Circa May 2004. I was holidaying in
Binagudi (a remote village in West Bengal) when the India Shining Campaign of
the incumbent BJP government was almost set to get them back to power and they
lost. Congress put up a good show and Sonia Gandhi / Manmohan Singh was set to
become the PM. I had intermittent access to television but saw AB Bardhan (Of
Communist party that was to be a key ally of Congress in the Government) come
on camera and say “Bhaar mein gaya divestment and Bhaar mein gaya reform” (To
hell with privatisation/divestment and to hell with economic reforms).
The nation
expected BJP to come back to power and allow the alleged stock market party to
continue.
Binagudi (a remote village in West Bengal) when the India Shining Campaign of
the incumbent BJP government was almost set to get them back to power and they
lost. Congress put up a good show and Sonia Gandhi / Manmohan Singh was set to
become the PM. I had intermittent access to television but saw AB Bardhan (Of
Communist party that was to be a key ally of Congress in the Government) come
on camera and say “Bhaar mein gaya divestment and Bhaar mein gaya reform” (To
hell with privatisation/divestment and to hell with economic reforms).
The nationexpected BJP to come back to power and allow the alleged stock market party to
continue.
And within minutes all stock markets
crashed by over 20% thereby eroding a couple of hundred billion dollars in
market cap and trading had to be halted. I wish i had some internet access to
invest whatever little money i had because this reaction of the markets was
irrational.
crashed by over 20% thereby eroding a couple of hundred billion dollars in
market cap and trading had to be halted. I wish i had some internet access to
invest whatever little money i had because this reaction of the markets was
irrational.
Circa May 2009. I was in Warwick a
little away from the consciousness of Indian politics and was immersed in the
theory of marginal utility and realised that for 2 straight days the stock
markets were in an upper circuit, up by 40%, because Congress came back to
power and Manmohan sigh was destined to become the PM again. Again irrational
exuberance demonstrated by naive citizens of this nation.
little away from the consciousness of Indian politics and was immersed in the
theory of marginal utility and realised that for 2 straight days the stock
markets were in an upper circuit, up by 40%, because Congress came back to
power and Manmohan sigh was destined to become the PM again. Again irrational
exuberance demonstrated by naive citizens of this nation.
The nation
suddenly believed that return of congress / Manmohan Singh will be magical. The
less said the better about the rout that India saw wrt corruption and
inefficiency in years (2009-2014).
suddenly believed that return of congress / Manmohan Singh will be magical. The
less said the better about the rout that India saw wrt corruption and
inefficiency in years (2009-2014).
Circa May 2014. It is likely that
Narendra Modi led BJP might win and Modi becomes the next PM and again
irrational exuberance has taken over sound logic and stock markets are re
rating every stock – for they expect Modi to do the Houdini and open all hidden
treasures leading to unimaginable growth for the nation and for the
individuals.
Narendra Modi led BJP might win and Modi becomes the next PM and again
irrational exuberance has taken over sound logic and stock markets are re
rating every stock – for they expect Modi to do the Houdini and open all hidden
treasures leading to unimaginable growth for the nation and for the
individuals.
So what’s the point?…..
Human memory is terribly short and so
inconsequential that citizens vote based on emotion and a false sense of belief
and hope that new governments will weave magic.
inconsequential that citizens vote based on emotion and a false sense of belief
and hope that new governments will weave magic.
Obama’s “Yes we can” reverberated
across this planet and US of A expected a change like never before but it has all
been slightly above or below average on all issues. Even i thought – that as an
Indian, it would affect me positively.
across this planet and US of A expected a change like never before but it has all
been slightly above or below average on all issues. Even i thought – that as an
Indian, it would affect me positively.
No magic. No earth shattering reform.
Business as usual in Obama’s 5th year of Presidency.
Business as usual in Obama’s 5th year of Presidency.
No government, no individual, no
nation can outpace the general averages of growth and global development.
Nations find their own spectrum/range of growth and development that is closely
interlinked with the overall global economic scenario.
nation can outpace the general averages of growth and global development.
Nations find their own spectrum/range of growth and development that is closely
interlinked with the overall global economic scenario.
Just about anyone can be the Prez of
the US of A or The PM of a large country like India – Individuals can barely
make negligible incremental difference to the momentum of this planet.
the US of A or The PM of a large country like India – Individuals can barely
make negligible incremental difference to the momentum of this planet.
Will revisit this blog post in 2019.
In the meanwhile expect a below average performance (just because the
expectation is so bloody high) and sell your stock if you have any that has
already discounted a Houdini like performance from Narendra Modi.
In the meanwhile expect a below average performance (just because the
expectation is so bloody high) and sell your stock if you have any that has
already discounted a Houdini like performance from Narendra Modi.
Well said! It mirrors my own assessment. A while back, I'd tried to remind my "Modi Magic" friends that Obama "Yes we Can" was supposed to stop the oceans from warming and rising, and not too long ago my Pakistani friends thought Imran Khan is the Messiah who'll become PM and save Pakistan from itself….
Sameer