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5 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.

5 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.

5 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.

5 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.

5 months

The Future of Financial Planning & Analysis

When discussing the future of intelligent financial planning & analysis (FP&A), I am reminded of the theme song from my high school graduation, Timbuk3’s “The Future’s So Bright, I Gotta Wear Shades.” That is how I honestly feel about the trajectory of the FP&A profession. I believe we are finally at a point where we not only possess the tools to take FP&A to new heights, but FP&A will have to soar for organizations to thrive in the 21st century.

5 months

Passive & Private Market Force, Ecology & Evolution

Central bankers catch a lot of flak these days. To be sure, much of it is deserved in my opinion. However, there are two dominant trends in the market place – increasing allocations towards passive and private market investment strategies – where this ire might be misplaced. What if these developments, however undesirable they may or may not be, were merely part of the “natural” evolution of investment markets?

5 months

The Highs and Lows of Indian Real Estate in 2018

2018 was a veritable roller-coaster ride for the Indian real estate. Despite signs of recovery across segments, the liquidity crunch – further exacerbated by the NBFC crisis – put all industry stakeholders on tenterhooks. Consolidation via mergers and acquisitions was rife in all sectors, completely redefining the concept of ‘financial health’ among players and drawing clear lines on who will survive the heat. This process will continue throughout 2019, as well.