Citigroup Names Pandit CEO, Ending Closely Watched Search - WSJ.com
Citigroup Names Pandit CEO,
This site is more about what I read and a place for my friends to get a gist of what I read. I am interested in Technology, Venture capital, Finance, and real estate and emerging markets.
Citigroup Names Pandit CEO,
Posted by Vijaychandran Veerachandran at 1:25 PM
In my first column on the prospects and opportunities in Indian real estate, I looked at the residential sector and my favorite way to play it, Unitech Corporate Park (listed on London's Alternative Investment Market (AIM) in addition to its home listing in India). In this column, I'll examine the commercial real estate sector, which I believe offers significant upside potential, and my favorite pure-play on it: DLF, listed on the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE).
Posted by Vijaychandran Veerachandran at 11:16 AM
An MIT education is now just a click away
Posted by Vijaychandran Veerachandran at 3:20 PM
US National Debt Expanding at Mind-Numbing Rate, Nearly $1.4 Billion Per Day
Powered by ScribeFire.
Posted by Vijaychandran Veerachandran at 3:14 PM
Mark Zuckerberg talks about this challenge in his post yesterday:
But we missed the right balance. At first we tried to make it very lightweight so people wouldn't have to touch it for it to work. The problem with our initial approach of making it an opt-out system instead of opt-in was that if someone forgot to decline to share something, Beacon still went ahead and shared it with their friends. It took us too long after people started contacting us to change the product so that users had to explicitly approve what they wanted to share.
Posted by Vijaychandran Veerachandran at 8:27 AM
Tiger Woods on returning to golf after a break:
First day I hit it like a god. Next day I'm a 5-handicapper. Third day I'm an 18. Next week or two I try to get it back to a 0 handicap. I don't know why it's like that. I always start out hitting it great, then I have this immediate falloff [as I] start thinking about my game, it goes all to pieces and I have to build it back up again
Posted by Vijaychandran Veerachandran at 7:05 AM
How Risks Originate
The bulk of Goldman's risks, Blankfein said, do not result from proprietary trading, but rather from facilitating client objectives. Being an effective M&A advisor, for example, means giving advice that is actionable, which frequently requires the advisory firm to support the client through loans and other balance sheet commitments. Most of Goldman's current exposure to mortgage risk came about in just this way -- through commitments to support client originators.
Posted by Vijaychandran Veerachandran at 11:25 AM
A letter changed their lives. Some 30 years ago, the Hiranandanis were in the textile and property business. They did badly in both and decided to withdraw from one of the businesses.
Posted by Vijaychandran Veerachandran at 12:10 PM
25 most powerful people in business
Some are empire builders. Others are hired guns. But if they truly have world-class oomph, they're on Fortune's subjective - yet really quite accurate - list of the most powerful businesspeople in the world.
Posted by Vijaychandran Veerachandran at 11:49 AM
India's 10 richest property investors have more funds than Donald Bren, Donald Trump, Samuel Zell and the next seven wealthiest U.S. real-estate investors, Forbes Magazine reported. Mumbai has the world's second-highest office rents after London's West End, according to data compiled by real-estate broker CB Richard Ellis. Rents in Mumbai rose 55 percent in the past year to $189.51 per square foot, almost double the costs in midtown Manhattan, CB Richard Ellis reported
Posted by Vijaychandran Veerachandran at 6:50 AM
Best Subprime Quote du Jour
Best subprime quote of the day goes to John Mauldin. He is paraphrasing Jim Grant, and Grant has been saying this for some time, but it still counts:
"The subprime problem, we were told, would not spread to other markets. It would be "contained." And it has, according to Jim Grant. He quipped last week that it has been contained on planet Earth."
Posted by Vijaychandran Veerachandran at 6:34 AM
15 Successful Entrepreneurs Who Didn’t Need College
Posted by Vijaychandran Veerachandran at 12:40 PM
Pulling Out All the Stops: The Opening of India's Real Estate Market
Posted by Vijaychandran Veerachandran at 11:35 AM
Unprecedented investment opportunities are beckoning in all sectors – retail, residential, commercial and hospitality.
Real estate values have been appreciating at a staggering 30 percent annually, spurred by government reforms and the relaxation of foreign real estate ownership constraints. Direct foreign investment is surging – and with good reason.
India is the world’s most populous democracy with a growing middle class and the largest English-speaking workforce outside of the United States. In purchasing power,
India’s is the world’s fourth largest economy with a growth rate nearly equal to China’s. Thanks to urbanization and easier credit access, developers can’t build residential real estate fast enough. In spite of red tape, sometimes inadequate infrastructure and widespread poverty, skyrocketing demand in the office, commercial and manufacturing sectors is likely to keep the Indian real estate market hot for years to come. The question may no longer be “Why India?,” but “Why not India?”.
Posted by Vijaychandran Veerachandran at 11:02 AM
Key success factors for deals in emerging markets are identifiable at each stage of the transaction lifecycle:
- Strategic analysis: Clarity of purpose drives success
- Opportunity analysis: Know the deals, build relationships with all stakeholders
- Transaction development: What you don’t know will come back to hurt you
- Negotiation and execution: The 'best' deal is the most workable deal
- Transaction effectiveness: Getting it right at the end means getting it right at the start
Posted by Vijaychandran Veerachandran at 10:23 AM
There's good reason, however, why tech companies might perform well amid current conditions. Technology companies, which traditionally do not carry much debt, are looking like a safe alternative to the housing market and the heavily leveraged financial sector. "Money has got to go somewhere," says David Geltner, director of the Massachusetts Institute of Technology's Center for Real Estate and a professor of real estate finance. "A lot of money left the tech sector in the early part of this decade and went to real estate, and now maybe some of that money will leave real estate and make its way back to tech." Geltner says the shift is already happening,
Posted by Vijaychandran Veerachandran at 9:00 AM
Consider for example the Price to Earnings (PE) ratios of these markets (on estimated 2007 earnings):
United States S&P 500: 15.5x
United Kingdom FTSE 100: 12.1x
France CAC 40: 12.4x
Germany DAX 30: 12.6x
China Shanghai: 42.7x
India Sensex: 22.4x
Posted by Vijaychandran Veerachandran at 8:14 AM
Posted by Vijaychandran Veerachandran at 8:06 AM
Posted by Vijaychandran Veerachandran at 8:02 AM
My favorite VC Fred Wilson, has a very interesting post about Amazon Kindle. What to say, when content distributors are going to learn their lesson.
If you cant be a leader learn from leaders. Google doesn't have a single page in terms of content and still best revenue stream. Give a break and make the content available for free and if you are lucky you will make a buck or two for yourself and your poor share holders.
ps: Amazon is a great company which I have a lot of admiration and respect, who ever over seeing the kindle is just screwing it up.
New lesson. Who ever associate with the telecom companies its time for them to revamp their PR department.
Posted by Vijaychandran Veerachandran at 7:38 AM
"Kushal Pal Singh is fourth on the 2007 India
Rich List with a net worth of 35 billion dollars, making him the
world's richest real estate developer," Forbes said.Singh's
wealth appreciated over 250 per cent after his company, DLF, went
public in June this year and the stock has surged 60 per cent since
then, it added.
Chandra ranks 8th with a net worth of $11.6 billion, followed by
Wadhawan at the 26th spot with a wealth of $2.35 billion.
Raheja and Hiranandani, real estate developers from the financial capital of India - Mumbai, rank 30th and 31st with a net worth of $2.15 billion
and $2.1 billion respectively.
there are 54 billionaires in India according to Forbes, 14 of them
could not make the cut for the 'India's 40 Richest' list which required
a minimum wealth of $1.6 billion.
Jain of Parsvnath Developers ranks 46th with $1.25 billion net worth,
while Rohtas Goel of Omaxe is positioned at 48th place with $1.2
billion. Parsvnath and Omaxe are based in India's capital New Delhi.
Of the seven real estate companies that have entered the Forbes' list, DLF, Omaxe and HDIL got listed in the stock exchanges this year, while Parsvnath entered the stock market last year.
Posted by Vijaychandran Veerachandran at 7:20 AM
India's booming real estate sector has more than doubled the number of billionaires from this space in just 12 months, with DLF's Kushal Pal Singh emerging "the world's richest real estate developer."
Among 54 Indian billionaires identified by Forbes magazine, there are seven real estate developers with a net worth of over a billion dollar each
Posted by Vijaychandran Veerachandran at 7:12 AM
M&A firm acquires M&A firm
company GCA, which specializes in advising other companies on mergers
and acquisitions, followed its own advice, we hope, in announcing its
acquisition of US company Savvian, also an M&A advisory firm. The deal is for $780 million.
Founded in 2004, GCA is #2 in its category in Japan, following financial services company Nomura. It has clients such as Nikko Cordial
(just sold to Citigroup) and Matsushita. Savvian specializes in
high-tech acquisitions, an area that is still hot in spite of the
recent slowdown in US M&A activity. Created in 2003, it has advised in 70 deals adding up to $12 billion.
announcement was part off a growing tendency for Japanese companies to
be involved in international acquisitions, something in which GCA may
be better equipped to advise them. Japanese M&A activity is growing, according to the Financial Times, up over 10 percent this year, reaching over $122 billion so far this year.
As a Wall Street Journal article ("Japan's GCA Joins Push to Look Abroad", 11/2/2007)
companies have grown increasingly worried that growth in their home
market will slow as the country's population shrinks. To push profit
higher, many are looking for ways to expand into markets overseas where
growth promises to be faster. To do that, many Japanese companies have
decided they need to acquire a local firm,
Posted by Vijaychandran Veerachandran at 6:09 AM
1. Simple food, quality, quantity.
2. Regularity in eating and sleep.
3. Masticate (means chew your food); leave table hungry.
4. We are a part of all we have eaten.
5. Exercise, five minutes, three times daily.
6. Air — most important.
7. Sunlight, artificial light.
8. Water inside and outside.
9. Loose clothing.
10. Early to sleep; get plenty.
Posted by Vijaychandran Veerachandran at 10:32 PM
How Low Can the Dollar Go? Thoughts from 12 Experts
November 1st, 2007
Recently the dollar has seen troubled times. After reaching parity with the Canadian dollar and the offloading of US Treasuries from Asian countries, things just aren’t looking good. Find out what financial experts have to say about the dollar’s future.
Paul Robinson, Barclays: “We expect it to get quite a bit weaker.”
The Telegraph reports, “Barclays expect the Fed to cut rates by another quarter point to 5pc in a move that further erode one of the dollar’s key props.” Paul Robinson, strategist for Barclays, explains, “We’re dollar bears. The dollar is coming up for an important few weeks. We expect it to get quite a bit weaker.” They believe that it’s possible the dollar could fall to $1.50 on the euro.
Thomas Stopler, Goldman Sachs: “The data suggests there will be a weaker dollar.”
Thomas Stopler, economist for Goldman Sachs, predicts a troublesome future for the dollar. Based on the negative capital-flows situation, he interprets data to mean that “there will be a weaker dollar.”
Posted by Vijaychandran Veerachandran at 10:10 PM
Direct Investment in some of the aforesaid areas (not all) is
subject some conditions, some of which are as follows:
Develop a minimum
land area of 10 hectares for serviced housing plots, and a
minimum built-up area of 50,000 sq m in case of construction
projects. The policy does not clearly define ‘built-up’, though
FSI (Floor Space Index)/FAR (Floor Area Ratio) could be used as
a basis for the same.
Fulfill the minimum
capitalization norm of $10 million for a wholly-owned subsidiary
and $5 million for JVs. The funds would have to be brought in
within six months of commencement of business (which needs to be
defined) of the subsidiary or JV.
Complete at least
50% of the integrated project within five years from the date of
obtaining all clearances.
Do not sell
undeveloped plots (with no infrastructural backup). Provide
infrastructure and obtain the completion certificate from the
concerned local body before disposal. This clause needs
amendment because certificates are sometimes not issued for
months on end, even years, an uncertainty which tends to raise
project cost, often beyond viability.
Do not repatriate
original investment before three years from completion of
minimum capitalization. Early exits require prior approval of
the Foreign Investment and Promotion Board.
Conform with all
applicable local and state laws, and abide by all regulations
Posted by Vijaychandran Veerachandran at 8:16 AM
New Delhi: Job opportunities within NCR including Delhi and metros will weaken by 50% in the next three to four years as huge investments are being pumped in Tier II and III cities which are turning into ideal employment destinations for educated youth.
Posted by Vijaychandran Veerachandran at 5:25 AM
Mukesh Ambani is world's richest man
Press Trust of India / Mumbai October 29, 2007
Billionaire Mukesh Ambani today became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.
Following a strong share price rally on in his three group companies, India's most valued firm Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure, the net worth of Mukesh Ambani rose to $63.2 billion (Rs 2,49,108 crore).
In comparison, the net worth of both Gates and Slim is estimated to be slightly lower at around $62.29 billion each, with Slim leading among the two by a narrow margin.
Posted by Vijaychandran Veerachandran at 11:18 AM
From Mckinsey Quarterly
When China first allowed private investment in state-owned enterprises, the government created a two-tier approach that, in its initial design, would let companies raise additional capital while retaining a high degree of supervision over their assets.
Although this approach was successful at first, over time it did not facilitate a deepening of China’s capital markets and led to uncertainty about how the structure of ownership would be reformed—uncertainty that contributed to an almost five-year decline in the Shanghai stock market.
New reforms put in motion in 2005 and 2006 will reach a milestone this year, with the elimination of the two-tier structure. The reforms spurred a massive rally in the stock market over the past year and a half. In the longer term, they have profound implications for mergers and acquisitions, equity markets, and corporate governance in China.
Posted by Vijaychandran Veerachandran at 7:12 AM
Fifteen years ago, options trader Steven A. Cohen left the middling Wall Street firm where he worked to start a hedge fund. Hardly anybody noticed, and Cohen appeared to like it that way. He spent the next decade quietly earning spectacular returns (average annual gain of nearly 40%, even after Cohen's hefty fee) by making trade after hair-trigger stock and options trade—and discussing them with almost no one.Eventually, though, Cohen became so successful that he could no longer fly under the radar. Forbes last year estimated his net worth at $3 billion. The huge addition he built onto his house (plus ice rink) became the talk of Greenwich, Conn. And because of its huge trading volumes and reputation for moving stock prices, Cohen's hedge fund, SAC Capital, with 700 employees and $13 billion under management, has become perhaps the most talked-about force on Wall Street. Cohen, 50, the son of a dress manufacturer from Long Island, N.Y., has adjusted, in a fashion. His firm now holds on to stocks longer and has branched into lending and private equity. He has become a major collector of modern art. Last year he even spoke to the Wall Street Journal! A couple of things haven't changed, though: Cohen still spends weekdays glued to his trading desk, and in 2006 the firm's main fund was up an ad
Posted by Vijaychandran Veerachandran at 10:00 AM
Katona says the results are supported not just by the model that was developed, but also by empirical study. “By using Google we took web pages from different positions in a search for a particular word – from the first click through to the 800th position for example. We repeated the process for 50 different search words. For every web page we counted the number and size of banner adverts. The lower the ranking of the page, the more banners. On the first page there is almost nothing and this supports the fact that high content sites don’t sell a great deal.” He says that the more advertising there is, the greater the risk of visitors getting distracted and clicking on other links.
“For higher content sites it hurts more to sell advertising.
Posted by Vijaychandran Veerachandran at 9:33 AM
Survival of the Richest
by Andrew W. Lo
In financial markets, as in many human endeavors, there’s a battle between reason and madness. On one side are the disciples of the efficient-markets hypothesis: the notion that markets fully, accurately, and instantaneously incorporate all relevant information into prices. These adherents assume that market participants are rational, always acting in their own interest and making mathematically optimal decisions. On the other side are the champions of behavioral economics: a younger discipline that points to bubbles, crashes, panics, manias, and other distinctly unreasonable phenomena as evidence of irrationality.
Posted by Vijaychandran Veerachandran at 9:28 AM
This is pretty interesting week. I actually took a leave for college football. My college USF has been on a winning streak for the past 6 games. While we lost the game I am sure to say that It was not a easy victory for Rutgers. After all rutgers has a 150+ years of college football to boost of. We have only 11 years. Definitely a college team to watch.
Posted by Vijaychandran Veerachandran at 7:12 PM
Posted by Vijaychandran Veerachandran at 6:31 AM
Everything about Ambani is over-the-top: He’s moving into the world’s most expensive house; he’s constructing the world’s largest oil-refining complex; he’s trying to remake India’s scattershot retail industry. Yet despite all of his almost absurdly big plans, Ambani is anything but a publicity-seeking social climber. In fact, he’s a semi-recluse: awkward, shy, a traditional Hindu who practices strict vegetarianism and abstains from drinking alcohol. With his mix of hubris, business savvy, and personal eccentricity, he may be a modern-day Howard Hughes.
Posted by Vijaychandran Veerachandran at 1:00 PM
Posted by Vijaychandran Veerachandran at 7:37 AM
Posted by Vijaychandran Veerachandran at 6:55 AM
For the next 20 years, India will be an economic power, and nothing will stop us," Chidambaram stated, after noting that India will be alone among large countries in boasting of a working-age population -- compared to a population of dependents -- that will continue to grow for another generation, until roughly 2040. The resulting gains in jobs, income and investment should guarantee a steady cycle of growth "as long as we don't do anything stupid."
Posted by Vijaychandran Veerachandran at 6:39 AM
Sept. 25 (Bloomberg) -- Vikram S. Pandit, chief executive
officer of Citigroup Inc.'s alternative investments unit, bought a
10-room Manhattan apartment that belonged to the late actor Tony
Randall for $17.9 million, according to public records.
The co-operative in the Beresford building at 81st Street is
a full floor, overlooks Central Park to the east and has its own
elevator, a listing by the Corcoran Group real estate brokerage
said when the apartment was offered. The New York Finance
Department's Web site recorded the sale today.
I always looked up to this guy what an amazing talented person..
Posted by Vijaychandran Veerachandran at 7:30 AM
Posted by Vijaychandran Veerachandran at 7:44 AM
The National Association of Realtors' pending home sales index, a leading indicator of sales, plunged 12.2% in July. Meanwhile, jobless claims have risen in recent weeks, and a report Wednesday from Automatic Data Processing Inc. and Macroeconomic Advisers estimated that only 38,000 private-sector jobs were created last month.
Posted by Vijaychandran Veerachandran at 11:38 AM
I really had the best time of my life after a long and tiring. I met with nearly twenty of my friends from my Alma matter and went for a trip to Poconos.
What to say its definitely stunning to see what my friends had achieved over the past 3 years.
The trip started on saturday where we went to BuschKill falls. End up doing Trekking and Hiking ( This one was cool because we five of them skipped the trekking trail and pursued a path in woods).
Ended the day in country bar with catchup and some awesome 70s music.
Sunday we head to John Thorpe river for rafting. This one was even more amazing rafting in category 3 fore more than 5 hours.
Head back to manhattan after a tiring day around 12 pm.
Monday morning got up and head to Sarvana Bhavan a south Indian restaurant which serve come local delicacy called Dosas and so.
Continued my taking my friends around Manhattan South street seaport and Empire state building and wall street.
The night begins with Hooters which eventually progressed towards guys party in a Manhattan club.
Posted by Vijaychandran Veerachandran at 8:07 AM
* Do something worthy so that people can talk about you
* Make more friends with self disclosure
* Provide tools to people that makes it easy for them to talk about you
* Reward people when they promote you
Posted by Vijaychandran Veerachandran at 8:06 AM
50 Factors that Affect the Value of the US Dollar
August 8th, 2007
Posted by Vijaychandran Veerachandran at 12:26 PM
New home sales up, prices down Sales pace bucks forecast to show increase as builders cut prices in effort to cut inventories.
Posted by Vijaychandran Veerachandran at 8:11 AM
The Risks of Truth-Seeking: HBR Interactive Case Study
Posted by Vijaychandran Veerachandran at 7:55 AM
Help, I look like a workplace failure
Work guru Catherine Kaputa has formulated a five-point plan for salvaging your looks and achieving success:
1 Package yourself: clothes will not help you perform but will help how your performance is perceived
2 Emphasise features: be confident about your looks and build a strong image
3 Have a trademark: think Bono's shades or Sir Robin Day's bow ties. Stand out from the crowd
4 Focus on "soft power": use your values, style and point of view to attract others to you. Stand tall, and never slouch
5 Hone your speech: the ability to sell yourself and your ideas is critical
Posted by Vijaychandran Veerachandran at 9:36 AM
India's 40 Richest
By Naazneen Karmali 11.16.06, 6:00 PM ET
India's rising fortunes are underscored by the increasing prosperity of its wealthiest citizens. Members of our third annual ranking of India's 40 richest businesspeople are worth a collective $170 billion, up from $106 billion last year. India's top 10, worth $112 billion, account for two-thirds of that wealth. The rankings include 36 billionaires, 9 more than last year. India's hot stock market, up 39% this year, and its robust real estate market helped swell most fortunes. The minimum net worth needed to make the cut rose to $790 million, up from $590 million
Posted by Vijaychandran Veerachandran at 10:31 AM
an attractive, addressable, external opportunity;
a sustainable competitive advantage; scalability and operating leverage; and a qualified and integral management Last but not least, it is of vital importance what one buys and at what price.
Posted by Vijaychandran Veerachandran at 12:12 PM
Across most sectors, there has been an increase in
overlapping trades, a surge in volatility and an increase in
correlations. These factors have combined to challenge many of the
trading algorithms used in quantitative strategies
Posted by Vijaychandran Veerachandran at 10:41 AM
China Has a Worse Mortgage Problem Than the U.S.
Here's the some inverted reassurance: One Chinese academic told the
South China Morning Post today's' that China's mortgage market is in
even worse shape than the U.S. sub-prime market.
Posted by Vijaychandran Veerachandran at 10:05 AM
Indian real estate: boom or bubble?
Property prices are rising fast as the tech boom spreads across the country.
Posted by Vijaychandran Veerachandran at 8:24 PM
"The most important contribution of NRIs to first-generation MNCs was probably indirect,"
he adds. "Through their outstanding professional contributions in the
U.S. and Europe, NRIs established the credibility of Indian talent and
added luster to the India brand. This cleared the way for Indian
companies to sell their products and services in the West. And through
their annual remittances of $20 billion or more, NRIs helped strengthen
the Indian rupee, making overseas acquisitions more affordable."
Posted by Vijaychandran Veerachandran at 7:24 AM
A CEO's Six Steps to Effective
Feedback1. VALUE THE INDIVIDUAL
2. ASK THE PERSON TO IDENTIFY HIS BIGGEST CHALLENGES
3. PROVIDE TARGETED FEEDBACK
4. AGREE ON WHICH AREAS TO DEVELOP FOR THE FUTURE
5. AGREE ON THE BENEFITS OF IMPROVING AND THE CONSEQUENCES OF NOT IMPROVING
6. COMMIT YOUR SUPPORT, AND REAFFIRM THE PERSON'S VALUE
Posted by Vijaychandran Veerachandran at 7:16 AM
25 Most Popular Business Websites July 2007
In today’s competitive financial environment you need to be armed
with the best information possible in order to succeed in business. To
that end, we at eBizMBA here provide you with the Top 25 Business
Websites ranked by a combination of Inbound Links, Google Page Rank,
Alexa Rank, and U.S. traffic data from Compete and Quantcast. For
entries where a wide range exists between the two data sets the highest
numbers were used for ranking purposes. Although no traffic metrics are
completely accurate we do believe the data below to be useful for
gauging relative audience size. [Banks and financial service sites have been excluded from our list.]
Posted by Vijaychandran Veerachandran at 12:17 PM
Essential Elements of a Powerful Elevator Pitch
- Concise. Your pitch should take no longer than 30-60 seconds.
Use language that everyone understands. Don't use fancy words thinking
it will make you sound smarter. Your listener won't understand you and
you'll have lost your opportunity to hook them.
- Powerful. Use words that are powerful and strong. Deliver the "Sis-Boom-Bang" to grab their attention!
- Visual. Use words that create a visual image in yo
Posted by Vijaychandran Veerachandran at 10:32 AM
Posted by Vijaychandran Veerachandran at 12:51 PM
How to Write a Business Plan: Ten Questions with Tim Berry
Posted by Vijaychandran Veerachandran at 12:38 PM
An investor wants to give you money for a certain percentage of
your startup. Should you take it? You're about to hire your first
employee. How much stock should you give him?
These are some of the hardest questions founders face. And yet
both have the same answer:
1/(1 - n)
Posted by Vijaychandran Veerachandran at 9:57 AM
July 20, 2007
The Strangest Market Stat You’ll Read All Day
Since the beginning of the 2006, here are the cumulative S&P 500 returns by days of the week:
So what’s the deal with Hump Day? It’s responsible for over
three-quarters of the S&P 500’s return. And today’s data point will
make it even more.
Told ya it was a strange stat.
Posted by Vijaychandran Veerachandran at 9:04 AM
According to the latest Forbes ranking, the global center of desi wealth is Bombay, not Silicon Valley (thanks, WGIIA).
India is the only South Asian country with billionaire private citizens
(though a Sri Lankan Tamil émigré to Malaysia made the list), and
Bombay has the most.
Vinod Khosla fell below the cutoff, as did most desi American techies except Ram Shriram,
an angel investor in Google who is now apparently the wealthiest desi
in the U.S. So with India’s recent economic growth, Indians are making
more money by staying home than emigrating, quite a reversal, even
though most who emigrated were not born into ultra-wealthy families.
And these figures are in dollars, not even adjusted for purchasing
power in the desh.
Posted by Vijaychandran Veerachandran at 1:20 PM
In my view, headlines are the most important aspect of blogging both
from a reader standpoint and an SEO standpoint. Brian Clark has written
the authoritative guide to Headline writing, and if you haven't read it
yet, let me just suggest that you should easily be able to double your
readership and search traffic just by following his suggestions.
read more from the headline
Posted by Vijaychandran Veerachandran at 7:07 AM
Why VCs are lying buffoons, Part XXXIV in a series. Collect 'em all:
But a lot of times VCs ... say they have all of these strategic relationships and will make all of these introductions and then it doesn't happen.
What?! You're kidding!
Posted by Vijaychandran Veerachandran at 8:28 AM
India to emerge as third largest banking hub by 2040: PwC
PTI 06:37 PM | June 26,2007
According to a PricewaterhouseCoopers report, the domestic credit in India would grow to $23 trillion in 2050 from $0.4 trillion in 2004
Posted by Vijaychandran Veerachandran at 10:56 AM
London: Two Asian exchanges to trade permits for greenhouse gas emissions are to be set up soon, featuring major companies from the start, according to the company that runs a US and European exchange.
Britain’s Climate Exchange Plc expects to set up voluntary exchanges in India and China in the near future, its chief executive Neil Eckert told Reuters.
The exchanges will help firms in the region cut their carbon footprints and could add to pressure on their governments to sign up to international agreements to cut emissions.
Posted by Vijaychandran Veerachandran at 8:30 AM
Ratings agencies want companies to issue equity, since it makes them
safer. Equity research analysts want them not to issue equity because it
dilutes earnings per share. Regulatory authorities want to ensure that
you meet their requirements in terms of capital ratios (usually book
value). Financing that leaves all three groups happy is nirvana
Posted by Vijaychandran Veerachandran at 7:39 PM
China's biggest rivals are the other BRICs -- Brazil, Russia and India. But Goldman Sachs also compiled a list of the "Next 11" (N11) -- regions it thinks are snapping at BRIC's heels -- Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, the Philippines, Turkey and Vietnam.
Posted by Vijaychandran Veerachandran at 7:48 AM
The Dow Jones Industrials and the broader S&P 500 had risen to record highs before last week's pullback, helped by a flood of merger and acquisition deals and increased investment activity. However, ongoing inflation concerns and rising global interest rates dampened investors' outlook for economic growth and fueled speculation that the Federal Reserve might raise the fed funds rate.
Posted by Vijaychandran Veerachandran at 7:47 PM
Don't focus on getting acquired. That's like being a single woman who desperately wants to get married. Of course you want it to happen, but 99% of the time if you purposely try to get acquired (or married), it won't. "Stick to your knitting," says Paul Graham, a founding partner of Y Combinator, the startup factory that funded Zenter. "The way to get acquired really fast is to not focus on it. If people get the impression that you want to get bought, you won't."
Posted by Vijaychandran Veerachandran at 12:34 PM
More info, via Om, on the turnaround in the tech IPO market:
- The deal volume is on the up, and there are six companies out raising money.
- Of the 23 IPOs (year-to-date), 19 are above issue price.
- Four deals done in June 2007 (including Infinera) are up average of 28%.
- The average deal size has been $150mm and the median $100mm.
- 12 companies that went public were coming off an unprofitable year.
- The average market cap at IPO was $722 million nd the median $521 million.
- 10 of the 23 deals are communications related, including two of the semiconductor deals.
Posted by Vijaychandran Veerachandran at 8:41 AM
That's just one of countless examples of the way in which the Web is coming into its own as a source of what might be called smart video. While YouTube has captured a great deal of attention and traffic for its vast collection of mostly goofy videos, a growing number of sites are providing more-cerebral alternatives: documentaries, speeches, panel discussions, research reports and more.
Posted by Vijaychandran Veerachandran at 8:39 AM
FUELED BY CHEAP CREDIT and record-setting fund-raising, the LBO
boom, which has been building since 2004, has exploded in the past 18
months. Private-equity deal volume more than doubled in 2006, and LBOs
accounted for almost 20% of last year's record $3.5 trillion in global
M&A, according to Thomson Financial. Private equity's buying binge,
despite some industry insiders' concerns, continues to roll along this
year. LBOs accounted for more than 17% of the $2.26 trillion in deals
through June 11, 2007 and are on pace to exceed last year's record
Assets Under Management: $79 billion
Headquarters: New York
Chairman & CEO: Stephen Schwarzman
Blackstone, the world's biggest private-equity firm, has a history of
diverse investments. It led a group in the $17.7 billion leveraged
buyout of Freescale Semiconductor. Last summer, Blackstone and Bain
closed a $6 billion bid for arts-and-crafts retailer Michaels Stores.
In a mammoth property deal, Blackstone beat out Vornado to acquire
Equity Office Properties, the nation's largest office-building owner,
for $23 billion. In late 2005, Blackstone was one of five firms that
bought Danish telecom company TDC for $12 billion and was part of the
group that picked up VNU in May for $9.8 billion. More recently,
Blackstone is part of a group buying Biomet for $11.4 billion, and it
just agreed to pay about $6.4 billion, excluding debt, to buy Alliance
Data Systems. It has closed a global buyout fund with total commitments
of $15.6 billion -- since raised to nearly $20 billion -- securing its
predominance. It filed to go public soon in a $4 billion IPO, but since
China has said it would invest $3 billion in Blackstone, the firm has
expanded its stock-market offer to nearly $8 billion.Research: Worth Civils
Posted by Vijaychandran Veerachandran at 7:21 AM
Another stock is leaving the public market. This time, it’s Avaya (AV), which is one of the spin-offs of the spin-offs of AT&T.
It’s been 25 years since Judge Greene ordered AT&T to be broken up, and the pieces are now all over the place. One of the rules of the breakup order is that the new companies had to have worse and worse sounding names. This started with Nynex and continued through with Lucent, Avaya and Agere.
In 2000, Avaya was spun-off from Lucent which isn’t even Lucent anymore, it’s Alcatel-Lucent (ALU). Although I doubt the hyphen will stay around much longer. In 1996, AT&T spun-off Lucent. I remember I sold my shares almost immediately and the stock shot up from there.
Posted by Vijaychandran Veerachandran at 10:24 AM
India's Real Estate Sector On A Surge
Oxford Analytica 06.04.07, 6:00 AM ET
Posted by Vijaychandran Veerachandran at 11:02 AM
Posted by Vijaychandran Veerachandran at 8:08 AM
Mr. Singhal is the master of what Google calls its “ranking algorithm” — the formulas that decide which Web pages best answer each user’s question. It is a crucial part of Google’s inner sanctum, a department called “search quality” that the company treats like a state secret. Google rarely allows outsiders to visit the unit, and it has been cautious about allowing Mr. Singhal to speak with the news media about the magical, mathematical brew inside the millions of black boxes that power its search engine.
Posted by Vijaychandran Veerachandran at 9:50 AM
Borrowing costs keep buyouts affordable, Kohlberg Kravis Roberts & Co. co-founder Henry Kravis said.
``The private-equity world is in its golden era right now,'' Kravis said today in a speech at the annual meeting of Canada's Venture Capital & Private Equity Association in Halifax, Nova Scotia. ``Stars are aligned, there is plenty of capital on one side, and you have a very receptive community of companies.''
Buyout firms spent $911 billion worldwide to acquire companies last year, an almost ninefold increase from the $106 billion total in 2001, Kravis, 63, said. About two-thirds of the money needed for most transactions is borrowed. The amount of extra yield investors demand to hold speculative-grade bonds over similar maturity U.S. Treasuries narrowed to 2.45 percentage points May 25, compared with a record low set Oct. 17, 1997, according to Merrill Lynch & Co. indexes.
Low interest rates mean yields on investments such as U.S. Treasuries are relatively low, spurring investors to explore asset classes such as private equity. According to the New York- based firm's Web site, its holdings were valued at more than $74 billion as of December on about $30 billion of invested capital. It's completed about 150 deals since it was founded in 1976.....
Posted by Vijaychandran Veerachandran at 6:47 AM
“There is ABSOLUTELY a reason for me to be upset and let me be clear that you grossly misunderstand how things work,” Roger replied. “In banking all nighters are part of the job, not an excuse for an attitude. I spent most of my weekend in the office and have been at work past 3am for 3 days in a row. I’m mature enough to understand that my superiors have their own problems and me not getting too much sleep is not something I should be advertising/whining about. Learn this.”
Posted by Vijaychandran Veerachandran at 6:42 AM
NEW DELHI -- India and the U.S. are nearing a
compromise on a landmark civilian-nuclear-energy deal, a top U.S.
official said, as the two countries attempt to salvage the symbol of a
new strategic partnership.
In an interview, U.S. Ambassador David Mulford said
yesterday he expected that India and the U.S. would surmount most of
the major obstacles during two days of talks scheduled to start Friday
in New Delhi. Mr. Mulford acknowledged the two sides must still work
through some "deeply political issues," but he said, "We have been very
anxious to take the next step."
Posted by Vijaychandran Veerachandran at 5:26 AM
India's plans for increasing infrastructure spending will rely mostly on private investors, in a shift from China's model of enlisting government-backed banks and companies to build new roads, airports and power projects.
Posted by Vijaychandran Veerachandran at 5:23 AM
DLF Prices IPO In Rs 500-550 Range; Grey Market Premium At Rs 20-40
by Sahad on Fri 25 May 2007 10:48 IST | Permanent Link | Cosmos
Real estate giant DLF Universal has priced its IPO a bit conservatively between Rs 500 and Rs 550 ($12-13.75). It was earlier expected to price the issue around Rs 600 ($15). At the upper band of the issue price, DLF will raise about Rs 9,625 crore ($2.4 billion), valuing the company at 93,500 crore ($23.3 billion). The company is issuing 175 million shares of Rs 2 each, which will be about 10.2 per cent of the enhanced paid-up capital. The issue will open on June 11 and close on June 14
Posted by Vijaychandran Veerachandran at 11:39 AM
ATLANTA — Coca-Cola is betting big that Glaceau will help it expand its water and energy drink offerings and jump-start North American sales.
On Friday, the world's largest beverage maker said it would buy the privately held maker of Vitaminwater for $4.1 billion in cash. And Coca-Cola executives said the price-tag, which is nearly twice what Glaceau's estimated value was less than a year ago and represents Coke's largest acquisition ever, is worth it.
Posted by Vijaychandran Veerachandran at 11:25 AM
In Dollar Bust
Posted by Vijaychandran Veerachandran at 6:48 AM
| ||Year of Inception|| ||Combined Fund Level Annualized IRR or Return|
| ||Annualized IRR or Return,|
Net of Fees,
|Corporate private equity|| ||1987|| ||30.7||%||22.6||%|
|Real estate opportunity|| ||1991|| ||39.7||%||31.0||%|
|Funds of hedge funds|| ||1990|| ||13.0||%||12.0|| |
|Mezzanine|| ||1999|| ||17.2||%||10.6||%|
|Senior debt vehicles:|| || || || || || || |
| ||Equity tranches|| ||2002|| ||23.6||%(3)||16.2||%(3)|
|Distressed securities hedge|| ||2005|| ||11.5||%||8.0||%|
|Equity hedge|| ||2006|| ||26.1||%(4)||20.0||%(4)|
|Closed-end mutual funds:|| || || || || || || |
| ||The India Fund|| ||2005|| ||—|| ||30.1||%(5)|
| ||The Asia Tigers Fund|| ||2005|| ||—|| ||38.2||%(5)|
The Blackstone Group L.P.
(Exact Name of Registrant as Specified in its Charter)
Posted by Vijaychandran Veerachandran at 6:43 AM
So does Cuban deliberately tilt against the prevailing wind? "Absolutely," he says. "If other people are coming to the same conclusion as I am, I think, 'This is a business I shouldn't waste my time with.'
Posted by Vijaychandran Veerachandran at 5:42 AM
But things have been different since August 2004, when New York developer El-Ad Properties, headed by the Israeli-born developer Miki Naftali, bought the Plaza for $675 million. El-Ad is spending $400 million to refurbish the 805-room hotel: When it opens in October, the Central Park landmark will have 182 private condos and 130 hotel rooms--plus 152 units that owners will live in for about a quarter of the year before renting them out.
Posted by Vijaychandran Veerachandran at 10:09 AM
The hedge fund manager increased its financial holdings 1.7 percent. The firm almost doubled its stake in Ameriprise, the brokerage firm spun off from American Express Co., to 4.95 million shares as of March 31. Shaw also boosted ownership in Archstone-Smith Trust, the second-largest U.S. apartment real estate investment trust, and AMR Corp.
Posted by Vijaychandran Veerachandran at 5:58 AM
The current National Geographic has a fascinating feature on capitalism in China's boomtowns, cities like Lishui that are growing so fast that city planners have razed 108 hilltops to accomodate the runaway growth.
Posted by Vijaychandran Veerachandran at 8:19 AM
Learn Chinese in 5 minutes
Note: Although this list of translations may offend some people, the list was
originally sent to me by a Chinese friend of mine and other Chinese friends who have seen
this have thoroughly enjoyed it.
Are you harboring a fugitive?
Hu Yu Hai Ding?
See me A.S.A.P.
Kum Hia Nao
Tai Ni Po Ni
Your price is too high!!
No Bai De Thing!!
Did you go to the beach?
Wai Yu So Tan?
I bumped into a coffee table
Ai Bang Mai Ni
I think you need a facelift
Chin Tu Fat
It's very dark in here
Wai So Dim?
Has your flight been delayed?
Hao Long Wei Ting?
That was an unauthorized execution
I thought you were on a diet
Wai Yu Mun Ching?
This is a tow away zone.
No Pah King
Do you know the lyrics to the Macarena?
Wai Yu Sing Dum Song?
You are not very bright
Yu So Dum
I got this for free
Ai No Pei
I am not guilty
Wai Hang Mi?
Please, stay a while longer.
Wai Go Nao?
Our meeting was scheduled for next week.
Wai Yu Kum Nao
They have arrived
Hia Dei Kum
Stay out of sight
He's cleaning his automobile
Wa Shing Ka
Posted by Vijaychandran Veerachandran at 4:30 PM
Google has announced the Google Ad Creation Marketplace, a place where its AdWords advertisers interested in running video ads, but with no expertise or budget for high-quality commercials, can go to get ads created by video professionals at a price they set (suggested at between $100-1000). You say what you’re willing to spend, and if someone accepts your budget they’ll provide end-to-end service, including concept, script-writing, voice-over, editing, and production.
Google needs to take this a step further, tying in with YouTube to let YouTube users create ads for AdWords advertisers. Advertisers can put up a bounty, even a small one for small advertisers, and YouTubers can show off their skills and maybe win the contract. I think it’d be a great way to monetize YouTube and legitimize some of the content. So, how does someone get to be one of these video professionals?
Posted by Vijaychandran Veerachandran at 8:56 AM