Archive for October, 2011
Markets follow world lead and open strong in India as Greece & Europe get a strong Breather at a huge Price though…Caution continues to Stock Punters…Don’t Play Poker Blind !Friday, October 28th, 2011
On Global cues Sensex too opened up by over 3% and 600 points,but has now retreated a bit to 17771 as Greece & Europe get a strong Breather at a huge Price though
After several months of High Anxiety and a final night of High Debate,Greece finally got a significant bailout…Lenders agreed to take a 50% haircut on existing Bonds and convert the same to new loans at preferential rates…Greece will be handed a Hundred Billion Euros as the New Year begins but will have to agree to huge austerity measures to bring down the Debt from the current 180% of GDP to 120% by 2020….It’s not going to be easy for Greece….it’s people have been resorting to violent protests in recent months…these may intensify
Just one simple advice for those punting in Stocks,Currencies and Commodities….don’t play Poker Blind !
Samvat 2068 begins…may it be a prosperous one for all of you…vist www.growthavenues.com to see if we can be of any help to you for this…Cheers !Thursday, October 27th, 2011
Samvat 2068 begins…may it be a prosperous one for all of you…vist www.growthavenues.com to see if we can be of any help to you for this
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We are all Experts on everything !…Currently We are all in that “hmmmm…” Euro Expert Phase blaming our Sensex Mischief on Greece…humming by default the ‘Mera Naam Joker’ Classic “Aye Bhai,Jara Dekh kay chalo !”Friday, October 21st, 2011
It is quite amusing really…we are experts on just about everything on this planet !…and blame just about everything for the mischievious way our Sensex behaves
…..awhile ago we were all experts on the US Economic and Financial Crisis and what Obama should or should not be doing….then we turned inwards yet again and cursed our Government for Corruption & Inflation ….we are now in that “hmmmm…” Euro Expert Phase and are all awaiting when Greece will default and worse,exit the Eurozone
….meanwhile our Sensex continues to mock us,reversing trends daily while remaining rangebound within 16000 and 17000
Can’t help humming that classic from ‘Mera Naam Joker’…”Aye Bhai,Jara Dekh kay chalo…Aaage bhi nahin,peeche bhi…daye bhi nahin,baye bhi…uppar bhi nahin,neeche bhi…Aye Bhai !
R.I.P Steve Jobs of Apple
He’s Cheated Death for a few Years…but there is no Cheat Code for Cheating Death
Passed away day before after enduring Pancreatic Cancer and a Liver Transplant
From I-pod to I-Phone to I-Pad and finally to I-Cloud now
Reblogging his 2005 Address at Stanford as below
Steve Job’s June 2005 Address to Stanford Students
It was with some amusement that I read the news coverage this morning of how STEVE JOBS,the Co Founder of Apple Computer and Pixar Animation, read his own obituary !
It seems Newswire Service Provider,Bloomberg’s gaffe occurred during a routine update of STEVE JOBS’ biography.Many newswire services have obits written in advance for prominent people to enable them to quickly put them in the news on death of that person…Bloomberg has an obit prepared for Steve Jobs already and inadvertently published it yesterday only to retract it later !
It made me recall a heart warming Speech that STEVE JOBS gave to Stanford University Graduates in June 2005…a Speech that I distributed regularly to participants at my workshops at the BSE Training Institute in 2005 and 2006
In this Speech STEVE JOBS talks of his Life and breaks it down into Three segments of
- Connecting the Dots
- Love and Loss
You can view it on YouTube at http://www.youtube.com/watch?v=D1R-jKKp3NA
Gaurav A Parikh
Thank you. I’m honored to be with you today for your commencement from one of the finest universities in the world. Truth be told, I never graduated from college and this is the closest I’ve ever gotten to a college graduation.
Today I want to tell you three stories from my life. That’s it. No big deal. Just three stories. The first story is about connecting the dots.
Connecting the Dots
I dropped out of Reed College after the first six months but then stayed around as a drop-in for another eighteen months or so before I really quit. So why did I drop out? It started before I was born. My biological mother was a young, unwed graduate student, and she decided to put me up for adoption. She felt very strongly that I should be adopted by college graduates, so everything was all set for me to be adopted at birth by a lawyer and his wife, except that when I popped out, they decided at the last minute that they really wanted a girl. So my parents, who were on a waiting list, got a call in the middle of the night asking, “We’ve got an unexpected baby boy. Do you want him?” They said, “Of course.” My biological mother found out later that my mother had never graduated from college and that my father had never graduated from high school. She refused to sign the final adoption papers. She only relented a few months later when my parents promised that I would go to college.
This was the start in my life. And seventeen years later, I did go to college, but I naïvely chose a college that was almost as expensive as Stanford, and all of my working-class parents’ savings were being spent on my college tuition. After six months, I couldn’t see the value in it. I had no idea what I wanted to do with my life, and no idea of how college was going to help me figure it out, and here I was, spending all the money my parents had saved their entire life. So I decided to drop out and trust that it would all work out OK. It was pretty scary at the time, but looking back, it was one of the best decisions I ever made. The minute I dropped out, I could stop taking the required classes that didn’t interest me and begin dropping in on the ones that looked far more interesting.
It wasn’t all romantic. I didn’t have a dorm room, so I slept on the floor in friends’ rooms. I returned Coke bottles for the five-cent deposits to buy food with, and I would walk the seven miles across town every Sunday night to get one good meal a week at the Hare Krishna temple. I loved it. And much of what I stumbled into by following my curiosity and intuition turned out to be priceless later on. Let me give you one example.
Reed College at that time offered perhaps the best calligraphy instruction in the country. Throughout the campus every poster, every label on every drawer was beautifully hand-calligraphed. Because I had dropped out and didn’t have to take the normal classes, I decided to take a calligraphy class to learn how to do this. I learned about serif and sans-serif typefaces, about varying the amount of space between different letter combinations, about what makes great typography great. It was beautiful, historical, artistically subtle in a way that science can’t capture, and I found it fascinating.
None of this had even a hope of any practical application in my life. But ten years later when we were designing the first Macintosh computer, it all came back to me, and we designed it all into the Mac. It was the first computer with beautiful typography. If I had never dropped in on that single course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts, and since Windows just copied the Mac, it’s likely that no personal computer would have them.
If I had never dropped out, I would have never dropped in on that calligraphy class and personals computers might not have the wonderful typography that they do.
Of course it was impossible to connect the dots looking forward when I was in college, but it was very, very clear looking backwards 10 years later. Again, you can’t connect the dots looking forward. You can only connect them looking backwards, so you have to trust that the dots will somehow connect in your future. You have to trust in something–your gut, destiny, life, karma, whatever–because believing that the dots will connect down the road will give you the confidence to follow your heart, even when it leads you off the well-worn path, and that will make all the difference.
Love and Loss
My second story is about love and loss. I was lucky. I found what I loved to do early in life. Woz and I started Apple in my parents’ garage when I was twenty. We worked hard and in ten years, Apple had grown from just the two of us in a garage into a $2 billion company with over 4,000 employees. We’d just released our finest creation, the Macintosh, a year earlier, and I’d just turned thirty, and then I got fired. How can you get fired from a company you started? Well, as Apple grew, we hired someone who I thought was very talented to run the company with me, and for the first year or so, things went well. But then our visions of the future began to diverge, and eventually we had a falling out. When we did, our board of directors sided with him, and so at thirty, I was out, and very publicly out. What had been the focus of my entire adult life was gone, and it was devastating. I really didn’t know what to do for a few months. I felt that I had let the previous generation of entrepreneurs down, that I had dropped the baton as it was being passed to me. I met with David Packard and Bob Noyce and tried to apologize for screwing up so badly. I was a very public failure and I even thought about running away from the Valley. But something slowly began to dawn on me. I still loved what I did. The turn of events at Apple had not changed that one bit. I’d been rejected but I was still in love. And so I decided to start over.
I didn’t see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods in my life. During the next five years I started a company named NeXT, another company named Pixar and fell in love with an amazing woman who would become my wife. Pixar went on to create the world’s first computer-animated feature film, “Toy Story,” and is now the most successful animation studio in the world.
In a remarkable turn of events, Apple bought NeXT and I returned to Apple and the technology we developed at NeXT is at the heart of Apple’s current renaissance, and Lorene and I have a wonderful family together.
I’m pretty sure none of this would have happened if I hadn’t been fired from Apple. It was awful-tasting medicine but I guess the patient needed it. Sometimes life’s going to hit you in the head with a brick. Don’t lose faith. I’m convinced that the only thing that kept me going was that I loved what I did. You’ve got to find what you love, and that is as true for work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work, and the only way to do great work is to love what you do. If you haven’t found it yet, keep looking, and don’t settle. As with all matters of the heart, you’ll know when you find it, and like any great relationship it just gets better and better as the years roll on. So keep looking. Don’t settle.
My third story is about death. When I was 17 I read a quote that went something like “If you live each day as if it was your last, someday you’ll most certainly be right.” It made an impression on me, and since then, for the past 33 years, I have looked in the mirror every morning and asked myself, “If today were the last day of my life, would I want to do what I am about to do today?” And whenever the answer has been “no” for too many days in a row, I know I need to change something. Remembering that I’ll be dead soon is the most important thing I’ve ever encountered to help me make the big choices in life, because almost everything–all external expectations, all pride, all fear of embarrassment or failure–these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.
About a year ago, I was diagnosed with cancer. I had a scan at 7:30 in the morning and it clearly showed a tumor on my pancreas. I didn’t even know what a pancreas was. The doctors told me this was almost certainly a type of cancer that is incurable, and that I should expect to live no longer than three to six months. My doctor advised me to go home and get my affairs in order, which is doctors’ code for “prepare to die.” It means to try and tell your kids everything you thought you’d have the next ten years to tell them, in just a few months. It means to make sure that everything is buttoned up so that it will be as easy as possible for your family. It means to say your goodbyes.
I lived with that diagnosis all day. Later that evening I had a biopsy where they stuck an endoscope down my throat, through my stomach into my intestines, put a needle into my pancreas and got a few cells from the tumor. I was sedated but my wife, who was there, told me that when they viewed the cells under a microscope, the doctor started crying, because it turned out to be a very rare form of pancreatic cancer that is curable with surgery. I had the surgery and, thankfully, I am fine now.
This was the closest I’ve been to facing death, and I hope it’s the closest I get for a few more decades. Having lived through it, I can now say this to you with a bit more certainty than when death was a useful but purely intellectual concept. No one wants to die, even people who want to go to Heaven don’t want to die to get there, and yet, death is the destination we all share. No one has ever escaped it. And that is as it should be, because death is very likely the single best invention of life. It’s life’s change agent; it clears out the old to make way for the new. right now, the new is you. But someday, not too long from now, you will gradually become the old and be cleared away. Sorry to be so dramatic, but it’s quite true. Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma, which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice, heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.
When I was young, there was an amazing publication called The Whole Earth Catalogue, which was one of the bibles of my generation. It was created by a fellow named Stuart Brand not far from here in Menlo Park, and he brought it to life with his poetic touch. This was in the late Sixties, before personal computers and desktop publishing, so it was all made with typewriters, scissors, and Polaroid cameras. it was sort of like Google in paperback form thirty-five years before Google came along. I was idealistic, overflowing with neat tools and great notions. Stuart and his team put out several issues of the The Whole Earth Catalogue, and then when it had run its course, they put out a final issue. It was the mid-Seventies and I was your age. On the back cover of their final issue was a photograph of an early morning country road, the kind you might find yourself hitchhiking on if you were so adventurous. Beneath were the words, “Stay hungry, stay foolish.” It was their farewell message as they signed off. “Stay hungry, stay foolish.” And I have always wished that for myself, and now, as you graduate to begin anew, I wish that for you. Stay hungry, stay foolish.
Thank you all, very much.
What a Lovely Day this Shirdi Sai Baba Thursday !…Dussehra with Fresh Bright Orange Marigold Torans and Jalebis and Papdi & Raw Pumpkin Chutney…Daughter turns sweet 16…Pooja at Wife’s New Office…Late Uncle’s BlessingsThursday, October 6th, 2011
What a Lovely Day this Shirdi Sai Baba Thursday!…Dussehra with Jalebis and Papdi…Daughter turns sweet 16…Pooja at Wife’s New Office…Late Uncle’s Blessings
It’s been a lovely whirlwind Thursday that began at Wednesday midnight with surprising Daughter with Sweet Sixteen Birthday Wishes and Hugs and Kisses and Cake Cutting and Presents thoughtfully selected by her loving elder brother !…and ended too with celebrating her Birthday with Dinner at Flamboyante for a Flamboyant Girl…just the Family
…..In between it’s been a series of other celebrations…Early Morning Fresh Bright Orange Marigold Torans for the Houses and Car…then went and got some Fresh Jalebis and Papdi with Raw Pumpkin Chutney for several relatives,Friend and own houses to celebrate Dussehra,the triumph of Good over Evil….then Wife’s new office Pooja and Lunch…Zoey,our Dog came along too !….Wife’s created a nice cosy and warm cabin for herself…positive vibrations…then late afternoon at Aunt’s House …..received late Uncle’s Blessings…snatched an hour of sleep in the evening….rounded of the day at Flamboyante,a popular South Mumbai Fusion Food Place to celebrate Daughters Birthday…Lucky to Get a Table as we had not made any Reservation….Captain recognised me…he was earlier F & B Manager at my Club…….we were served well…Try the Kandahar Awadh Paneer Tandoor and the Jade Rolls with Chilli Flake Dressing….Nice Family Bonding……Enroute had lovely Darshans of several Goddess Durga Processions that were heading for Immersion
Tomorrow is another auspicious Day….October 7…..TGIF !…..Wife and I have fond memories of this day….and tomorrow an important new working relationship is being forged
Our markets though may continue to remain inauspicious for some more time though !
India Proxy,State Bank of India gets Moody and drops over 5% today to Rs 1750 levels as ‘Moody’ downgrades it’s Banking Financial Strength Rating (BFSR) to D+ from C-Tuesday, October 4th, 2011
India Proxy,State Bank of India gets Moody and drops over 5% today to Rs 1750 levels as ‘Moody’ downgrades it’s Banking Financial Strength Rating (BFSR) to D+ from C-
As of June 30,2011 State Bank of India had a Tier 1 Captal of 7.6%…below the Govt stipulated 8% for PSU Banks…It’s Non Performing Assets (NPAs) climbed to 3.5%
For a long time now State Bank of India has been urging for a Rights Issue to take it’s Tier 1 Capital to over 9%…Government holds 59.4% of the Equity of Rs 635 crs and would have to subscribe for over Rs 13000 crs in a Rs 23000 crs proposed Issue to maintain their shareholding…It does not have the money to do so !…and so there has been this delay in pumping in Equity into State Bank of India
State Bank of India faces operational challenges ahead…no funds to plan growth…increasing cost of funds,more so now on this downgrade….increasing NPAs….stiff competition…economic slowdown as high interest rates reduce credit offtakes
At Rs 1750 levels ,It’s avaliable at 1.3 FY 11 Book…Consolidated Networth was Rs 83500 crs giving a Book Value of Rs 1315….Consolidated FY 11 EPS was Rs 170 giving a current P/E of 10.3
Last Year in November the Share Price was at strong levels of Rs 3500 levels,twice that of current levels of Rs 1750…all are invested in it…being patriotic and it being an India Proxy…Being Emotional in Investments can be costly !…lost 50% inside a year and will need a 100% surge to regain last year Nov levels…Moreover if the Rights Issue comes through,there may be some rotational play
It’s holding on to top market cap in the banking sector and Rank 9 in Overall Top Market Caps with the Market Cap at just over Rs 110000 crs..not far behind is HDFC Bank at Rs 105000 crs…ICICI Bank,which at one time had pipped State Bank of India in Market Cap,had slipped badly in the past two years but is now playing catch up and is at Rs 91000 crs
Methinks this Moody’s downgrading will force the Government’s hand and the Rights Issue will materialise soon…This downgrade mocks the Bank and India and will surely goad the latter to action to further capitalise the Bank
As the Government was not listening to State Bank of India,maybe,just maybe a hint was dropped to Moodys !
Or let’s argue that State Bank of India is no longer an India Proxy !
Now ! Now ! Gaurav !
Two Quotes caught my eye…one by Shankar Sharma in his print interview to Economic Times and the Other by Shah Rukh Khan on a TV Show…Disagree with BothSunday, October 2nd, 2011
Two Quotes caught my eye in the past two days… Disagree with Both
One by Shankar Sharma in his print interview to Economic Times and the Other by Shah Rukh Khan on a TV Show
Never Met the Guy but have always been amused by Shankar Sharma’s views on Capital Markets… he loves playing to the gallery … has promoted First Global
“Markets are not there for Morality”
“..this drive against corruption… will reduce GDP Growth, and erode corporate profitability”
“if lynch mobs are going to run the country, we are heading for a very dark period”
Good Lord !… What’s this Guy saying… In a nutshell what he implies is that don’t cleanse a rotten system, biased against retail investors, else it will cleanse off profits…. Corruption, Manipulation and Insider Trading are required for Profitability !
Or am I being too Moralistic or Hypocritical, as Shankar Sharma provokes us not to be !
I just can’t agree with him here… and to steal Ronit Roy’s Signature Line in ‘Adalat’, a popular TV Serial “Am I Right,or am I right !” … he plays the central lawyer character of K D Pathak who has till date never lost a case and solved many crimes while defending the accused
And Shah Rukh Khan !
…he’s been all over the TV last night promoting Ra-One and giving out Ra-One Dolls… live on Zee and in Surat at the Finale of the Little Champs Singing Star… Ten Year old singing sensation,Azmat won this… then on the Star Plus Recorded Finale of Hritik Roshan’s ‘Just Dance’… Mumbai’s Ankan Sen won this one… and then on Colors Finale of ‘India’s got Talent, Season 3′… won by Suresh & Vernon Group
“If you have this sort of Talent,you don’t need to be Humble !”
This is what the Badshah of Bollywood asserted to Guest Star Shweta Salve who was dancing the Salsa in the Finale of ‘India’s got Talent, Season 3′… Incidentally the Runners up here were a Dance Group ‘Bad Salsa’ from Kolkata… Donna and Akash were the children who performed the Salsa like born to it !… out of this world…. they lost out narrowly and there was a stunned silence and a few heartbreaks all around… they were strong favourites for the title… I simply loved them !… wished they had won
Come on Shah Rukh !… we are taught, and rightly so, to remain or be Humble, irrespective of the Talent or Achievements or Wealth or Status or Power or Position we may attain !…. not get arrogant or carried away by it!
One more thing…. your advice to the young children and runners up ‘Bad Salsa’ to step back and reflect why they lost and then come back and beat the shit out of everyone else the next time reflects a Killer Attitude and ‘Must Win’ Obsession… What about Sporting Spirit ! and that Winning is Not Everything !
Though I will disagree, having even considered the context in which you asserted these, with your sentiments and advice expressed as above, I must confess you are a born entertainer… have an aura and a magnetic personality…. loved watching your matching some of the awesome dance steps and even displaying some of your own… and at 40+!…”Fit Hai Boss !”… have stolen Akshay Kumar’s ad line for you !
I’ve decided… with the Markets unable to make up their mind, it gives me time to get Fit and Learn the Salsa !… and I’ve been told I need to get Fit first… and not Dance the Salsa to get Fit!