Do India’s Stock Market Investors Lack Sophistication?

Via Manish’s News Tab at Ultrabrown, a blog post by John Elliott (“Riding the Elephant”) at Fortune. Is it just me, or is there a certain contradiction in the following paragraphs?

India has unsophisticated investors. I’m talking about stock market investors of course following the stock market crash, with Mumbai’s key Sensex index plummeting 19% from an all time and over-priced high of above 21,000 on January 8 to under 17,000 by Tuesday. Such a remark, judging from past Riding the Elephant experience, will generate a furious tirade of comments, especially from readers based in the United States who are always anxious to protect India’s reputation.

But how else can you explain a market which swings from such extremes. Last week it mobilized bids totaling an astronomic $180 billion for the $2.9 billion initial public offering launched by Anil Ambani’s Reliance Power (which has yet to produce a revenue stream). On Monday and Tuesday, it crashed, seemingly ignoring the country’s strong economic fundamentals. As Palaniappan Chidambaram, India’s finance minister, pointed out when he tried to calm nerves during the slide, the fundamentals are strong. The economy, he pointed out, is growing at around 9%, and the prime minister’s economic advisory council is forecasting 8.5% for 2008-09.

It’s not just Indian retail investors, but foreign funds (many of them based in the United States) that have been rushing herd-like into Mumbai in recent months – and then rushed out on in the past days. This afternoon I spoke to a leading Mumbai banker who has close links with the United States. “If anyone thought that having strong foreign institutional involvement in the Indian market would bring stability, it is clear that that assumption was misplaced,” he said (anonymously because of his links). He complained about a “lack of conviction and analysis” by foreign funds which “on Tuesday told me they were ‘getting the hell out of India’ and today are saying ‘buy.’” (link)

Who is John Elliott referring to when he talks about “India’s Investors”? His title and first sentence suggest he means local Indian investors. But the main focus of his post, starting in the third paragraph, is actually on foreign investors, who have added to the instability of the Indian markets with panic selling. Read the rest of his post — who do you think he is really talking about? Continue reading

Scrabulous: Dead App Scrabbling

I’ve mentioned it before, but for those of you who weren’t aware, I’m addicted to Scrabulous, the Facebook application which allows me to play multiple games of Scrabble with several of you at the same time, and at our leisure.

Scrabulous is so fabulous, I ditched Friendster and MySpaz out of my desire for it; I had no need for such retrograde networks, not when Facebook was so superior– and the whole basis for its superiority is this stellar timesuck. If you read the message boards on the “official” Save Scrabulous group or under news articles about the game, I’m not the only one who has embraced Facebook out of my nerdier impulses, nor am I the only one who is twitching in a corner, rocking back-and-forth over this:

The saga of Scrabulous is nearing an end…[link]

I can’t bear to contemplate it. Better I edify you as to why this tragedy is occurring. Hasbro is not pleased that their game is suddenly so popular, not when they have no part in the fun. Never mind that they were stupid for not sensing the untapped desire of millions of word-nerds for protracted online Scrabbling, they’re using words like “licensing” and “stealing” to rain on our vocabulary-littered parade.

A flurry of behind the scenes deal-making has been going on between Hasbro, Scrabulous, and Electronic Arts, which has the license in the U.S. to the online version of the game. Hasbro is trying to get Scrabulous to sell itself for a song to Electronic Arts, or else shut down completely by the end of the day today. [link]

The Calcutta-based brothers behind the awesomeness, software developers Rajat and Jayant Agarwalla are trying to find a way…

Scrabulous has been trying to shop itself to other buyers as well, but its legal liability is scaring away any potential white knights. Unless it gets some sort of reprieve or agrees to sell to Electronic Arts, Scrabulous will be no more, despite the more than 46,000 Facebook members who have joined the “Save Scrabulous” group. What choice does it have, really, but to sell? [link]

Lest you think this is a tiny sort of tempest, consider these numbers:

Scrabulous was started in 2006 as a standalone site operated by a pair of 20-something Calcutta, India-based brothers, Jayant and Rajat Agarwalla, but the game exploded when they created a Facebook application that currently boasts 2.3 million active users and soon became the workplace productivity drain du jour. It’s currently the ninth most popular application on the site. [link]

Continue reading

Nandi Ethics: When Newkirk Found Jallikattu

For those who are aware of it, this past week (specifically January 14th and 15th) was generally a time for celebration–Thai Pongal Usually, in my own family, this just means pongal rice, a “Happy Thai Pongal, darling!” from various overseas relatives and thus it remains one of those ever-dwindling, absolutely pure links to my childhood. Or so I thought. Another part of the festivities in India, aside from thanking Bhumi Devi for the year’s bounty, involves the snatching of treats and trinkets from the body of a bewildered bull by people one could only describe as foolhardy. Continue reading

Dhaliwal: “We didn’t do nothing” to Tatiana the Tiger

Dhaliwals at funeral.jpg Of course you didn’t. And witnesses will confirm that you were politely observing the animals at the San Francisco Zoo while thoughtfully considering their majesty– but more on that later. Finally, the parents of mauling victim Carlos Sousa received the phone call they pleaded for:

One of two young men who survived the Christmas Day tiger attack at the San Francisco Zoo that killed their 17-year-old friend told the teen’s mother that they had not taunted the big cat, the mother said today.
He said, ‘We didn’t do nothing. We were just normal kids at the zoo,’ ” Marilza Sousa said after talking with her son’s friend Paul Dhaliwal, 19, of San Jose.
That’s what happened, just dancing, talking, laughing like normal kids,” said Sousa, whose son Carlos Sousa Jr. was killed by the Siberian tiger. “I believe him.”
The brothers have so far refused to speak publicly about the incident. Sousa said Paul Dhaliwal had told her he has remained silent because he is still tormented by the incident, not because his attorney has told him not to talk. [sfgate]

Both brothers attended Sousa’s funeral, which is what their friend’s grieving parents hoped for.

But there’s still more to this story and it contradicts the recounting of events provided by the Dhaliwal brothers. A witness came forward, to describe what the boys were doing that day at the zoo:

Jennifer Miller, who was at the zoo with her husband and two children that ill-fated Christmas afternoon, said she saw four young men at the big-cat grottos – and three of them were teasing the lions a short time before the tiger’s bloody rampage that killed 17-year-old Carlos Sousa Jr.
“The boys, especially the older one, were roaring at them. He was taunting them,” the San Francisco woman said. “They were trying to get that lion’s attention. … The lion was bristling, so I just said, ‘Come on, let’s get out of here’ because my kids were disturbed by it.”
…Her family was looking at the lions when the young men stopped beside them at the big-cat grottos – five outdoor exhibits attached to the Lion House. The young men started roaring at the lions and acting “boisterous” to get their attention, said Miller, who added that she watched the four for five minutes or so a little after 4 p.m. “It was why we left,” she said. “Their behavior was disturbing. They kept doing it.”
Sousa refrained from such tactics, Miller said. “He wasn’t roaring. He wasn’t taunting them,” she recalled. “He kept looking at me apologetically like, ‘I’m sorry, I know we are being stupid.’ “ [sfgate]

Continue reading

A mind, a blog, and a vast emptiness

We often receive emails like the one below at the lonely North Dakota bunker that serves as Sepia Mutiny’s world blogging headquarters:

…I’d like to reach a wider audience and would really appreciate if you could link [to] my blog.

ps – I’m pretty good at keeping my site updated. Please take a look!

Thanks much!

To this, our standard response (if we have time to write one) is a polite “please read our F.A.Q.” But when I read the above email from a blogger, writing from a lonely bunker of his own, with nothing but his science and his blog…well, I’m not made of stone people. I’m quick to recognize a kindred spirit when I see one.

Plus, this guy’s research has direct bearing on my own work and career aspirations (and might save me some day):

I am a resident of Delhi, India, and a psychiatrist by profession (heal the mentally unwell). I’m also fond of the great outdoors, and cultures around the world. I’ll be spending 3.5 months in Antarctica winter of 2008, doing research at the Indian base station. Thru this blog, I hope to keep my friends and family updated on my stay in this incredible land.
–Sudhir Khandelwal [Link]

Of course he is going to be “good about updating his site!” What else does he have to do? 🙂

Continue reading

Siberian Tiger Escapes SF Zoo, Does What Tigers Do

Tatiana.jpg Ever since a rare Siberian tiger named Tatiana escaped its enclosure at the San Francisco Zoo (my first zoo!) and mauled two brothers after killing a third man, news sites have listed the story in their various “top ten” boxes, for most emailed, most popular and most blogged. Who knew there was a Sepia angle to this captivating, contradiction-filled tale? An anonymous tipster did, and they just rang up the mutiny; it turns out the two survivors are desi.

First, the deets:

The big cat exhibit at the San Francisco Zoo was cordoned off as a crime scene Wednesday as investigators tried to determine whether a 300-pound Siberian tiger that killed a visitor escaped from its high-walled pen on its own or got help from someone, inadvertent or otherwise.
Police shot the animal to death after a Christmas Day rampage that began when the tiger escaped from an enclosure surrounded by what zoo officials said are an 18-foot wall and a 20-foot moat. Two other visitors were severely mauled…
One zoo official insisted the tiger did not get out through an open door and must have climbed or leaped out. But Jack Hanna, former director of the Columbus Zoo and a frequent guest on TV, said such a leap would be an unbelievable feat, and “virtually impossible.”
“There’s something going on here. It just doesn’t feel right to me,” he said. “It just doesn’t add up to me.”
Instead, he speculated that visitors might have been fooling around and might have taunted the animal and perhaps even helped it get out by, say, putting a board in the moat. [KTVU]

Tatiana is the same tiger who attacked a zookeeper almost exactly a year ago, during a public feeding. In that situation, the Zoo was found to be at fault, not the tiger, which is why she wasn’t put down. As many have pointed out on message boards and in news articles, “she was just acting like a tiger”. In this latest, deadly attack, some have asked why an animal which is extremely endangered wasn’t tranquilized instead of killed. The zoo had a team which was capable of that, but the police responded first and did what they felt they had to:

The body of Carlos Sousa Jr, 17, was found with a slashed throat near the exhibit.
The other two victims, brothers age 19 and 23, who accompanied Mr Sousa to the zoo, were said to be present when the tiger escaped.
It is thought they fled, leaving a trail of blood which the tiger followed…
The four-year-old cat, Tatiana, attacked one of the brothers before police were able to distract the animal and shoot it dead. [Telegraph]

There has been much conjecture about whether a board was lowered to help the tiger (!), whether they dangled body parts over the enclosure to tease it, and whether blood and a shoe were found inside the tiger’s stomping grounds. Finally, there are a few answers: Continue reading

Kashayyam for what ails me.

As much as left-coast-born-and-raised me loves living on the right side of this vast country, there is one situation which inspires a reaction which is more pathetic than independent– being sick. I’m not talking about the sniffles or an errant sneeze or three, I mean, 102 degree fever, rhinitis which resembles a broken faucet and exhaustion which is so powerful, Ambien is envious of its ability to force sleep. I mean, sick sick. inji.jpg

When you’re sick and at home (or near it, even), parents can do what they love to, they can fuss and scold while they bustle about making clucking noises and shaking their heads. There’s something so comforting about the cadence of a mildly-irritated, slightly-worried parent. I tune out the actual words and just follow along until I’ve reached the portal to that ever-running game of subconscious Chutes and Ladders, and then I slide back to baby-hood in a blissful blur.

Don’t hate. You totally do it, too. When you can, that is. But when you are 3,000 miles away, and you are surveying the destruction which is a charitable way to characterize one kleenex-strewn, studio apartment, there is no such succor. We modern, vesternized children who think we know so much, who move so far from mummydaddy, we do the only thing we can. We wallow during those brief moments we’re conscious, reconsider our stubborn and proud refusal to get married already and then, when it’s 4am and we’re awake because the drugs have worn off, we update our Facebook status with something miserable. What, you don’t? Well, I’m kinda glad I did that last thing. I woke up to a post on my wall which immediately cheered me…

I can only suggest the concoction foisted by many mother on her sick, jaded-by-alopathy children, kashayyam:

…and then there was a fantastic link to the substance he suggested.

Inji kashayam, a medicinal drink made with fresh ginger,pepper,coriander seeds and jaggery.This is mother in law’s famous recipe to make us all feel better when we are down with cold,indigestion or even nausea.Simple and easy to make…[link]

Ginger? Pepper? Jaggery? Awww, yeah. You know, I don’t know anything about cricket, I don’t watch Bollywood, I’ve never seen any of those 2nd gen experiments on celluloid which contain various combinations of “American”, “Desi” or “Chai”, but I’m brown in some very persistent, weird ways and this is one of them; I’m talking about the home remedy, the more random and bizarre, the better.

Back when I was a disdainful ten-year old, if you had told me that one day I’d be drinking, nay, CRAVING Jeera-vellam I wouldn’t have believed it. No way. Eeew. Not me. I was too cool for amber-colored water with icky masses of cumin seeds lurking at the bottom of a glass. And yet, there I was last year, 21 years older and determined to steep this mysterious drink, just so. Yes, I know it’s a brew so simple an idiot can make it, but that doesn’t lessen my anxiety, hokay? I was born here. That fact alone has me convinced that I will never be able to replicate my Mother’s legendary Meenkari-with-no-meen.

Anyway, thanks to a darling friend’s sympathetic post on my “wall”, here was another recipe which required ingredients from a store which probably also stocked ladoos (mmm…ladoos), a recipe which would probably work, if for only one reason (but it’s a powerful one, so one is all we need)– it was desi. And someone’s Mom used to make it. And it has nothing to do with medicine, over the counter or otherwise.

Placebo effect? Sure, I won’t dispute that at all. I also won’t dispute the ridiculously smug sense of satisfaction such a concoction summons, as if we have a secret, cultural-velvet-rope-thang. Those moments, when my brain is being boiled by a fever, and when I’m dazed, crazed and amazed at how good pepper, sugar and something I can’t pronounce which was allegedly smuggled in someone’s suitcase can taste…those are the moments when I am consummately down with my brown. Continue reading

Let’s Arrange a Marriage, Shall We?

What the huck.JPG I recently posted about a man in Tamil Nadu named P. Selvakumar who was advised by his astrologer to marry a dog to atone for his past cruelty; when he was younger, he had stoned a pair of mating dogs and then hung them from a tree, to die. After his deplorable act, he apparently lost his hearing and became paralyzed.

If only he had been the son of a powerful politician in Amreeka. Then he would have blessed enough to get away with it, grow up and continue to display very disturbing behavior!

You see, once upon a time mutineers, in a state far, far away…okay, it was Arkansas, but still, there was a teen who was wicked. His name was David Huckabee and while he was leading a boy scout camp in 1998, he murdered a defenseless dog.

Do you see where I’m going with this? Of course you do, clever readers. Because while some of you impugned my decision to post about P. Selvakumar’s wedding to Selvi the canine as an “about-as-veiled-as-that-one-belly-dancer-at-Prince-Cafe” dig at Hinduism, most of you realized that what haunted me was how the whole thing occurred because two dogs had been stoned and then strung from a tree. I love dogs. I’ve had three, all of whom sadly are gone. Out of an overwhelming sense of loss, I now stop and pet every pup who will have me; that is how much I love dogs. They are fiercely loving, ever adoring, loyal, fuzzy angels with paws.

Once, when I was a senior in college and considerably angst-ridden (for very good reason), I put “Strangeways Here We Come” on my turntable, dropped the needle and then dropped myself down on the lush, odd red carpet we were infamous for having installed in our ENTIRE Home. It was time for some emotional bloodletting, though I didn’t have any Johnette nearby.

When Morrissey started keening, I went still, except for the unceasing crying, of course. A few songs in to the album, I was vaguely aware of a strange noise but I was too morose to move. My eyes were closed. I was despondent. I really didn’t care.

But my wolf-German shepherd hybrid did. He had broke through the once-sturdy patio screen door in his haste and worry to get to me. I opened my eyes because of the oddest sensation–a very concerned puppy was licking all the NaCl off my face. Torn between being utterly grossed out (it was my first pet!) and utterly in love with such love (it was my first pet!), I chose the latter and sat up, as my dog visibly relaxed at my not-being-dead.

That’s what kind of sweetness dogs contain.

And maybe, just perhaps, the dog that David Huckabee executed had licked away some other kid’s tears. Even if it hadn’t, I’m sure it would have been inclined to, if it hadn’t been hung from a tree and left to choke to death by the son of a Preacher man. Continue reading

Bone(s), thugs ~n~ western medicine

If you’re a scientist, you say that your own understanding of the world comes from standing on the shoulders of giants. If you’re a doctor, it turns out that your knowledge comes from standing on the pilfered graves of dead Indians:

Alas poor Yorick

Medical students across the world rely on anatomical models to become informed doctors. What many don’t realize is that a large number of these models are stolen from graves in Calcutta, India. For 200 years, the city has been the center of a shadowy network of bone traders who snatch up skeletons in order to sell them to universities and hospitals abroad. In colonial times, British doctors hired thieves to dig up bodies from Indian cemeteries. Despite changes in laws, a similar process is going strong today. Throughout parts of Calcutta, many of the cemeteries have been empty for generations. [Link]

Last week Scott Carney broke the story of the human bone trade in West Bengal, with accounts at Wired, NPR and his own blog [Photos here].

Why Indian bones? Well, skeletons are hard to get in the west, so medical schools look elsewhere:

In the US, for instance, most corpses receive a prompt burial, and bodies donated to science usually end up on the dissection table, their bones sawed to pieces and destined for cremation. So most skeletons used for medical study come from overseas. [Link]

In 1985, the Chicago Tribune reported that India had exported about 60,000 skulls and skeletons the year before. The supply was sufficient for every medical student in the developed world to buy a bone box along with their textbooks. [Link]

See, everything really does come from India! Continue reading

What Vivek would really say

Those of you who use gmail and gchat will have seen the news that gchat has gone from monogamous chatting only to full on orgy mode:

Guess who’s coming to dinner?

My reaction to this news is that it’s about time! Not the move to group chat, but the use of Vivek in an example. I mean, if you go into one of the many googleplex fine dining establishments and holler “Yo – Vivek!” you know how many people would turn around? So what took Google so long?

Of course, if they’re going for versimilitude here, Vivek would probably not be going camping with Todd (not unless they were a couple) but instead with a truckload of other desis, especially if Vivek is an IBD. The example should really say something like “Group chat – so 10 desi couples can coordinate their camping plans!” The chat would show people discussing who was bringing the dal, who was bringing the chaval, how many kinds of pickles were necessary for an overnight camping trip, whether a pressure cooker will work over a campfire, etc.

Actually, on second thought, I think we’re better off with the example provided. I don’t think even Google’s mighty servers could survive the surge in load from brown people going camping alone, not to mention brown people coordinating movies, dinners, or weddings. Back to Todd and Vivek it is.

Continue reading