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Investor or speculator: Know thyself
At dinner tables and WhatsApp groups in India, everyone is suddenly an investor. It doesn’t matter whether they’re flipping IPOs, or day-trading, or punting on F&O, or buying and holding. If you ask them what they do, the answer will be, “I am investing”. Nobody says “I’m speculating”, just like nobody says “I’m on a… Continue reading
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The curious case of India’s quality control orders
How India’s QCO spree became a master-class in shooting ourselves in the foot Several years ago, a group of important policy makers and officials sat down to discuss how to boost domestic production and curtail imports. Some bright spark provided a (seemingly) magic solution – the use of “Quality Control Orders” (QCOs). Under a QCO,… Continue reading
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Are IPO investors really that irrational?
In recent weeks, much has been written about the great IPO frenzy of 2025, with analysts and fund managers warning retail investors not to take undue risk. The latest trigger has been the Lenskart IPO, which many wise men have termed as being excessively overvalued. Yet, when I read most of the doomsayers and experts,… Continue reading
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Rare Earths and India: Trying to run with one leg tied
Rare Earths and India: Trying to run with one leg tied In recent months, the term “rare earths” has entered drawing-room conversations, fueled by continuous media coverage. The immediate cause for this is China’s blockade of these (and other critical) minerals and their derivative products, in retaliation for Trump’s tariffs. Suddenly, we learnt that India… Continue reading
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From Oil Fields to Algorithms: National Interest is being redefined
After the Second World War, several post-colonial governments seized foreign companies – Latin American oil fields, African ports, Middle Eastern refineries and more. They justified these moves as being in their national interest, seeking to regain control of sovereign assets from the erstwhile colonial owners. Western commentators and media called it “expropriation” and a violation… Continue reading
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Diwali Fireworks and FDI
While complaining to a friend about writer’s block (side effect of an overdose of Diwali sweets?), he suggested I look at the recent Emirates NBD acquisition of RBL Bank. This deal is significant for several reasons. It’s the first time we’re seeing a majority stake sale in a listed Indian bank. The investment amount is… Continue reading
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The needless search for certainty
Humans don’t like uncertainty. And nowhere is this more evident than in economic or business forecasts. Our analysts and economists cater to this need, with a great degree of apparent precision and accuracy. These forecasts further reinforce our belief that such things can actually be predicted. Consider these statements: Sure. As long as no pandemics,… Continue reading
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Greed, fear and digital scams: When common sense logs out
Greed, fear and digital scams: When common sense logs out If you think you’re too smart to get scammed, think again. Every day, some smart and educated people are losing very real money — thanks to a variety of innovative (and sneaky) scams. A good number of these are based on simple trickery. They will… Continue reading
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When Twenty-Somethings Build Unicorns and Rockets: The New India
When I finished college in 1983, start-up was not even a word! There were no VCs and no angels. The few brave entrepreneurs were suppressed, heavily taxed, lacked access to capital and were viewed suspiciously by our socialist leaders. The Babus decided who could make what, where and in what quantity – and who they… Continue reading
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Wilful destruction of the world’s most powerful economic engine
Wilful destruction of the world’s most powerful economic engine Sitting in my favourite armchair, far from the shenanigans of the US president, one can only watch with shock and awe – the haphazard (or is it systematic?) devastation of an economy that has dominated the world for almost a century. Ever since World War II,… Continue reading
