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Just Shoot Me

Bala, 28, Gordon Gekko in the making, pseudo-intellectual, cynic, bibliophile, obsessive compulsive ranter...

pattinathar was a laid off i-banker.

September 30, 2008

"..உடுக்கக் கவிக்கக் குளிர்காற்று
வெயில் ஒடுங்கி வந்தால்
தடுக்கப் பழைய ஒரு வேட்டி
உண்டு சகம் முழுதும்
படுக்கப் புறந்திண்ணை எங்கெங்கும்
உண்டு பசித்து வந்தால்
கொடுக்கச் சிவனுண்டு நெஞ்சே
நமக்குக் குறைவில்லையே! "

---பட்டினத்தார்
on hearing that his mega-financial firm went bankrupt overnight.

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posted by Bala, 10:29 PM | link | 0 comments |

conspiracy theory

September 29, 2008

The MaRan brothers and mu ka azhagiri are actually in cahoots. They saw what happens when you screen sappai films like kuruvi. They realised there is no way in hell, kadhalil vizhundaen.. a ultra sappai movie is going to run beyond 10 days anywhere in tamil nadu. Hence the drama in Madurai. As philospher goundamani would have said marketingla idhellam sadharanamappa

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posted by Bala, 11:08 PM | link | 0 comments |

they will be back

September 23, 2008

like a bad dream, the assholes are explaining why they are assholes again and again.

"This is a black week. Those of us who have supported financial capitalism are open to the charge that the system we championed has merely enabled a few spivs to get rich. But it helped produce healthy economic growth and low inflation for a generation. It would take a very big recession indeed to wipe out those gains. Do not forget that in the debate ahead."


yeah, its the debate that is important... so what if we blew up things to hell..

Read the whole article, it is pathetic whining from crack addicts asking for change so that they can get the next fix. Meanwhile the woman free market assholes love to hate, is cautioning people not to write them off and that they will be back to their nefarious ways before you can say bailout..

"..During boom times, it's profitable to preach laissez faire, because an absentee government allows speculative bubbles to inflate. When those bubbles burst, the ideology becomes a hindrance, and it goes dormant while big government rides to the rescue. But rest assured: the ideology will come roaring back when the bailouts are done. The massive debts the public is accumulating to bail out the speculators will then become part of a global budget crisis that will be the rationalization for deep cuts to social programs, and for a renewed push to privatize what is left of the public sector. We will also be told that our hopes for a green future are, sadly, too costly.."

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posted by Bala, 6:47 PM | link | 2 comments |

i can't sleep..

September 17, 2008

i am way too much excited tonight to sleep.. these are the facts

1) i am long on silver and short on nifty
2) Silver is up 15% and dow is down 4%
3) such things happen when, 80% of my portfolio is sitting in a 10% pa fixed deposit.
4) uppu vikka pona mazha varudu, maavu vikka pona kathadikkudhu..

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posted by Bala, 9:54 PM | link | 0 comments |

mea culpa

On, March 8 2007, someone wrote this..

'...I believe the market will go into a big sideways for this year between 3500-4500. We are swimming in a sea of unstable liquidity (the yen carry trade circus is but one danger we are sitting upon), waiting to blow up. But i dont believe a meltdown is in the offing because : earnings growth wont slow except for a)recession in us b)big time monsoon failure in india. So not much upside left since valuations are already high (though not at 1987/2000 levels) and no meltdown in the offing, i see a great sideways movement not seen since last quarter of 2003 and early 2004. year 2007 will be the year of consolidation.... '

The idiot who wrote the above drivel was right about the 'unstable liquidity' part and wrong about almost everything else.... this guy was predicting a big sideways.. movement. And exactly a year ago on sep 18 2007, helicopter ben started the fed rate cutting spree. Nifty went to 6300 and then free fell to 3800. And i lost a couple of lakh rupees in my Nifty Option Straddles. yes, that idiot was me and this was the price i paid for finding my personal black swan. ;-)

--
PS: lately i noticed, all my posts have been dissing people about their stupidity, so for a change, i decided to write one about my own. But i am no hedge fund manager and i dont get paid to blow up other people's money. Alas, i wish i was employed in wall street.

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posted by Bala, 9:54 PM | link | 0 comments |

Reality has a socialistic bias

September 16, 2008

“For long we have lamented that there are too many controls in our nascent stage of development, perhaps they were necessary. In India I don’t see too much of an impact....”

-akhil gupta, deputy ceo, bharti airtel
commenting on the financial meltdown..

What he really means is this - thank god that the beauracrats led by yv reddy didnt allow us to do all those exotic derivative trading when we wanted to. if they hadn't stopped us, we would be toast today. Maybe regulation is not such a bad word at all.

--
I was going around feeding people the "there are no atheists in foxholes/there are no libertarians in recessions" line. But i did find some Indian libertarians who are giving the whole 'this is not a true free market system' line. Hee Hee.. i have been hearing the same thing from marxist apologists since the soviet union went bust.

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posted by Bala, 8:50 PM | link | 0 comments |

The storm hits

September 15, 2008

Over the weekend

1) Lehman Brothers files for bankruptcy

2) Merrill Lynch sells itself to Bank of America to avoid Lehman's Fate

3) AIG is in trouble and looks like going the Bear Stearns way.

The bear market is here to stay. No more cheap money to go around. How much Indian equity these troubled companies own and how much they will have to sell is not clear. What would happen, if they try to liquidate their Indian holdings?. And who will replace them as owners of huge chunks of the Indian large caps?

PS: i have to go check up what the indian "free market" crowd is doing these days..

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posted by Bala, 7:47 AM | link | 4 comments |

america kaaran ... america kaaran than...

September 11, 2008

karunanidhi waived $1.4 billion
P Chidambaram wrote off $17 billion;

Hank Paulson stiffs the American Tax payer with Trillions.....

PS: as philosopher goundamani would have remarked : ayyo.. oru trillionukku ethana zero nne enakku theriyadhaee...

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posted by Bala, 8:22 AM | link | 0 comments |

Socializing Risk..

September 10, 2008

I like the life free market types live in the united states of America. When markets go up, they get to preach about the strength and inevitability of the markets and generally make rude sounds about welfare socialism. And when shit hits the fan, they have their henchmen nationalize the mess they have made and make tax payers pay for cleaning it up.

But in India, the free market types are thwarted in their attempts by an even more sinister cabal of socialist type bureaucrats. There is this certain economist who appears in CNBC often and whose writings dot the pink papers now and then. Our guy was clamoring for a rate cut of 300 basis points in April and now seems to have gone quiet. With a >12% inflation, someone would try to lynch him if he repeats this sentiment now. But imagine if these types had control of the north block and the RBI. Like i have said earlier, such times make me glad to live in the same country as Prakash Karat and D Raja.

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posted by Bala, 4:10 PM | link | 0 comments |

Aspirational phone.. my ass..

September 09, 2008

...The product has so far received a lukewarm response from Indian consumers. According to industry estimates, both Bharti Airtel and Vodafone Essar have not been able to sell more than 1,500 phones during the first week of launching the product....

thats the state of iPhone three weeks into its launch in India. So they price the iPhone 3.5x it's dollar price and expect it to become a Veblen Good. Apparently there aren't that many suckers in India. At this rate Apple won't be able to recover the money it spent on the launch parties.

It is sweet revenge for someone like me who has been doing a unofficial ko pa se act for iPhone for the past year and has been pissed at the price.

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posted by Bala, 11:19 AM | link | 0 comments |

Two books and a New Season of BSG

September 02, 2008

August was spent in a haze of books and TV shows. It seems i read around 40 books in August alone - most of them science fiction series fiction.. but hey that's more than a book a day. Two of them particularly stand out. The first one is Reaper's Gale (Book 7 of the Malazan series). This is a series which is still going strong in it's seventh book. The second one was David Weber's By Schism Rent Asunder. This is the second book in the SafeHold series. Both are books i have been waiting to get my hands on for about a year now and were enjoyable.

And then i saw Season 4.1 of Battlestar Galactica. This is one series that is getting better and better. Though i don't like the way it is going. It is beginning to feel like vikraman's vanathai pola. Everyone and his uncle is turning out to be a good guy. What happened to plain old villainy?.. sniff..

What i didnt catch was the whole Beijing Olympics circus. Watching Athens 2004 via NBC spoiled my opinion about the olympics thing and the schizophrenic coverage by the Indian media just reinforced my opinion. After wathching all the chest thumping about emerging China, let me make one of my dubious predictions - China will go the Romania(who?)way into obscurity. Dictatorships usually don't keep up the funding once the whole potemkin show gets over.

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posted by Bala, 11:34 AM | link | 0 comments |

The mother of all bubbles

September 01, 2008

Dear Constant Reader,

To commemorate the completion of five years of useless ranting through this blog, i am back briefly with this post. I am still suffering from some sort of communication exhaustion!! and am being content with not speaking to anyone i know for a couple of months.

While i was out incommunicado, the whole Beijing Olympics thing has come and gone. I am not a big fan of sports festivals (being a lazy couch potato) and personally think the whole olympic thing is boring. But this olympics being over has given me the oppurtunity to flog an old hobby horse - the incredible china bubble. I am posting a weekly chart of the Shangai composite index below. See the bubble and spare a thought for the chinese middle class which ended up playing sucker for this crash of 65 percent.

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posted by Bala, 5:47 PM | link | 0 comments |