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Submitted by Sundaram BNP Paribas Asset Management
The Wise Investor - June 2010
The indian business mind simply does not possess the kind of homogeneity and boxed model representations that people like this like to paint on it.
India is a chaos market. Bigger is better. Inside information rules. The small investor has been the biggest loser in every Indian stock-crash.
In addition, imagine knowing, as a large FII, that your every move is seen as a pre-cursor to a tightly coupled move in the market..... hmmmmm, it would take a collusion of two to completely rule the market. One take it up, one take it down.
It is a chaos retail market.
India is not an efficient capital nation. At all!
What is that saying, cannot white-wash a pig? Something like that. Go to it' sroots sand India is still a subsistence agriculture nation at heart.
I hope the suits never get a chance to get their hands on them.
I thought Mauldin's analysis of things in Europe, around page 20, was very good.
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