Thoughts and Reports
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Market Drops… A fresh look
Market declines are often read as destruction of value. In my view, that is an oversimplification.The productive assets of a business — its plants, capacities, and networks — do not meaningfully change with short-term movements in stock prices. If anything, their replacement value tends to rise over time.What does change, sometimes quite sharply, is the… Continue reading
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Speculation, Society, and Markets
Speculation often gets blamed for market distortions—but the truth is more nuanced.When done right, speculation performs a vital role: it brings future expectations into present prices, improves price discovery, and ensures timely supply responses. In that sense, good speculation stabilizes markets.But when speculation becomes excessive—driven by leverage, concentration, or cartel-like behavior—it can detach from fundamentals.… Continue reading
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Foreign Banks and India
Foreign banks pulling back from physical expansion in India is often misunderstood as a signal about India. It is not. India’s financial system has grown many fold—size, depth, opportunity. That is precisely why global banks are not exiting, but recalibrating. The real shift is structural. Global banking is moving from “spread and scale” to “precision… Continue reading
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Rupee Depreciation and GDP
A lot of noise is made around the “strength” or “weakness” of the rupee.But over three decades of data, a quieter truth emerges.Rupee depreciation, in itself, has not been India’s problem. In fact, it has often served India well.A gradually adjusting rupee has:Preserved export competitivenessAbsorbed inflation differentialsSupported steady economic expansionWhat has not helped is volatility.Episodes… Continue reading
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Weaker Rupee and Our Economy
A weakening rupee is often seen as a sign of weakness. It may not be so.It is, in fact, a mirror.It forces us to confront what we must import and what we choose to import.India’s truly unavoidable imports—crude oil, critical electronics, key minerals, and some defence equipment—together form roughly 8–11% of GDP. This is the… Continue reading
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Factors of Production
An unemployed person is rarely without assets.He carries labour in his hands, organisation in his mind, and enterprise in his spirit. These are real, personal factors of production. What he often lacks are land and capital.Of these two, capital is not always the binding constraint. A person who has lived with integrity and built credibility… Continue reading
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Unemployment and Society
There was a time when humans had no “career choices.”They shaped stones into tools, discovered fire, and learned to cultivate land—not for comfort, but for survival. Progress was not a preference; it was a compulsion. Today, we live in a far more evolved world. Stability exists. Salaried employment offers dignity and security. Naturally, many choose… Continue reading
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Independent Director’s Role
Independent Directors: From Silent Witnesses to Structured Accountability Much is being said about the role of independent directors when governance failures surface. The usual pattern is familiar—concerns are raised within the board, ignored or diluted, and eventually an independent director resigns. A resignation letter then becomes the market’s only window into what may have gone… Continue reading
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Whether to Invest
At this stage, my own assessment is to remain invested—and to commit additional capital with measured confidence.The reasoning is straightforward.India’s dependence on imported crude and petroleum products is meaningful, but not overwhelming—roughly about 4% of GDP. Even if the current geopolitical tensions push this cost to double, we would only be reverting to levels the… Continue reading
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An Adviser’s Role
Markets will always have a thousand cross-currents. Prices may rise or fall for reasons known, unknown, or even irrational. But an investor cannot remain suspended in indecision forever—at some point, a call has to be taken: to commit more capital or to step back.This is where the role of an adviser becomes critical.Too often, advisers… Continue reading
Panch Tattva Wisdom 