, that still does not take
away my doubts. For once, I see the society divided and disillusioned like
never before. The narrative is overwhelmingly "we vs. they". Everyone
(class, caste, religion, region) appears to be at conflict with others.
Everyone is non-compliant and must
be punished seems to have become the guiding principle of the administration,
at all levels.
Lack of direction, poor motivation
and incompetence of the machinery responsible for executing the Prime
Ministers' grand vision of New India is conspicuous and alarming.
This situation does not augur well
for the sustainable economic growth of India, at least in next couple of years.
Though markets may do whatever they have to.
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