Word: indianism
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...investment world was always going to be easy for Navroz Udwadia, a second-year student at Harvard Business School and a former Rhodes scholar. But what made him stand out was not just his brain; it was that he had grown up in Bombay and had a passion for Indian equities. "Every hedge fund I interviewed with was fascinated by my Indian background," he says. Four of them offered him jobs. One, refusing to wait for him even to graduate, gave him $5 million to invest in Indian stocks in his spare time...
Entrusting millions to a grad student might seem foolhardy, but everyone these days seems to be groping for a way to get rich off India. Foreign institutional investors poured $8.9 billion into Indian equities in 2004 and $3 billion so far this year, up from $750 million in 2002. Awash in cash from overseas, Sensex--India's main stock index--has more than doubled in two years to hit a recent all-time high. As Udwadia puts it, "astute foreign investors" recognize that India's rise is "a unique opportunity...
...right, of course. On a recent visit to Bombay, I soon found myself as intoxicated as everyone around me. It's hard not to be dazzled by what's happening: the economy is growing at 7%, per capita income is soaring 11% a year, and Indian corporations are more competitive than ever before. Yet this flood of hot--and often naive--foreign money into Indian stocks has me spooked. The Indian market has often proved a terrific place to lose money. If you had bet on the Sensex in, say, 1992, you would have been 30% poorer...
...most voguish are Indian mid-cap funds, which bet on riskier companies that may one day grow up to be blue chips. In November and December alone, the CNX mid-cap index jumped 28%. Returns like those make life worth living, but gravity has a way of bringing things back to earth. When I met him in Bombay, Nilesh Shah, head of equity strategy at Kotak Securities, seemed pleased but perplexed by the performance of his team's fledgling mid-cap fund, targeted at foreigners willing to pony up $100,000. Six months after its launch last August, he marveled...
...culminates in Scott’s own hastily constructed seminar, in which workers are given ethnic identities (attached to their foreheads on notecards) and asked to treat each other accordingly. “Stir the melting pot!” Scott yells, before welcoming an Indian co-worker to “my convenience store. Do you want a coo-ookie?” He summarily gets slapped...