The Nobel Peace Prize Committee says here that President Obama's extraordinary efforts to strengthen international diplomacy and cooperation between peoples has won him the Nobel for Peace in 2009 . The Committee has attached special importance to Obama's vision of and work for a world without nuclear weapons.
Further, 'Only very rarely has a person to the same extent as Obama captured the world's attention and given its people hope for a better future. His diplomacy is founded in the concept that those who are to lead the world must do so on the basis of values and attitudes that are shared by the majority of the world's population.' ... 'The vision of a world free from nuclear arms has powerfully stimulated disarmament and arms control negotiations.' ...
All this to a man who is Head of State of a nation involved in two wars, where the defence spend is much larger than some nations. While the US has not got out of Iraq it has ordered more troops into Afghanistan. By that yardstick, an Indian Head of State should have won, since everytime India has suffered a terrorist attack, our leaders have restricted the use of our nuclear weapons. Heck, we constructively restrict our anger to newspapers, cricket matches (at neutral venues, if you wish), pleading before the UN, etc and go about our business. If only we knew that pounding bombs on suspected nations coupled with good oration would have 'captured the imagination' of the Nominations Committee, we would have done that.
The least you guys at the Nobel's could have done was wait for the end of Obama's term to see if his wonderful oration, hope and vision actually translated into world peace.
Showing posts with label people. Show all posts
Showing posts with label people. Show all posts
October 10, 2009
October 1, 2009
Incentives
"The sad truth is that incentives have diluted the importance of investment philosophy. While well intentioned and hard working, corporate executives and money managers too frequently prioritise growing the business over delivering superior results for shareholders. Increasingly, hired managers get paid to play and not to win."
- From Micheal Mauboussin's 'More Than You Know'
June 14, 2009
Women reservations: Another policy waiting to be misused
The Government of India seeks to pass the Womens Reservation Bill which will result in 33% reservation of the Parliament seats in the Lok Sabha for women. While I am all for the upliftment of women who have traditionally played second fiddle to men in India (I'm talking of the larger Indian society here), I am not sure reservation is the right way to get there. I say that because reservations in the past have been misused. Deserving persons miss out. I say that from personal experiences, where I have seen people take advantage of their caste status to get benefits. Some of these are people I know well.
One of my friends mentions that this move will only benefit upper class women in urban areas who can contest elections on their own individual credentials. Those for whom this policy is meant - the sparky rural woman who has leadership potential but looses out due to male chauvinism - will find it difficult to get a seat. In all probability, political parties will ration this quota among women who already got elected to Parliament leaving less seats for the ones that need upliftment.
Reservations is curing the symptoms of gender inequality. The malaise is much deeper. Today the average rural woman is mostly dependent on her husband due to economic and social reasons. The only way this can change is if women come together in small communities to work, educate themselves, and have their own support system which can incentivise them to be independent. Empowerment is a long journey. The flipside of the current system is that this will lead to more reservations, where women will ask for representation within the current womens quota for backward castes. It will lead us nowhere
One of my friends mentions that this move will only benefit upper class women in urban areas who can contest elections on their own individual credentials. Those for whom this policy is meant - the sparky rural woman who has leadership potential but looses out due to male chauvinism - will find it difficult to get a seat. In all probability, political parties will ration this quota among women who already got elected to Parliament leaving less seats for the ones that need upliftment.
Reservations is curing the symptoms of gender inequality. The malaise is much deeper. Today the average rural woman is mostly dependent on her husband due to economic and social reasons. The only way this can change is if women come together in small communities to work, educate themselves, and have their own support system which can incentivise them to be independent. Empowerment is a long journey. The flipside of the current system is that this will lead to more reservations, where women will ask for representation within the current womens quota for backward castes. It will lead us nowhere
June 7, 2009
March 30, 2009
Know thy pension plan
I was the audience. A pitch was being made to buy into a pension plan. The salesperson gave the keeping aside for old age spiel. In short the dynamics were like this - I was to put in a fixed amount for the first five years, say INR x per annum. From thereon, till I was fifty, this cash would grow and after I turned fifty I would get a monthly income from this kitty till my passing into the next world.
She was doing her job well until the point where I asked at what rate my cash would grow between the last installment and me turning fifty.
“15%”, came the reply.
“Will you guarantee that?”
“Well we don’t guarantee it but if you invest the money in an aggressive mutual fund you will see those returns”
“Which mutual fund? I thought this was a pension plan”
She unfolded the literature for the plan. It showed options of allocating my annual contributions towards various asset classes – the most aggressive of which (also took on the most risk) and would, assuming the world didn’t fall apart in the intervening years, assuming that Indian equity markets delivered, assuming the fund manager wasn’t a rogue, assuming the companies in which my pension money was invested didn’t blow up due to fraud, bad management, business cycles or otherwise and assuming a million other risks which my tiny brain couldn’t fathom or whose impact I couldn’t ascertain, would potentially deliver 15%! … It was getting clear now …
“So your literature says 15% return annually if I invest in this scheme and allocate my pension to this asset class (Fancy term 1: ‘asset class’ is money that is exposed to similar risks – bonds, shares, etc are examples of asset classes)
“Well on the letterhead we can mention a maximum of 10%. But you can get 15% if …”
“Why 10%? You just said 15%!”
“Well sir, on the letterhead …”
“OK. No issues, So if your letter mentions 10% I assume my cash grows at 10% in the intervening period.” … PS: whatever you may hear from stock brokers, cash growing 10% assured annually for a long time is a pretty good investment, especially for pension plans
“No sir that again would depend …”
“Then why mention 10% on the letter?”
(Uncomfortable babble) … “Sir you can choose our as your asset class. The current NAV (Fancy Term 2: NAV means Net Asset Value – the price of a mutual fund at any given point in time) is INR 4. The NAV will surely rise (?) and your pension money will grow faster than 15%”
(I smile) … “What was the offering NAV?”
“INR 10 sir”
“Don’t you think it’s a concern that it has fallen from INR 10 to INR 4?”
“It’s a five star scheme sir and they invest in AAA+ corporates” … she doodled AAA+ on the literature, possibly to drive home the point
“Is there a possibility the NAV can drop further?”
(again that uncomfortable silence)
“Never mind … I’ll take this literature and get back to you”
As I was leaving I felt a little sorry for grilling her after I came to know about the asset classes logic. I understood the plan fundamentally then but was exploring the possibility that the pension plan scheme actually had a fixed rate of return. There was none. Instead there was a hell lot of market risk. (It actually seemed a clever way to seek contributions to the company’s mutual fund schemes) It called for taking a call on the capital markets for the next 23 years. (I’m around 27, and it would be 23 years till I turn 50). Ideally I would like my pension money to be risk-free. A large portion, say 95% of it, should grow at a fixed rate and the rest in equity shares of AAA+ corporates and pension funds should see to it that the float (Fancy term 3: Float is the premium on insurance / pension contributions collected by such companies in this business) is managed in a similar way. Unfortunately the fees component from selling these products has become huge income drivers for banks. A cross-sell like this gets fees form the pension plan as well as the mutual fund. Obviously bank executives will not want to sell the safer plans which gets fees for just the pension fund.
Just to give you one example of the impact a decision like this will have, assume someone invests in this scheme (most people will eventually). Their money grows in this mutual fund based pension plan till they are 49. Just before they turn 50, we see a recession the likes of today, there is mayhem in the markets and they are left with the capital they started off with, maybe less, which over 23 years has lost its value due to inflation. Assume that this was their only safety net. Isn’t their retirement royally screwed? Where has all the hard work to support old age gone? What if there was someone with a terminal illness at home? As usual the only beneficiary is the bank manager who collected bonuses every year for growing the capital (maybe completely due to luck) till our friend grew 49 and then who gave up his bonus when the fund went under.
Unfortunately, most people are unaware of what they sign up for in such schemes. One old-timer I know very happily told me that he invested most of his savings in a fixed rate investment which is market determined (?). My attempts to explain that there is no instrument that can pay a fixed rate and at the same time be market-determined was met with a “Do you think the managers at the insurance Co are fools?” Well they were not fools, they met their annual targets and scooted off into the sunset.
Financial innovation may have got people access to investment options they never would have, which is a good thing if they understood it. But financial innovation coupled with ignorance could well be disastrous. Know thy investments!
She was doing her job well until the point where I asked at what rate my cash would grow between the last installment and me turning fifty.
“15%”, came the reply.
“Will you guarantee that?”
“Well we don’t guarantee it but if you invest the money in an aggressive mutual fund you will see those returns”
“Which mutual fund? I thought this was a pension plan”
She unfolded the literature for the plan. It showed options of allocating my annual contributions towards various asset classes – the most aggressive of which (also took on the most risk) and would, assuming the world didn’t fall apart in the intervening years, assuming that Indian equity markets delivered, assuming the fund manager wasn’t a rogue, assuming the companies in which my pension money was invested didn’t blow up due to fraud, bad management, business cycles or otherwise and assuming a million other risks which my tiny brain couldn’t fathom or whose impact I couldn’t ascertain, would potentially deliver 15%! … It was getting clear now …
“So your literature says 15% return annually if I invest in this scheme and allocate my pension to this asset class (Fancy term 1: ‘asset class’ is money that is exposed to similar risks – bonds, shares, etc are examples of asset classes)
“Well on the letterhead we can mention a maximum of 10%. But you can get 15% if …”
“Why 10%? You just said 15%!”
“Well sir, on the letterhead …”
“OK. No issues, So if your letter mentions 10% I assume my cash grows at 10% in the intervening period.” … PS: whatever you may hear from stock brokers, cash growing 10% assured annually for a long time is a pretty good investment, especially for pension plans
“No sir that again would depend …”
“Then why mention 10% on the letter?”
(Uncomfortable babble) … “Sir you can choose our
(I smile) … “What was the offering NAV?”
“INR 10 sir”
“Don’t you think it’s a concern that it has fallen from INR 10 to INR 4?”
“It’s a five star scheme sir and they invest in AAA+ corporates” … she doodled AAA+ on the literature, possibly to drive home the point
“Is there a possibility the NAV can drop further?”
(again that uncomfortable silence)
“Never mind … I’ll take this literature and get back to you”
As I was leaving I felt a little sorry for grilling her after I came to know about the asset classes logic. I understood the plan fundamentally then but was exploring the possibility that the pension plan scheme actually had a fixed rate of return. There was none. Instead there was a hell lot of market risk. (It actually seemed a clever way to seek contributions to the company’s mutual fund schemes) It called for taking a call on the capital markets for the next 23 years. (I’m around 27, and it would be 23 years till I turn 50). Ideally I would like my pension money to be risk-free. A large portion, say 95% of it, should grow at a fixed rate and the rest in equity shares of AAA+ corporates and pension funds should see to it that the float (Fancy term 3: Float is the premium on insurance / pension contributions collected by such companies in this business) is managed in a similar way. Unfortunately the fees component from selling these products has become huge income drivers for banks. A cross-sell like this gets fees form the pension plan as well as the mutual fund. Obviously bank executives will not want to sell the safer plans which gets fees for just the pension fund.
Just to give you one example of the impact a decision like this will have, assume someone invests in this scheme (most people will eventually). Their money grows in this mutual fund based pension plan till they are 49. Just before they turn 50, we see a recession the likes of today, there is mayhem in the markets and they are left with the capital they started off with, maybe less, which over 23 years has lost its value due to inflation. Assume that this was their only safety net. Isn’t their retirement royally screwed? Where has all the hard work to support old age gone? What if there was someone with a terminal illness at home? As usual the only beneficiary is the bank manager who collected bonuses every year for growing the capital (maybe completely due to luck) till our friend grew 49 and then who gave up his bonus when the fund went under.
Unfortunately, most people are unaware of what they sign up for in such schemes. One old-timer I know very happily told me that he invested most of his savings in a fixed rate investment which is market determined (?). My attempts to explain that there is no instrument that can pay a fixed rate and at the same time be market-determined was met with a “Do you think the managers at the insurance Co are fools?” Well they were not fools, they met their annual targets and scooted off into the sunset.
Financial innovation may have got people access to investment options they never would have, which is a good thing if they understood it. But financial innovation coupled with ignorance could well be disastrous. Know thy investments!
December 10, 2008
Whats in a name ...
... A rose by any other name would smell just as sweet. Maybe not. (Scroll to the bottom of the page)
December 6, 2008
... and politicians across the Board put their foot in their mouth
One of the positives in the gloom of last week is the mass public outrage at anyone of political ilk. I was at a public rally on Wednesday to show solidarity and for the first time in my life I saw Indian civilians with blood in their eyes. More than 100,000 people thronged the streets of South Mumbai shouting slogans against Pakistan and vilifying politicians.
It has not just been inaction of the government machinery that has stoked public anger but the foot-in-mouth statements made by politicians in the wake of the terror attacks, which spanned from inept to rude and from insensitive to shocking. Some creative minds have channelized this energy into some interesting posters which have been photographed by an anonymous person and which found their way to my inbox.
The Communists fell first. Comrade Achutanandan, the Kerala Chief Minister, was asked by slain soldier Maj. Unnikrishnan’s father to vacate his premises. Clearly not used to such snubs, our Comrade challenged a dog to visit the martyrs house had it not been for his sacrifice. To which our friends at the rally had this to say –
For my non-Hindi speaking / reading / understanding friends reading this blog, the breaking up of some of the syllables in the Comrades name, especially the part in between the two ‘a’s refers to a certain part of the female anatomy. Comrade still refused to apologise despite being criticised from all quarters. Finally Prakash Karat, the CPI supremo did the apologising.
The poster above summaries most of the blunders made by Indian politicians in the aftermath of the terrorist attacks. It includes RR Patil, the Deputy Chief Minister of Maharashtra saying that such things happen in big cities. In bizarre logic he justified the statement by indirectly saying that he had saved 4,800 people (They came to kill 5,000 we contained the damage to 200). 
All the gentlemen above are however left far behind by the Hon. Shivraj Patil, who has been in stellar form, wearing his incompetence on his sleeve. In what can only be described as shocking, the Home Minister gaily announced the size and time of arrival of the assault team. Later, in an interview after his visit to Mumbai, Mr Patil told the media that the terrorists had left Cama Hospital and the railway station (both terror targets) before he had reached the site. Dear Shivraj, what were you smoking? Did you expect to have tea with the terrorists? Maybe you wanted meaningful intercourse as you indicated when you took charge of the Home Ministry.
It has not just been inaction of the government machinery that has stoked public anger but the foot-in-mouth statements made by politicians in the wake of the terror attacks, which spanned from inept to rude and from insensitive to shocking. Some creative minds have channelized this energy into some interesting posters which have been photographed by an anonymous person and which found their way to my inbox.
The Communists fell first. Comrade Achutanandan, the Kerala Chief Minister, was asked by slain soldier Maj. Unnikrishnan’s father to vacate his premises. Clearly not used to such snubs, our Comrade challenged a dog to visit the martyrs house had it not been for his sacrifice. To which our friends at the rally had this to say –
For my non-Hindi speaking / reading / understanding friends reading this blog, the breaking up of some of the syllables in the Comrades name, especially the part in between the two ‘a’s refers to a certain part of the female anatomy. Comrade still refused to apologise despite being criticised from all quarters. Finally Prakash Karat, the CPI supremo did the apologising.Others (below) indicated that they prefer the canine.
Next caught with his pants down was Maharashtra Chief Minister, the Hon. Vilasrao Deshmukh, who invited Ram Gopal Verma (RGV), a Bollywood film-maker and his actor son, Ritiesh Deshmukh in his official entourage to survey the damage done to the Taj. RGV has in the past made movies like RGV ki Aag which you can review here. (Note - RGV ki Aag flopped at the Box Office). The move surprised even Bollywood. That resulted in this response –
And then from a respectable name, the meaning of which is analogous to ‘landlord’ his name was adapted, with a few nifty changes, and captured in the font of RGV’s previous movie posters, a name that means ‘a national fool!’ 
Mukhtar Abbas Naqvi, the BJP Vice-President, had probably never interacted with the urban, educated and presentable woman before. When he saw some of them in media coverage deriding politicians he ejaculated (pun intended) ‘Some women wearing powder and lipstick have taken to the streets of Mumbai …” No specific interesting poster on this, but the remark drew the ire of women parliamentarians, some even from his own party.
The poster above summaries most of the blunders made by Indian politicians in the aftermath of the terrorist attacks. It includes RR Patil, the Deputy Chief Minister of Maharashtra saying that such things happen in big cities. In bizarre logic he justified the statement by indirectly saying that he had saved 4,800 people (They came to kill 5,000 we contained the damage to 200). And this man was conspicuous by his absence – Raj Thakeray of the MNS did not mind as the NSG, which had North Indian representation, including the slain Gajendra Singh - who lost his life in the operation - protected our nation. But then stooping low as their wont, the MNS put up a poster outside Malad railway station clearly mentioning that three ‘Marathi’ top cops, Karkare, Kamte and Salaskar had gave up their life to protect outsiders and foreigners.
All the gentlemen above are however left far behind by the Hon. Shivraj Patil, who has been in stellar form, wearing his incompetence on his sleeve. In what can only be described as shocking, the Home Minister gaily announced the size and time of arrival of the assault team. Later, in an interview after his visit to Mumbai, Mr Patil told the media that the terrorists had left Cama Hospital and the railway station (both terror targets) before he had reached the site. Dear Shivraj, what were you smoking? Did you expect to have tea with the terrorists? Maybe you wanted meaningful intercourse as you indicated when you took charge of the Home Ministry.
August 21, 2008
Beauty and the Beast
For the past week I have been living at Mumbai Airport. In my spare time I am rushing for meetings across the length and breadth of India, drinking coffee to stay awake, rushing back to airports, visiting a place I used to call home for a quick shuteye and meeting the Nose of India.
If things described above aren’t bad enough to screw with your body clock there is nothing more jarring to the senses than a young bald man in a ghoulish wig. The man at security in front of me was puny, short, nondescript and was sulking. Maybe he’s not a morning person and thankfully there wasn’t a mike, cap or vest in sight.
As if to make up for the disturbing imagery earlier, God presented me a seat in the business section with a seat in the same row as Meow! Well I don’t know what you think of Jaane Tu … and frankly I thought the movie sucked. But this young damsel is attractive and I was just warming up to tell her that we shared something deep (We apparently share the same surname) and that such things are obviously indicative of long term synergies. Alas a matronly woman filled the empty seat that separated us – could have been Mommie, Chaperone or bodyguard – I don’t know.
Ms D’Souza, all of 21 years, curled up and slept well whilst I analyzed financial models … my head turning ever so often to check if a different kind of model a seat away would wake up and observe her surroundings with some interest. I toyed with the Handsome-Prince-with-a-kiss-that-brings-back-maidens-from-comatose-states fantasy a bit when the plane hit the tarmac. In minutes we were separated and I found myself at yet another airport.
Things in life balance out. High pitched nasal tones balance pretty upcoming actresses. The beast balances beauty. Maybe I should become a beast.
If things described above aren’t bad enough to screw with your body clock there is nothing more jarring to the senses than a young bald man in a ghoulish wig. The man at security in front of me was puny, short, nondescript and was sulking. Maybe he’s not a morning person and thankfully there wasn’t a mike, cap or vest in sight.
As if to make up for the disturbing imagery earlier, God presented me a seat in the business section with a seat in the same row as Meow! Well I don’t know what you think of Jaane Tu … and frankly I thought the movie sucked. But this young damsel is attractive and I was just warming up to tell her that we shared something deep (We apparently share the same surname) and that such things are obviously indicative of long term synergies. Alas a matronly woman filled the empty seat that separated us – could have been Mommie, Chaperone or bodyguard – I don’t know.
Ms D’Souza, all of 21 years, curled up and slept well whilst I analyzed financial models … my head turning ever so often to check if a different kind of model a seat away would wake up and observe her surroundings with some interest. I toyed with the Handsome-Prince-with-a-kiss-that-brings-back-maidens-from-comatose-states fantasy a bit when the plane hit the tarmac. In minutes we were separated and I found myself at yet another airport.
Things in life balance out. High pitched nasal tones balance pretty upcoming actresses. The beast balances beauty. Maybe I should become a beast.
February 12, 2008
The Coarse Fabric
This doesn't seem like Mumbai. A city which has always been in a fixed temperature range since as long as I remember, has suddenly become cold in more ways than one. Mercury apart, it has also lost its heart. It's sad to see people in a secular, free country run for their lives, rushing to take the first train North of the Vindhyas. Their only mistake being that they were 30 years late in life. Can you blame them?
Mumbai is what it is because it is the melting pot of India. People come here with dreams in their eyes and with hard work, perseverance and a stubborn belief usually achieve it. The city is entrepreneurial because of migrants who came here many years ago. Gujaratis, Marwaris, South Indians, Punjabis, Sindhis, all of them have shaped Mumbai. My grandfather came here two generations ago and set up a paan-beedi shop at Lower Parel. He stayed above the shop with his wife and five children. He was a migrant. My uncles came here some 50 years ago and worked in kitchens and workshops. My family is just one drop in the ocean of Mumbai. Almost everybody I know has come here and has made Mumbai their home. And Mumbai in return has welcomed them and added different colours to her personality.
Which makes me come to the next point of the rabblerousers that migrants don't enrich Mumbai. Enrichment is a long process. It is not fast food. It took two generations for a betel leaf trader to get the first engineer and consequently the first MBA in his family. What if he was evicted when the Tiger came singing 'Lungi hatao, Pungi bajao'? I guess we would all lose.
Then the entire episode is inconsistent. On one hand unemployed North Indians are forced out. The salaried class against which Maharashtra's New Construction Army actually has an issue with; since they have caused the manoos his job loss; is left alone. Probably because the manoos and the bayka causing the havoc is permanently employed as cook, bai or driver with the Verma, the Singh and the Thakur. If that lacked consistency, then there are expats who are left alone. Well these guys spend dollars at pubs where the manoos is the bouncer or at the gym where the manoos trains him. You Northie. Where do you spend your last rupee? It goes to your village where your family can now have a pukka roof. But since I don't get any of that New Construction pie I'm pissed.
Mumbai creaks under loads it wasn't designed for because the design is outdated. It needs to grow and for that it needs better infrastructure and more planned townships and central business districts. (BKC is a start, I hope Navi Mumbai takes off). Lets leave the betel leaf traders, bhel-puri wallas and the majdoors alone. They make up the coarse fabric that balances the silk. Maybe their grandsons will one day be a part of a team that finances the very infrastructure we need.
Mumbai is what it is because it is the melting pot of India. People come here with dreams in their eyes and with hard work, perseverance and a stubborn belief usually achieve it. The city is entrepreneurial because of migrants who came here many years ago. Gujaratis, Marwaris, South Indians, Punjabis, Sindhis, all of them have shaped Mumbai. My grandfather came here two generations ago and set up a paan-beedi shop at Lower Parel. He stayed above the shop with his wife and five children. He was a migrant. My uncles came here some 50 years ago and worked in kitchens and workshops. My family is just one drop in the ocean of Mumbai. Almost everybody I know has come here and has made Mumbai their home. And Mumbai in return has welcomed them and added different colours to her personality.
Which makes me come to the next point of the rabblerousers that migrants don't enrich Mumbai. Enrichment is a long process. It is not fast food. It took two generations for a betel leaf trader to get the first engineer and consequently the first MBA in his family. What if he was evicted when the Tiger came singing 'Lungi hatao, Pungi bajao'? I guess we would all lose.
Then the entire episode is inconsistent. On one hand unemployed North Indians are forced out. The salaried class against which Maharashtra's New Construction Army actually has an issue with; since they have caused the manoos his job loss; is left alone. Probably because the manoos and the bayka causing the havoc is permanently employed as cook, bai or driver with the Verma, the Singh and the Thakur. If that lacked consistency, then there are expats who are left alone. Well these guys spend dollars at pubs where the manoos is the bouncer or at the gym where the manoos trains him. You Northie. Where do you spend your last rupee? It goes to your village where your family can now have a pukka roof. But since I don't get any of that New Construction pie I'm pissed.
Mumbai creaks under loads it wasn't designed for because the design is outdated. It needs to grow and for that it needs better infrastructure and more planned townships and central business districts. (BKC is a start, I hope Navi Mumbai takes off). Lets leave the betel leaf traders, bhel-puri wallas and the majdoors alone. They make up the coarse fabric that balances the silk. Maybe their grandsons will one day be a part of a team that finances the very infrastructure we need.
January 24, 2008
Points to ponder
1.The man in the pic alongside is smiling. And why not? The first ever IPO from his fold has managed to mobilise $200 bn. If that number makes you shrug, think about it this way - Thats 20% or 1/5th of the value of all the goods and services provided by our nation (in other words the GDP) this year. And all this in 4 working days. Staggering no?
2.
People haggle like crazy when they buy Rs.50 worth of groceries in the market. They will consult experts in person when they buy electronics worth Rs.5,000. They will make sacrifies and carefully calculate monthly budgets when they pay Rs.500,000 for their childrens education. They will save for years to buy a house worth Rs.5,000,000. Yet when it comes to buying a piece of some company worth some Rs.50,000 crore they rely on stock tips, brokers and speculation. Amazing no?
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