Indian markets, like many others in the world, slumped by more than 10%. Germany as of now is down by nearly 10% and Dow Futures by more than 6% – upto its daily limit.

I finally said – enough! It’s worse than Las Vegas. Whatever explanation one can think of in justifying market excesses, it’s like Hiroshima.

Laughingly I used lots of expletives in my mind against Bernanke, Paulson, the Goldman Sachs of the world, and Indian policy-makers. In last four years, there’s been four circuit breakers (not technically!) to our record and to the record of Manmohan-Chidambaram-Montek. I understand that Indian policy-makers didn’t have much leverage anyway. China down 2/3rd this year, we are down nearly 3/5th.

Few days back, had been to a health-camp. There I saw one quote from the Geeta: Why are you crying for what you have lost? When you came to the world, you didn’t bring anything with you. What you lost was also not yours…made sense then and still makes sense now.   

I was neither a bull nor a bear. However, since the collapse of Lehman, I took long positions. And then came the end – today.

Good luck to all those holding long positions in the market.

Read one article in Bloomberg that some Professors in US are starting new emerging market hedge funds. I am thinking about one. I never lost money in equity, but then the fatal attraction for derivatives killed me. Any takers? …no hedge funds for me. But pure investment funds. And no derivatives based on types of funds and preference of investors.

It’s time to offer my expertise to others to manage their money now – in India-specific market. And I can assure one it would be better managed than the Lehman and the Goldman Sachs. No flowery language…only some timeframe needs to be fixed.  Looking at the phenomenal yen rally, it may particularly appeal to Japanese Investors. And to the US as well as long as dollar trades strong. 

Hope I am not violating ethics code of BNN by stating this bizarre desire.

It’s also time to laugh at oneself before others do. The pain will be felt over the years, true.

Bye Bye Dalal Street…Bye Bye Wall Street.

Be Sociable, Share!