Readings: PSU NPAs, Fund management,
- Business Standard: PSBs` net NPAs up 24% in 3 yrs
. . . the net NPAs of 25 public sector banks increased by 24 per cent in the last last three years, from Rs 13,794.60 crore in 2005-06 to Rs 17,015.04 crore in 2007-08. The last year itself saw the sticky assets rising by 17 per cent.
PSBs have been able to reduce their net NPAs by virtue of provisions and not by cautious lending and monitoring of loan accounts.
Wonder where the private banks stand - given the number of phone calls I used to get for personal loans back in 2006-07 makes me think that NPAs must be rising fast.
. . . lessons I’ve learned from coaching hedge fund traders/portfolio managers that differ from the common wisdom in the magazines, seminars, and books.
1) Success is Individualized - the notion that successful portfolio managers have a common set of personality features or trading approaches simply does not hold water in the real world.
2) The Game is Different - portfolio management in the hedge fund context is a different process from trading in the prop firm or retail context.
3) The Environment Matters - The research, platform, risk management, and managerial support of traders matter quite a bit–
4) Success Starts at the Beginning - Much of portfolio manager/trader success or failure simply comes from putting the wrong people into positions.
In Europe’s largest economy, Germany, the benchmark DAX index is off slightly more than 20 percent this year, and the CAC-40 in France is down almost 22 percent. The Euro Stoxx 50, a gauge for the 15-nation euro zone, has declined by about 24 percent. The nearly 15 percent decline in the FTSE 100 in Britain looks tame by comparison.
“The longer inflation remains high, the more damaging it will be for longer-term economic growth prospects,” Morgan Stanley wrote in a report about inflation creeping upwards worldwide. “High inflation rates usually go hand-in-hand with a higher variability of inflation, which raises uncertainty and can thus reduce investment spending.”
Nowhere to hide, except commodities. Alo check out this Morgan Stanley piece on how to trade inflation.
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