Mountain, meet Molehill

ILFS default. Yes Bank succession disaster. Housing Finance Company Books Cooked. Jet Airways on the verge of default. It is carnage. If you have been following financial media over the last two weeks, we’re already at 2008-level crisis-alert levels. The wheels are coming off the India equities growth story and there are many obvious reasons why, we are being told, by patient experts. The problem is, they only started explaining how a combination of trade wars, impending elections and bond defaults explain the correction after it has been well underway. Now, I have no idea whether this is a complete reversal in

Read more

Learning from the latest market decline

Long periods of boredom punctuated by moments of terror This phrase is attributed to many different people said to be describing many different professions. From driving big-rig trucks, flying aircraft to modern warfare. And of course, it has since been co-opted by the investment profession and by the best investors, as a metaphor for the vagaries of the market. Personally, I think it’s a bit dramatic comparing warfare with the buying and selling of stocks. True to form, financial media in the US announced 5th Feb 2018 was “the worst point decline in history“. Phrased like that you can’t help

Read more