More in Finance

7 months

Catching The Drippings Of A Melting Market

If one is to believe what he or she reads in the financial press, then one thing seems certain: the markets are about to melt!  The problem is, that depending on the day, the source, and perhaps even the lunar cycle, it’s not clear whether the markets are about to melt up or melt down.

7 months

Interpreting The Market’s Monet

Investing is often referred to as an art form. Models, charts, and regressions can only get you so far. We are constantly pummelled with an endless stream of data, some of which is important information and some of which is worthless noise. Drawing order out of this chaos requires one to engage with his/her uniquely human element, one’s creative capacity. How well one can paint a picture with the incoming data will likely determine his/her success. Are we getting some of those important data points now? Given the recent moves across a series of markets, it sure seems like it.

7 months

The Bursting Of The Volatility Bubble: Part 2

The following is Part 2 in a two part series.

7 months

The Bursting Of The Volatility Bubble: Part 1

If there were a Word of the Year award in finance it most certainly would go to volatility. It seems like nearly every article you read makes some reference to it. Is volatility gone for good or is it just in hibernation? Did central bankers forever squash volatility, repress volatility for some time, transform volatility? Did structural changes in the macroeconomic landscape create a “new normal” with respect to volatility? Is volatility building beneath the surface of the markets planning its vengeful return? Is volatility volatile? Volatility, volatility, volatility! With all this discussion of volatility, one thing seems certain: there’s a bubble in volatility, as in the word itself.

7 months

New Blow - GST on RTM Projects Without Completion Certificate

The applicability of GST in the Indian taxation system was a move aimed towards 'one nation, one tax'. Post land abetment, the applicable GST for under-construction properties was 12% while ready-to-move-in flats were kept out of the GST ambit. Even for under-construction properties, there was a ruling of Input Tax Credit (ITC) pass-over to the buyer to ensure that it becomes a tax neutral proposition.

7 months

Reminiscing On Reminiscences Of A Stock Operator

I recently finished reading Edwin Lefèvre’s classic Reminiscences of a Stock Operator, marking my second time through the book. I first picked it up nine years ago on the recommendation of a former coworker who was a flow trader. A burgeoning credit analyst at a bulge bracket investment bank at the time, I was interested in learning more about the trading aspect of job and had asked for a primer on the subject. While initially confused to have received the historical novel as the answer to my inquiry, my sophomoric skepticism was completely reversed by its end. Though many of the book’s lessons were largely lost upon my younger self, it struck the older, wiser, and only slightly more profitable “me” like a thunderbolt. In this post I thought I’d do some reminiscing on Lefèvre’s “Reminiscences”, and add to the ever expanding tome on the subject.

7 months

The Future of Financial Planning & Analysis: Lessons From The USS Enterprise

Two of my favorite TV shows from the 1960s that dealt with the future were The Jetsons and Star Trek. One has a much better track record of predicting how technology has evolved. While we’re not quite driving the flying cars of the Jetsons – yet – let’s look back on the fantastic technological tools the crew of the USS Enterprise had at their disposal: the communicator (smartphone); tablets (Kindles and iPads); communication earpieces (Bluetooth); and virtual assistants (Alexa and Siri). With computers that can recognize natural language commands, I find myself believing we are still closer to the beginning, rather than the middle, of where technology can take intelligent FP&A in the future.