Friday, September 21, 2018

Nurturing Raktabīja





Some food for thought
"My dear friend, clear your mind of cant."
—Samuel Johnson (English writer, 1709-1784)
Word for the day
Cant (n)
Hypocritical and sanctimonious talk, typically of a moral, religious, or political nature.

First random thought this morning
Three popular business models have caught my fancy in past two decades.
First is the most popular Google model. In this model, the business uses the classical cross subsidization model to build a captive and totally addicted (enslaved if you like that better) customer base, and then exploit these captivated customers at will.
Google first offered an amazing bouquet of free services to all. Once a critical mass of captivated free users was attained, Google started subsidizing the cost of free services through advertisement revenue it earned from businesses who wanted to sell their goods and services to the captivated audience. Now having gained access to the eyes, ears, homes (including bedrooms) pockets and minds of over a billion users, Google is offering a host of services to this enslaved audience.
Second model is the Chinese trade model. In this model, the vendor first engineers a shift in the supply source to itself. The task is achieved by a variety of means, like compromising the interest of environment & sustainability, exploiting labor, evading taxes, offering and manipulating the exchange rates. In the second leg, the vendor engineers the demand for its product by offering lowest prices and easiest credit terms to the buyers.
China first engineered the shift of factories to its land from all over the developed world. Then it copiously funded the fiscal deficit of the governments of its top consumers, helping sustenance of easy monetary policies and abundant credit to consumers. It then flooded their markets with cheapest priced goods to the leveraged customers.
The third model is the most interesting model. It relates to the business of politics. I am not a well read person. With my limited knowledge, I believe that this model has been developed by Mrs. Sonia Gandhi, the former president of the Indian national Congress. Under this model, the leader of the enterprise enjoys all the authority and remains beyond any accountability. All the accountability is owned by the foot soldiers, well trained and conditioned never to challenge the authority of the leader.
All these models, which have defined our economic, social and political behavior in past 10-15years, are facing serious sustainability challenges in recent times.
The voices of concern over Google's hegemony are rising louder in west.
President Trump is seeking to demolish the Chinese trade model completely.
Prime Minister Narendra Modi is held accountable for everything happening or not happening in India, including instances of drains chocking in rains, electricity transformer breakdowns, loss of BJP in JNU elections, etc.
It would be interesting to see how our future generations would be able to cop without free Google, Social Media, Voice Calling and cheap Chinese manufacturing. Greater accountability and less powers may also change the political narrative completely.

Nurturing Raktabīja

The eighth chapter of "Durga Saptashati", one of the most sacred Hindu religious scriptures, is about the annihilation of a mighty demon called Raktabīja by the Mother Supreme.
Raktabīja, a very strong demon, had a boon that whenever a drop of his blood would fall on earth, a clone of his would be born at that spot. Each such clone will be equally powerful and demonic in character. So it was almost impossible for anyone to defeat this demon in a fight. Eventually, the Mother Supreme, along with her many divine manifestations, was able to annihilate the demon, but not before he had caused immense damage to the forces of gods.
I will come to why I am reminded of this story this morning, in a moment.
As per a latest research reports, "India's air conditioner market is poised for solid growth with a CAGR  of over 17% over the next five years." (See here)
International Energy Agency (IEA) in a recent report highlighted that "The growing use of air conditioners in homes and offices around the world will be one of the top drivers of global electricity demand over the next three decades." (See here)
According to a recent IEA report The Future of Cooling, , "global energy demand from air conditioners is expected to triple by 2050, requiring new electricity capacity the equivalent to the combined electricity capacity of the United States, the EU and Japan today. The global stock of air conditioners in buildings will grow to 5.6 billion by 2050, up from 1.6 billion today – which amounts to 10 new ACs sold every second for the next 30 years."
  
Growth in the India’s air conditioner market is anticipated on account of rising demand for air conditioners from residential as well as industrial sectors, extreme climatic changes and emergence of latest technologies in air conditioners, such as inverter technology and smart air conditioners, according to a TechSci Research report.
As per some estimates, Indian electronics market is expected to grow at 41% CAGR between FY14-FY20 to reach US$400bn. Consumer electronics exports from India is also growing gradually, and is already in excess of US$250mn. 
 Some of the key drivers cited for the likely non-linear rise in the consumer durable in general, and air conditioners in particular, are as follows:
(a)   Change in weather patterns. Longer and intense summers, even in some hilly areas and traditional cooler cities like Bengaluru.
(b)   Greater and more predictable electricity supply.
(c)    Rise in affordability, as income levels of middle class households rise.
(d)   Change in air-conditioning technology, motivating replacement demand in favor of modern energy saving air conditioners.
(e)    Changes in trade and consumption patterns. For example, rise in (a) organized retail formats, (b) processed food consumption, (c) office space for ITeS industry and modern manufacturing; etc.
(f)    Modernization of public transport, etc.
The listing of couple of white label electronic goods manufacturers in past one year has enhanced the market interest in this sector significantly; even though the consumer durable market has been witnessing good growth for past few years.
As an "Investor", I am faced with a serious dilemma here.
I can clearly see, that consumer durable market, especially air-conditioning market, is going to grow exponentially in next few years; just like the way motor cycles, mobile phones and single family apartment markets have grown at various point in past 25years.
The dilemma before me is that I see air conditioner as a product which is similar to the mythical demon Raktabīja. For, every few ACs sold may be generating demand for another AC.
No, I am not talking about the vanity issues or household rivalries here. I am trying to highlight a serious sustainability issue.
Each air conditioner installed in a house, mall or factory, generates tremendous amount of heat outside the premises it is cooling. That heat goes on to raise the outside temperature and thus forcing demand for more air conditioners. It is a vicious cycle that shall go on endlessly.
Of course other factors such as rising vehicle population, deforestation, etc. are equally responsible for rising temperature, but I find air conditioners to be more demonic, as I do not yet see anyone highlighting this as a serious concern.
In recent exercise to rationalize the GST rates, the GST council reduced the tax rate for air conditioners. It is for the first time, the government has recognized air conditioners as a non-luxury item. We may therefore see more incentives for the industry, enabling it to grow even faster.
No denying that at this given point in time, air conditioner is becoming an essential household appliance, just like refrigerator or cooking gas.
But the point to ponder is how did it become an essential item, and how would we ever get rid of this!
In the meantime I am wondering "Should I shun AC manufacturers and sellers, just the way I do with the tobacco sellers!" or "Should I seize this opportunity to invest in these firms and make some money so that I can install some air conditioning in my toilet too!"
 

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Wednesday, September 19, 2018

Drive less, fly more


Some food for thought

सच घटे या बढ़े तो सच ना रहे झूठ की कोई इंतहा ही नहीं

(Truth is static, can't be enhanced or diminished. Falsehood is infinite.)

—Krishna Bihari Noor (Indian poet, 1926-2003)

Word for the day

Piacular (adj)

Requiring atonement; sinful or wicked.

First random thought this morning
Two news items have frequently dominated the media headlines in past few years.
(a)   How many thousand post graduates, people with professional degrees etc. have applied for a handful of clerical or subordinate (peon) job in various government departments.
(b)   What new communities have raised demand for being classified as "backward" to become eligible for reservation in government jobs. Many times their protests have turned violent, disrupting public life and damaging public and private property.
The first item is interpreted by the public at large, either as an indication of the massive unemployment prevalent in the country; or as a symptom of the craze for jobs with opportunity for corruption.
The second item is interpreted by various people to indicate different things. For example—
(a)   The ruling party takes it as a conspiracy of opposition parties to destabilize the government and polarize the voters of the community demanding reservation, e.g., Jat community in Haryana, Patidars in Gujarat, Marathas in Maharashtra, and Gurjars in Rajasthan.
(b)   The communities already covered by the scheme of reservation, take it as a conspiracy of "upper castes" to undermine their rights and privileges.
(c)    The communities seeking reservation benefits do so to demand fulfillment of the constitutional guarantee for equality and life.
(d)   The others claiming to the victims of reservation policy, see it as a likely further infringement of their right to equality and diminished number of opportunities in higher education and jobs.
What I discovered after discussing the matter with a variety of people and stakeholders, is as follows:
1.    The average salaries in government departments and PSUs have meaningfully higher than the private sector. Besides, the government jobs offer job security that is not available in most private sector jobs. The entry level subordinate job starting salary is close to Rs19000 these days. Not many MBAs and Engineers can get this kind of salary in private jobs.
2.    For the highly qualified, entering the system as a subordinate is relatively easier. Once inside the system, they can easily move forward, as the insiders get preference over outsiders in almost senior level vacancies.
3.    The increasing number of communities seeking reservation in jobs is directly linked to higher salaries, better career prospects and job security in government jobs.
4.    Fiscally challenged government with only partially success in growing the tax base, has not been able to increase the number of jobs in government or public sector. In fact the government and Public sector jobs have been consistently shrinking in past two decades. This has further intensified the competition, hence greater political interference.
5.    The government (past, present and future) has literally no solution to this problem.
 

Drive less, fly more

Woke up this morning and booked a Del-Mum-Del air ticket for the next week. Paid less than Rs5600 for the round trip. This is good 25% less than what I had paid for my first Del-Mum-Del trip 25years back.
After finishing the task, I sat down reading the notes I had scribbled in past 5days about the sky rocketing prices of transportation fuel.
The record high transportation fuel prices in nominal rupee terms, have led to widespread criticism of the government. Regardless, the highest prices have not hindered the surge in demand for fuel or vehicles any bit. As per the latest data available, in August 2018, consumption of petrol rose 7.8%, and diesel 4.2% from a year earlier. Petrol and diesel sales had grown by 7.8% and 4.9% respectively in July when prices were lower.
People have shown no urgency to shift to public transport or vehicle sharing. Malls, offices, factories etc. are running DG sets as usual.
Despite multiple hikes in lending rates and fuel rates, the automobile sales growth in July and August has remained positive.
The Patanjali group Chairman, Baba Ramdev, has reportedly claimed that if the government allows him, he can sell transportation fuel at Rs35-40/liter, provided the fuel is brought under the GST ambit at 18% tax and dealers' commission is rationalized.
Swaminathan A. Aiyer, a noted columnist, who writes on various matter economics and political, wrote in his latest column that the government should not cut duties on petrol and diesel, in the interest environment and sustainability.
He believes that higher tax and consequently higher prices shall curtail demand for carbon emitting products, besides helping to keep the current account deficit under check. Extending his argument, he says, the government must continue with its Robin Hood policy on transportation fuel, i.e., collect extra taxes on fuel and use the additional revenue to rationalize taxes on other items. Though, he has provided no empirical evidence to support his argument.
Chetan Bhagat, a novelist, who loves to talk on all subjects likely to have any audience, countered Aiyer's argument and advised the government to "stop acting like Robin Hood" and move fuel to GST. He wants the short fall in revenue thus occurring to be compensated by higher disinvestment, land sales, growing GDP faster and widening the tax net, etc.
Like his novels, I failed to comprehend his argument in this case also; of course entirely my lacking. But I would still like to know from him, how much and for how long the government may keep financing the deficit by selling assets. It's like selling family silver to buy liquor. Soon a day will come when you will have no silver or liver.
He wants the government to grow the GDP faster to enhance its revenue base. Well, as if, the government can actually do it but deliberately not doing it!
A viral video clip on social media shows a gentleman in Pune, readily willing to pay Rs200/liter for petrol, as cost to keep Congress out of power.
Amidst the disparate data points, incomprehensible opinions, intense political bickering, and no reduction in the queues at gas stations, plans of people to buy an additional vehicle in the wake of Odd-Even formula coming back to Delhi, low airfares, no increase in rail fares and BJP President's rock solid confidence of winning 300+seats in 2019 elections, I find myself totally bewildered! I guess I need to hit the street myself to discover the truth. Till then I shall drive less and fly more!

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Tuesday, September 18, 2018

Stock market dichotomy, and rush for yields




Some food for thought
"To begin, begin."
—William Wordsworth (English poet, 1770-1850)
Word for the day
Aspersion (n)
A damaging or derogatory remark or criticism; slander.

First random thought this morning
Sanjay Nirupam, President Mumbai Congress Committee and former member of the Parliament, is a classical case study in Indian politics.
He began his journalism career with Indian Express group in 1988, when the conflict between Rajiv Gandhi led Congress government and proponents of freedom of speech, transparency and anti corruption movement led by the legendary Ramnath Goenka was peaking. Arun Shorie, Editor of Indian Express and S. Gurumurthy, Chartered Accountant had exposed the failings of Rajiv Gandhi government, and V. P. Singh had fallen out with Congress Party and formed Jan Morcha as an anti corruption political platform.
Nirupam, a Bihari, joined Shiv Sena in early 1990s. He soon filled the void left by Chhagan Bhujbal, who had joined Shard Pawar's NCP. With his aggressive styles, he soon became favorite of Sena Chief Bal Thackeray, who aggressively opposed outsiders coming to Mumabi (primarily people from UP and Bihar). As editor of Sena mouthpiece "Dopahar ka Samna", he spewed fire every day.
After Sena nominated him to Rajya Sabha in 1996, his aspirations grew. Sena was out of power in Maharashtra and his mentor Bal Thackeray was ailing. Feeling sidelined, he began to look for a larger space in Indian politics, which the Congress party readily provided. He hopped over to Congress and immediately got a Rajya Sabha nomination.
As Congress MP, he aggressively took over Vajpayee government, especially Arun Shorie, who was editor of Indian Express when Nirupam worked with the group publication, and gained favor of Gandhi family. He was nominated Chief of Mumbai Congress Party, marginalizing another Bihari, Kripa Shankar Singh. If you visit the webpage of Nirupam (see here), it has absolutely no mention about his close association with Shiv Sena and Bal Thackeray.
It is more than apparent that the rustic (almost rowdy) aggression of Nirupam is not congruent with the feudal Congress culture. He is clearly an outlier. But he perhaps is tolerated, as no one in present day Congress can match the aggression of Sena and BJP leaders.
No one should be surprised, if he crosses over once again, if Congress performs poorly in 2019 general and/or Maharashtra elections.
Here I am certainly not criticizing Nirupam, or anyone else for that matter. I am just highlighting that politics has become like any other profession. Anyone who stops rising, must fall. It's like 50 people trying to climb a 100ft ladder. Everyone has to move higher, saving himself from getting crushed or pushed down by the people above or getting pulled down by the people below; while simultaneously trying to pull down the people above and crush or push down the people below.
In this political context—
If you expect politicians to adhere to the concepts like Commitment, ideology, loyalty, service, ethics etc., that is your problem.
However, if you do not expect this a great deal more from the politics and politicians, that is Nation's problem.
I'm ain't givin' up yet, for sure!
Notes from my Diary
The stark dichotomy seen in Indian markets, especially since mid April 2017, when the benchmark Nifty made an intraday low of 9075, has bothered most market participants.
In these 17months, the benchmark Nifty has gained more than 25%. But not many portfolios have seen any material growth.
An analysis of 1540 issues most frequently traded shares on NSE, indicates that almost 57% issues are presently trading below the price at which traded on 19 April 2017, when Nifty recorded its lowest point in 17months. Only 47% stocks have gained since then.
Almost 16% stocks have lost more than 50% of their value, in these 17months. Almost identical proportion of stocks have gained more than 50% in this period.
The make the matter more complicated, the top 50 gainers and losers in this period are midcap and smallcap stocks. Not a single largecap stock figures in the list of top 50 gainers and losers.
The worst part perhaps is that there are many names amongst top losers, which were widely owned by small investors directly. While the top gainers include many names that are very illiquid and were mostly underowned.
The returns have been highly skewed sectorwise also. IT sector has outperformed the benchmark by more than 100%. While smallcap, pharma, infra etc. have underperformed by almost 100%.
Media and PSU have been the worst performers. Considering that many small investors had been lured into CPSE ETF by the government propaganda, the pain in that segment is even more severe..
The ugly part of this saga is that the debt funds have also performed poorly in past one year, starving the investors of yield. The consequence is that the investors are rushing to riskier debt in search of yield and exposing themselves even more to volatility in returns.
 
 

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Friday, September 14, 2018

Long way to state of equilibrium

Some food for thought

When an idea exclusively occupies the mind, it is transformed into an actual physical or mental state.

—Swami Vivekanand (Indian preacher, 1863-1902)

Word for the day

Exoteric (adj)

Popular; simple; commonplace.


First random thought this morning
I truly believe that the role of language goes much further than mere communication. Language we use for communication, defines our personality, thought process, and confidence level. The language gives wings to our imagination. If we use a language, we are not comfortable communicating in, our personality might diminish, thought process may be frequently interrupted, confidence may get shaken, and imagination curtailed.
Choosing the language for education, working, thinking and communicating is no less important than the knowledge, thought, skill, processes and the methods themselves, in my view.
The first President of independent India, Dr. Rajendra Prasad, who was also a key member of the Constituent Assembly, which was given the responsibility to draft the Constitution of India, famously said, "A country that does not take pride in its language and literature can never progress". Strongly emphasizing on the universality of Hindi language he reminded the nation that "Hindi has always been such a language that it never boycotted any word just because it's of foreign origin".
Hindi, in that sense, truly reflects the quintessential Indianness - Openness, adaptability, progressiveness, tolerance, modesty, simplicity and brilliance. Inherent ability to adapt to the continuously evolving socio-economic & cultural conditions, and embrace all the foreign developments with brilliant ease, makes it one of the most dynamic languages in the world.
Despite having the constitutional status of India's national language, Hindi has not been accorded the prestige, it deserves. As a resident of Metro city, I can vouch that it is not uncommon to find instances where Hindi Speaking people are subjected to derision and face discrimination. To the contrary, English speaking people are held in high esteem in most of hinterlands.
I fully accept that in India it is totally undesirable to impose Hindi, or any other language, on people whose mother tongue is entirely different, like Tamil, Telugu, Kannada, Malayalam, etc. But by making it a political contention, our leaders have ensured that North Indians and South Indians would never love to learn each others' languages and hence be devoid of extremely rich literature, culture and knowledge base of each other. The apathy to each others' language has reached a level, where most non-community affiliated private schools in North India offer French, German, Mandarin etc. as an elective, but few no offers Indian languages as elective. I guess the same is true for the schools in other parts of the country also.
In my opinion, the general lack ingenuity in modern Indian may be stemming from the limitation of not thinking in our own language. A causality could also be find in comparative degeneration in contemporary literature and other art forms.
Fortunately, a silver lining is that in recent times a wider awareness about the issue is developing. The youth is breaking the stereotypes. They are ignoring the commands of so called language purists, and devising a new form of language that is primarily based on their respective mother tongues and borrows from other languages. The expression thus created is free, innovative and attractive.
Many congratulations to all on the occasion of Hindi Divas!
Notes from my Diary
In recent years, the financial literacy has in India has shown marked improvement. One collateral of this phenomenon is evident in greater finalization of the household savings. Diminishing incremental demand growth for gold could be seen as another indication.
Regardless, it is common to see many regular market participants in the equity markets driven by superstitions and magical charms. Incidentally, many of these superstitions do actually work. This is especially true in cases where the superstitions are formed on the basis of some empirical evidence or experience.
One such superstition that prevails in the market is that when many fund houses and asset managers start floating schemes specific to one particular sector, that sector is doomed to underperform the market for next few years at least. In other words, the top of a sector outperformance is believed to be formed when it becomes the most popular theme.
For example, in 2007-2008, the most popular themes amongst fund managers were infrastructure and natural resources. Both sectors underperformed the benchmark indices in next 10years.
In past one year or so, there have been many new fund offers (NFOs) and PMS schemes launched based on "consumption" and "emerging business" (basically mid and small cap companies) themes. PSU ETF has also been a popular theme.
These themes have underperformed the benchmark indices significantly, particularly after the previous Nifty bottom formed in March 2018.
 
Many people ask me whether they should be buying into these underperformance.
I do not have a definite answer for all these queries. But what I would like to highlight to the inquisitors is the performance of various sectors since the post DeMo Nifty bottom recorded in November 2016.
This can give them a broad idea about how much the pendulum can swing to the other extreme.
IT and Consumption are two sectors that are distinct outperformers since November 2018 bottom. While Pharma is still in negative zone.
The sectors that have started to underperform in past 5months, might have a long way to go, before they attain a state of equilibrium, in my view.

 
 You may also like to glance through the following links:

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Wednesday, September 12, 2018

Instituionalization of Indian equity market might be a myth

First random thought this morning
When in school, the thing I hated most was learning to spell English words correctly. I was often subjected to scorns, both at home and at school, till I managed to come over this weakness. I came over, certainly not by learning the correct spelling. Rather I used some Jugaad (ingenious methods for which most Indians are genetically trained). I deliberately spoiled my handwriting. I started writing like doctor prescription. The teachers would allow me the benefit of doubt and give me decent marks. The parent would be happy with the marks. Who cares how these marks were scored.
When I completed school, all three things remained pinned to me - (a) poor spelling capabilities; (b) bad handwriting; and (c) Jugaad mindset.
Thanks to Bill Gates, I could mange poor spelling capabilities and bad handwriting skills very well. Instead of writing, I type on computer with spell check on. No worries. The Jugaad mindset though keeps nagging every few days.
This all was before I started using a smart phone equipped with the magical WhatsApp. Now I am totally at the mercy of a Goblin mischievously named "autocorrect".
I mean, I would love to have it only if it is merely a tool which works totally as per my command. But unfortunately, I seem to have no control over it. It changes whatever I type to whatever it likes. Unfortunately, most of the time I would realize the mischief, only after I had pressed the "send" button.
I feel it's my Karma. I cheated in school by disguising my poor spellings with bad handwriting. Now I am wedded to this Goblin, who will keep distorting whatever I type, even if I spell it right. Someone rightly said, "you can dodge law of the land, but how would you evade the consequences of your Karma".
I am now cursed to live with "Autocorrect"; "Smartphone", and "WhatsApp". I have no motivation left to learn correct spelling or improve my handwriting or write by hand. If someone gets an absurd or abstract sounding message from me, and wants to shower some choicest expletives, I shall accept that with all humility as my Karma.
I feel like an accomplished politician, who accepts all condemnation and keeps smiling!
Chart that caught my attention yesterday

Instituionalization of Indian equity market might be a myth

The phenomenal rise in Indian stock prices, in past couple of years especially, has been attributed to the rise in domestic investor participation in stock markets. Rise in equity AUM of domestic mutual funds in past few years has been popularly cited as an indication of this trend.
As indicated yesterday (see here), the household finances have become bit worrisome in past few years. It is therefore important to analyze this trend, to assess (a) the sustainability of household flows to domestic market; and (b) impact on overall economy if the household sector finances weaken.
Of course a much deeper study is needed to make this assessment. Here I am just highlighting few data points that indicate that
(a)   Small investors still dominate the trading activity in markets, as observed from the average trade size at NSE.
The average trade size at NSE has remained mostly in the range of Rs20,000 to Rs30,000. Even in most Euphoric periods of end 2007 and January 2018, it has been around Rs36,000. If markets were institutionalized, we would have seen much larger average trade size.
(b)   Institutionalization of market is still a long distance away, as day trading activity of non-institutional traders still dominate the overall market volumes.
Currently less than one fourth of the total traded volumes are resulting in actual delivery, implying that three fourth of the market volume are day trading activity. The delivery percentages are fast approaching the GFC bottom, in fact.
(c)    Ever since market recovered from GFC, the trading volumes had been very low. However, in past four months they have started to pick up and already reached the level where market peaked in 2008. The volumes around March 2009 market bottom were materially higher. This suggests that we are presently in a massive distribution phase.
The monthly trading volumes have risen from 3.3% of market cap in April 2013 to 4.4% of market in August 2018. April 2008 volumes were 4.8%. The bottom of the market in March-April 2009 was marked by much higher volumes of 7.7%.
(d)   The net new money flowing into market is at lowest level, at least since 2007.
Net monthly pay-in of funds at NSE in August 2018 was just 0.24% of the total market cap, almost 50% of April 2009 and April 2015 levels, and lowest since 2007 at least.
(e)    The growth of equity AUM of mutual funds has materially outpaced the growth of Indian markets during four year period between April 2014 to March 2018.
The total market cap of NSE has doubled during this period from Rs73467bn to Rs150920bn. In the same period the equity AUM of domestic funds has increased by ~390% from Rs1917bn to Rs7498bn.
Out of the Rs5581bn incremental rise in equity AUM of mutual funds, Rs4726bn (~85%) is contributed by the domestic household investors.
The high networth households (Rs2206bn) and retail investors (Rs.2519bn) have contributed almost equal amount, though in numbers Retail investors comprise almost 99% of the total mutual fund portfolios.
My prima facie conclusion is that small householders have not changed their investment habits much.
It is the high networth household that has increased its exposure to Indian equities in past 4years. My experience is that investments from this segment are not very sticky and prone to move fast to other asset classes. We had witnessed this in 2009.
 

 
You may also like to glance through the following links:
Some food for thought
"A life lived of choice is a life of conscious action. A life lived of chance is a life of unconscious creation."
—Neale Donald Walsch (American Author, 1943)
Word for the day
Tautology (n)
Needless repetition of an idea, especially in words other than those of the immediate context, without imparting additional force or clearness, as in “widow woman.”
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