The Bookshop and the Photoboxy

matt and the girl

joylani 130pxMatt and I have been in Hampi for the last 2.5 days, and leave in a few hours by train. Hampi is a small little village/tourist town surrounded by 500-600 year old ruins. The ruins consist of old temples, palaces, bath houses, market areas, etc. It’s an interesting place, one we almost crossed off our list because we were feeling “ruined out,” but I’m glad we came because Hampi, like the other places we’ve visited, has its own unique character from the rest. The main drag (like every other small town in India, is called the Main Bazaar) has an active temple on one end and temple ruins at the other. The new temple end consists of restaurants, travel services/internet, and souvenir shops.

Towards the other end is “low income” housing—homes people have made out of the pre-existing ruins of the old city bazaar. I think this was a smart use of the space for those who have moved in.

homes in converted ruins

We’ve walked down to the old end each day since we arrived in Hampi. Unique from the other places we’ve been, there are dozens of kids playing outside (probably due to the no cars being allowed on the Main Bazaar or beyond). They’re either digging in the dirt, rolling an old tire, teasing a sleeping dog, or playing cricket on an improvised field. All three times we’ve walked down the road there is this little girl—about three years old—who approaches us, asking something that sounds like “photo boxy,” but we’re not sure if she’s trying to speak English, or, more likely, her native tongue Kannada. Either way, we have no idea what she is saying. We try to ask her questions to clarify, but she just keeps repeating. “Photo boxy? Photo boxy.” (Matt says is sounds more like “futoboxshi”) She’s a sweet little persistent one and would follow us for a while before giving up and walking back home.

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Down at the opposite end of the road we’ve made another acquaintance—book shop man. On our first evening in Hampi we had just turned on to the main road when we heard a proper-sounding voice calling out behind us. “Excuse me! Excuse me!” Upon turning around we saw a be-speckled, heavy set (with age), grandfather shuffling towards us, his hand up in the air to wave us down. Not sure what his deal was, we stopped to listen. “Excuse me, there is a bookshop,” he said (high-pitched emphasis on “book”) as he pointed in the direction of his store. I looked where he was pointing and saw a sign with clear red lettering “Book Shop,” indeed it was. The man went on to let us know this wasn’t just any book shop. He also sold incense, postcards, and essential oils. What a bookshop! We politely declined and walked on. The next day the same thing happened, only this time I was ready.

“Excuse me! Excuse me!”

“Hello.” I smiled and said, “There’s a bookshop, right?”

As though he hadn’t heard what I said or remembered giving us the same message the day before, the man stately pointed and announced, “There is a bookshop.”

“Yes, yes,” I said. “Maybe we will come tomorrow; we’re going to take pictures now.” He politely registered my response (not all do) and let us go on our way without another word.

Today Matt and I did plan on stopping by the bookshop to see what books were in stock. We weren’t any less than 10 or 20 yards away when I saw the bookshop man hone into our presence through his thick glasses. He quickly stood up, slipped on his shoes and began to shuffle towards us. “Oh no,” I told Matt. “Hurry and make your way to the bookshop so that he doesn’t tell us the same thing!” We were too late. He was already in front of us.

“Excuse me! Excuse me! There is a bookshop!”

“Yes,” I smiled, “We’re going there just now.”

Finally, it registered. “Ah yes, I remember you from yesterday!” he proudly said.

“What about the day before that?” I thought to myself. So Matt and I went to look at his thrice acclaimed bookshop. Most of the books were about Hampi. In fact, there weren’t that many books at all, and definitely not any I was even remotely interested in reading. I wasn’t interested in incense or essential oils either, so I settled on buying a few postcards and said goodbye to the bookshop man. Walking down the Main Bazaar a couple hours later, we caught a glimpse of him across the street, flagging down another tourist. “Excuse me! Excuse me…”

A few more snapshots from Hampi:

not quite tall enough

Not quite tall enough to get his leg over the bar…

getting a shave

Matt getting a shave from a kid who can’t shave himself yet…

freakishly large goat

can you spot the Yao Ming goat?

Colva

164_6445-4.JPGLeaving Calangute yesterday for a night in Colva was a compromise of heading to South Goa to catch our train (from Margao) this morning and still staying in a beach town. Initially it appeared to be much like Calangute; a main (touristy) road running perpendicular right into the long beach. But we found Colva to be much smaller and quieter than Calangute. The beach had less people, fishermen could be seen pulling in their nets, and the beach was flat and relatively narrow. Palm plantations lined the beach, which enhanced an already beautiful beach. Joylani found a ton of sea shells, which colored the beach a distinct combination pink/orange/brown, in certain spots. On the downside, accommodation was scarce and restaurants not as good as Calangute, two things I appreciated about touristy Calangute.

            It was nice to see Colva though. We watched the final game of the Twenty20 (the international cricket championships), between India and Pakistan. It was an exhilarating match that came down to the very last play. The restaurant/bar we were at was packed, with a crowd even watching the TV from the street. During the final minutes, everyone was watching, from the cooks to the bus that had momentarily stopped outside to catch the end. When India won, the place went berserk and people were setting off deafening fireworks for the rest of the night. It was fun to watch the final game with a bunch of fans (even better since they won). And while Colva was nice, I’m ready to explore other places. Next up: the state of Karnataka.

GO-Ahhhhhhh

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joylani 130pxHello Blog. It’s been a while. Let me explain. You see, Matt and I made it to Goa. Yes, the beach. Uh huh. So you understand the lack of writing? Good. Thanks.

Goa is a small, coastal state of India about an 8 hour train ride south of Bombay. The inland areas are bright green and lush with tropical plants, crops, and coconut palms. Catholic churches dot the landscape thanks to Portuguese colonialism. The beaches vary from long stretches of golden sand to rocky beach heads, and many are lined with beach huts offering cold drinks, food, lounge chairs, and shade. We stayed in Calangute, one of the busier of the beach towns, but since it was still the off-season, there still weren’t too many people and the 6km stretch of beach running along Calangute and the neighboring towns offered plenty of space to stretch out. Many of the shops and restaurants were still closed due to lack of business, renovations, or both.

Our guesthouse was a short walk away from the main action (and noise) in town and just a 15-second walk to the beach. It was nice to stay in a quieter spot where we were woken up by a rooster instead of cars honking outside. A nice perk to our room was that it had a refrigerator. In the mornings Matt and I could enjoy our breakfast of frosted flakes (Matt) and yogurt with granola (me) without having to decide on a restaurant, walk there, and wait for a not-so-great breakfast to arrive at the table.

We originally planned to stay in Calangute for six days just hanging out, reading, and walking through town and on the beach. Even though our daily itinerary didn’t consist of much, we never got bored and were surprised when we came to our sixth day. We paid our hotel lady for two more nights. Even though we didn’t do a whole lot, we never got bored. As Matt said, “It was like we left [Goa] and didn’t even know we were there.” Time flies when you’re at the beach. Here are a few of my favorite Goan memories:

  • The pigs. They seemed to be everywhere on the road to our guesthouse, lurking in the bushes. There were a few big ones, and many piglets. The pigs would scamper in front of our porch, looking like they’re trying to be stealth and avoid detection (probably because they’re afraid of being eaten!). For some reason, they would run as close to the side of the road as they could, and with their snouts naturally pointing down, those pigs couldn’t help but look conspicuous. My favorite was one big porker that materialized out of some bushes, and crossed the road in front of Matt. It stalled to take a glace at Matt and, after a short delay (the pig probably had to stop and think) it scurried off even faster than it was already walking as if it just figured out we could see it. Those pigs. They think they’re camouflaged or something.
  • Indian tourists at the beach.

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    Try to imagine a couple hundred people at the beach who have never seen one before, or maybe just go once every several years (i.e. the antithesis of a Californian West Coaster). They don’t really know much about swimming, nor do the majority have swimming suits. What do they do when they see the water? Rather than setting up a little “camp” with beach towels, umbrellas, perhaps an ice-chest, a lot of people just stand around and watch the waves. Some go in the water. As for the women, if they go in the water it’s in full-dress. Saris, jeans, whatever. This is a fun sight to see because, I figure, it must be really worth it to them if they’re gonna go all-in. They’re having fun, and that is fun to watch. Most of the Indian tourists, however, are male. Those who fancy a swim and who have neither swim shorts nor the snazzy Goa tank top/shorts sets with the orange or yellow stripe down the side (sold by many shops along the road to the beach, very hot) strip down to their underwear (most looked like brown hotpants), frolic in a few waves, and then roll around in the sand with their [male] traveling buddies and perhaps engage in a quick sand-throwing war. It is definitely an odd site to see—partly due to the undies, and in part because of the openness of the male-male [though not homosexual] displays of friendship in a culture where male-female displays of affection, even as simple as hand-holding, are not the norm. Since we’ve been in India, I’ve seen many more guys holding hands than couples. The beach was no exception.

  • The monsoon. Despite arriving in the middle of monsoon season, Matt and I have been fortunate so far and have missed getting stuck in any big showers—partly thanks to being in Leh where it hardly ever rains, and partly due to well-timed naps or late-night showers. Goa was the end of that. Our third day in Goa I awoke to the sound of heavy rain. Looking outside our window I could see the coconut palms swaying in the wind and rain. It reminded me of the images I’ve seen on TV from Florida during hurricane season. Luckily the winds weren’t close to hurricane strength, but the rain was steady. After that first day of rain, it would rain off and on for short periods of time in the coming days. When we were on the beach it was easy to predict when a downpour would come because we could easily see the cloud approaching. But sometimes the rain came on so fast, all we would see was a wall of water and then 5-10 seconds later we’d be soaked. At night, this was a little bit more difficult. Sometimes the downpours would last at least 10-20 minutes, sometimes just a matter of seconds, as it made its way inland. Even when we got caught in the rain, I think Matt and I both agree that the showers were more of a delight than a headache.

the Goa short set

Shells on the beach. We spent our last night in Goa in Colva. Because we arrived late in the afternoon and didn’t get to see too much of the place, but we were able to take a quick walk on the beach before it got dark. There are small clam shells scattered all along the beach—the dainty pastel colored kind. The shells reminded me of the ones I used to collect in Redondo Beach when I was little. All of a sudden we came upon a spot of sand that was completely covered in shells. The shells were an inch or two deeps and spread out over several feet. It was wonderful. Just a lot of little shells. So I sat down in the middle of them until we saw a dark grey cloud approaching and it was time to retreat back to our hotel.

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TO the left is our Calangute guesthouse, straight ahead is the beach.

Scooter Day

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164_6445-4.JPGToday we explored the entire coast of North Goa by scooter. We stopped by the following beaches:

 

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Anjuna

Just a long thin strip of sand backed by guesthouse and restaurants. There’s a small touristy souvenir market at the northern end of the beach. Supposed to be the capital of the Goan party/rave scene, but barely anyone was there when we were. Overall, not too impressive.

 

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Vagator

Rocky headland with small, flat, shadeless beaches on either side. A fort dominates the hill behind the beaches. There’s a ton of Indian tourists taking photos and checking out the tide pools. Again no reason to stay…the beach has no shade.

 

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(just in case these pictures made you forget we were in India) 

Arambol

The most northern of Goa’s beaches, this place is full of hippies. A few chill restaurants on the beach. Maybe too many hippies. We saw a dude with waist long hair and a loincloth-thong-thing frolicking in the waves. A swimmable beach with more Westerners than Indians (which means females can strip down to swimwear without awkward stares). It’s a really long beach without very many people. We spent the most time here today and would recommend it.

 

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More than seeing all the beaches, I enjoyed exploring the countryside. Goa’s beaches are nice, but I think inland may be even better. On our way from the train station to Calangute, Joylani and I noticed the bright green colors of Goa. Today we zoomed through the fields and fields and fields of all shades of green. Just seeing the bright green paddies and coconut plantations would’ve been enough. But zooming through the fields and sleepy beach towns on our scooters was amazing. It was just a scooter, but it was still exhilarating to turn that handle and accelerate, feeling the wind in our faces, and feeling the 100 degree heat cool in the wind. It was an exciting day, but a lazy one too. A snack and walk at Vagator, lunch at Arambol, and chai at Anjuna. How much better (or lazier depending on how you look at it) does it get; beach to beach, meal to meal, all while exploring the vibrant countryside.

Old Goa

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164_6445-4.JPGThe Portuguese took control of Goa by the mid-fifteen hundreds. They ruled it 400 years, until India seized it 1961 (nearly 15 years after Indian independence). Yet the Portuguese influence has left its legacy both on the place and its people. Although the uniqueness of Goa is immediately apparent, our trip to Old Goa (once said to rival Lisbon in grandeur) today has instigated this article.

 

The Place

Look at a map of Goa and you’ll immediately see that the airport is in Vasco de Gama. And although some major cities and beaches have been renamed, most people still use the old Portuguese names. Arriving in Goa, it is impossible not to notice the Iberian architecture. Besides all the cathedrals and chapels, the buildings are white or pastel-painted. Additionally, most homes have tile porches enclosed by short little pillared (for lack of a better description) wall and a wrought iron gate. If there weren’t so many Indians around, you’d think you were in Central America. Yet, even some of the Goans don’t look like most Indians.

 

The People

Joylani’s pointed out a few people to me, who “have Portuguese blood for sure.” When I ask her how she knows for sure, she says because they look like all the people she went to school with (apparently Arcata has a sizable Portuguese population). Regardless of how they look, a fair amount of Goans still speak Portuguese (most in addition to their native Konkan, as well as Hindi and English). Yet, perhaps the largest difference between Goa and Hindustan (Hindi for India, literally meaning land of the Hindus), is that a large percentage of Goans are Catholic. All the little shrines have Jesus, Mary, or a saint in them, instead of a Hindu god. And instead of burning candles, incense, and hanging marigolds around Hindu shrines in their homes/restaurants, they have Catholic shrines or crosses with the usual flowers or candles. Instead of Hindu names, the buses all have the name of saint, usually also displayed inside the bus with a wreath of flowers, flashing LEDs, and an electric candle- very Indian still, but Catholic. One of the switches in our room even controls the electric candle on a shelf with Catholic portraits. The funny thing about Goa is even some of the Hindu temples and shrines are built in the Portuguese/Catholic style of pastel colors and European architecture. The confluence of culture and religion can be confusing. In the US, it seems fairly easy to separate culture and religion. Yet in India, oftentimes culture is religion and vice versa, so Goa was extremely interesting in this sense (and as topic could fill volumes). A few of the ways in which Goan Catholic culture was manifested: women wore an antiquated style of dresses (which I assume was from European missionaries), alcohol was way more prevalent in public, and many men had “Christian names” like John or George.

 

Goa embodies India in that it’s different. So often India is stereotyped by the so-called Hindi-belt (stretching across North India from Kutch to Bengal), but Goa is different in everyway. From language to landscape, it’s an interesting and unique place.

Random Goan Musings

164_6445-4.JPGToday’s the first sunny day in three. It’s rained pretty much nonstop for the past two days, so its nice to be able to get out and walk around town. You know just hang at the beach and be lazy. You may find that statement comical considering we’re on somewhat of an extended vacation, but I heard even worse today. Joylani and I were sitting on some beach chairs under an umbrella earlier today. Next to us was a couple; the guy was just watching the ocean, while his girlfriend was getting a massage (there’s a ton of people that walk along the beach offering massages). They sat there for another 15 or 20 minutes after her massage ended, before getting up to leave. One of the waiters said, “Where you going? You know you can just sit here and relax- you don’t have to buy anything…” To which the girl responded, “I think we’re going to go and rest for a bit.” Joylani whispered to me, “What the heck have they been doing for the past hour?!” The past five days have flown by. Two days of hanging around our hotel doing nothing because it was raining, two days at the beach, one night at the most popular club in town, Tito’s (whose Hip-Hop Night was disappointing), one night of watching the England-India cricket match. We’ve hung out with our next-door neighbor Matt a good deal too. He and I share a beer in the late afternoons, after which the three of us go to dinner. Joylani joined us one afternoon to try some fenny, which is a local spirit made of coconut or cashew. It’s not as tasty as rum, but better than nasty vodka. But at approximately 1.25 USD for 750 mL bottle, who cares. Still, I prefer beer. If you can’t tell yet, it’s been an aimless few days, but I like Goa. I like it more than when I visited last time. I could stay here awhile. Our place is remote, but nice. The beach is just steps away. The town is small, but it has everything as it must accommodate thousands of tourists during the winter. Right now, the pace is slow. Before we leave, I do have some goals though: see more of Goa (the major cities, some other beaches, as well as the country) and start taking more photos again. Goa definitely is not as foreign as Ladakh, but since Orchha I’ve really failed to capture some great shots. It’s tough to travel, enjoy a place, and document it through writing/photography all at the same time. But I’m gonna really try. This post like our time here is rather aimless and random.

Made it to the Beach

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164_6445-4.JPGToday was one of those rare days in life when everything seems perfect. I slowly woke up on the train this morning to the chai-wallahs. I am not a morning person (especially after talking until two in the morning with a couple of our bunk mates who were curious about America), so lazily waking up to a cup of chai as the jungle-covered hills of Maharastra passed by was great. The night before, we had met a guy with a great name (Matt) who was on his way home from a two-year Peace Corps stint in China. Like the evening before, we talked on and off all morning. By noon, we had reached our stop in Goa, just a small rural station from which we took a small bus to Mapusa, and then one to Calangute. Calangute is the most developed of the beaches, but we chose it for two reasons. One is that its supposed to be quieter during the offseason and, two, many of the other beaches would be dead before the tourist season. As we (Joylani and I, and our new buddy Matt) walked down the main road that ran perpendicular into the beach, the ocean came into view. Not the bay or industrial port of Bombay, but the beautiful light green Arabian Sea lapping up against golden Goan shores. Having been on the train all morning, the first thing we did was sit down at a restaurant on the beach.

After some kingfish, prawn fried rice, and an ice-cold beer, we introduced Matt to our usual gameplan when first arriving in a place. And I’ll outline it for you as well: The first thing we do in a new place is eat. This accomplishes two things; one it rids us of an annoying rickshaw driver who is intent on “helping” us find a room (rickshaw drivers get a commission when bringing people to a hotel, which gets tacked on to the room rates we get quoted) and gives us a chance to relax and recharge after hours or days of travel. Secondly, after eating, Joylani stays at the restaurant with the bags, while I do a circuit of 5-10 guesthouses. We do this for several reasons as well. One, neither of us has to miserably trudge around in the Indian heat in our backpacks- Joylani gets to sit and I get to walk quickly backpack-free. Two, I can check out a lot more guesthouses in a shorter time without all the weight and get better rates (perhaps because Joylani’s not with me or maybe because I make it clear I’m quickly shopping around). Anyways, it works out well for us and it did this time. Joylani chilled in the shade of the restaurant, while Matt and I checked out a half-dozen guesthouses. I was ready to head back and give Joylani the options (a big room but expensive, a cheap one but far from the beach, or a substandard room right on the beach), when a guy and his girlfriend pulled up on a motorcycle and asked if we were looking for a room. They told us they were on their way out of Goa, but that the place up the road was REALLY nice, so we checked it out. It was awesome- clean, hot water, balcony, 10 second walk to the beach, it even had a safe. Even better, I negotiated a price below even what I thought was possible (Usually I ask for the room rate, they quote me one, I ask for the best price, they lower it, I ask what if I stay x number of days, they sometimes lower it more, and then I’ll offer an even lower price, which sometimes like this case, they accept) (But if its fair price off the bat, I’ll just take it, despite probably being able to get it lower).  It was by far the best room I saw there and maybe the nicest room we’ve stayed in India thus far. We took one room and Matt took next door.

After getting Joylani and getting settled, we threw on our beach clothes and walked all 30 seconds to the water. The sand was soft and feet sank in as we walked. The ocean roared as a half-dozen waves continually broke parallel to the shore. The water was warmer than the late afternoon air, which was being cooled by a perfect breeze. Looking down the beach in both directions, salty mist rose above the wave-pounded beach. After walking for awhile, we contented ourselves to just sit on ribbon of sand sandwiched between a coconut plantation and the Arabian Sea.

We finished our night with a bright orange and pink sunset, a filling dinner, and just as I started my day, a cup of chai.

A Few of My Favorite Things…

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Anything my mom makes.

Blueberry muffins.

Carrot cake and cream cheese frosting.

Dark chocolate.

Edamame.

Fish tacos from Wahoos.

Guacamole too.

Ham.

I…

Just want to eat…

Kalua pig.

Laulau.

Mexican food.

Nutella.

Olives.

Pho. Poi. Pumpkin Pie. Peanut butter.

Quaker Instant Oatmeal: peaches and cream

Rice. Cal Rose of course.

Soy Dream. Soy nuts. Soy milk.

Tofu.

Uncooked veggies.

Veggie burritos.

Wine. White cheddar Cheese-its.

Xcept not…

Yak butter tea…

Zigga zaa.

Indian Stock Market

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164_6445-4.JPGI have been meaning to write this post for awhile, but my recent visit to the BSE (Bombay Stock Exchange) stirred me to action. Anything dealing with Asian emerging markets is extremely appealing to me, so you can imagine how intriguing traveling here is for me. In addition to books and regular newspapers, I have been keeping up on the Indian and global equity markets. On a personal level, this yearning to keep tabs on the markets has confirmed my intuition that perhaps I should pursue a career in the field. Below is my brief amateur analysis of the Indian market.

Indian Growth
One of the first things one notices upon visiting India is its growth. Sure you can read about the near double-digit GDP growth in the paper, but its something else to see the rapidly expanding middle-class buying all the trappings of their newfound wealth (washing machines, refrigerators, expensive cell phones, etc). You see countless infrastructure projects underway from rural highways being built to metros and “flyovers” (overpasses) in the cities. With so much investment going to into infrastructure from domestic IPOs to FDI (foreign direct investment) and a labor oversupply, the only thing that delays these projects is a supply shortage of building materials (steel, cement, etc). Anything that caters to India’s growing middle class or infrastructure is growing big time. Financials are booming as banking services have a huge population to reach and credit is just beginning to be accepted. Telecom is expanding rapidly as internet and phone services on wireless networks become more economical than landlines and computers.

The excitement is everywhere. Every newspaper and tons of billboards display the latest mutual fund offerings IPOs. When we walked down Dalal St (India’s Wall Street), tables had all the offering documents for new MF’s and IPOs. Snack vendors sold samosas and pakoras on little squares of prospectuses, red herrings, and offering documents. Everyone’s eyes are glued to the Jumbotron on the BSE building, showing stock news and the marquee scrolling tickers below it. The news is constantly filled with announcements of new private equity and hedge funds. The stock market is everywhere- you’ll everyone from small business owners to engineers talking about their investments. As the developed world faces the sub-prime crisis, Indian magazines pridefully list the biggest deals of the week and tabulate India’s global M&A (mergers and acquisitions) rank in dollars. This is being driven by both Indian small caps being bought up and Indian industrials buying abroad. Luckily India is a free market with open capital markets, allowing individuals to participate in “the Indian growth story.”

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The Stock Market
India has over a billion people and the country’s economy is growing like crazy. Despite this, the Indian stock market is small, relative to both developed markets in the west and even China (to whom they’re so often compared). Most of the companies have relatively small market caps, but unlike most emerging markets there are a ton of listed companies and India is more integrated into the global financial world than even countries like China. For these reasons, the Indian market is both volatile and relatively more correlated to developed markets. However, like most developing nations, a miniscule percentage of the population invests in the equity markets (in fact, up to two-thirds of the population in some states don’t even bank). On the flip side a miniscule percentage of one billion is still in the tens of millions. But the fact remains that India’s growth is largely driven by the small (but growing) middle class and financed by the upper class and financial institutions. (sidenote: I’m currently working on a blog post outlining Indian economic demographics and the 900 million people living on cents a day that aren’t participating in India’s boom).
A couple unique features of the Indian markets. Like many developing nations, commodities are important both because India mines and exports minerals, and because (despite being the second largest producer of most grains in the world) it must import a ton of crops (exporting most grains is banned as well) to feed itself. The business pages don’t just list the spot prices, but multiple closing and futures prices in both India and world commodity markets, for everything from copper to cashews. Lastly, despite being an emerging market, financial institutions here utilize some products of the developed markets. F&O (futures and options) as they call it here, is huge. While I can definitely see the utility in financial institutions using derivatives to hedge in a volatile emerging market, it’s surprising that options are so easily accessible to retail investors (even more so than in the US). Perhaps they are hoping to make easy money in an economy growing incredibly fast, 8-10% GDP growth per year. However, short-selling is not yet allowed, although there is talk it will be introduced soon and the bond market is still not nearly as liquid as developed markets. Nearly every bank offers brokerage services/accounts and products such as mutual funds.

In a nutshell: booming, volatile, upper-crust driven, focus on raw materials and infrastructure, increasingly complex (development of derivatives, shorting, and liquid bond market).

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The Bad News
So with so much growth, why not throw all your money into Indian stocks? Well for one, you cannot (unless you’re an NRI). There’s 12 Indian ADR’s listed on American exchanges and only a handful of MF and ETFs. Furthermore, most of the ADRs are IT/BPO, with two banks, one auto company, and a pharmaceutical. Worse still, they often trade at premiums to their real prices in India. Two, the weakening dollar is killing IT companies and exporters. So you may see some weakness in those historically very strong and important sectors. Three, valuations- opportunities to buy good companies in this growth environment are far and few between. Four political risk. India has enjoyed the same stable government for the past three-plus years. People blame the Left for keeping India’s GDP growth in the single digits, but if they follow through on their threat to pull out of the coalition government, the Left would do a lot worse and the markets would take a big hit. In addition to all this, the Indian stock market is extremely volatile, in part because it doesn’t have a liquid bond market to absorb economic shocks. Thus, even if you are a multimillionaire or have some Indian blood (NRI), investing in India now may be risky. India’s economy and infrastructure (in particular) will continue to grow feverishly. However, looking ahead, the rising rupee, rising valuations, and political turmoil are brewing quite a storm for the equity markets. The Indian market is still a long-term buy and should have huge growth, but its going to be a bumpy ride.

Bombay

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164_6445-4.JPGAfter wandering around rural central India for the past week, arriving in Mumbai was quite a shock. Emerging from the British-built Gothic CST station, complete with gargoyles, we found ourselves in the heart of south Mumbai. Adequately paved roads and even sidewalks, no rickshaws, legions of commuters (many in suits), the ocean. Being in Bombay was much like being in Western city, except populated by Indians of course. It’s India’s financial epicenter and a showcase for its modernization/Westernization.

We decided on a place in Colaba (the most touristy district of Mumbai), due to its close proximity to Mumbai’s “sights.” The neighborhood we stayed in was predominantly Muslim. Besides little circle hats, long beards, kurtas, and Urdu signage, it was cool because Ramadan started midway through our stay. All the Muslim-owned restaurants closed during the day, while the prayer room across the street was still busy throughout the day. The kebabs and tandooris were excellent, while seafood was widely available as well. Interestingly though, the food was also my first insight into the cities liberalization. Beef was available at a few Muslim-run restaurants, while Goan restaurants often offered pork. The restaurants had alcohol on the menu, while I glimpsed the first real bars/clubs I’ve seen thusfar (in India on this trip). But there were other signs of the liberalization as well. Taking a sunset walk along Marine Drive one night, we saw dozens of couples holding hands or with an arm slung over another’s shoulder. I guess cultural liberalization follows modernization, or is it the other way around?…still not sure.

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(unrelated sidenote: could Lee get away with an add like this in PC America?)

Besides all the British architecture and modern buildings, Bombay has few attractions. Exploring Chowpatty beach was interesting, with tons of food stalls and cuddling couples. I heard it’s a nasty place, but it seemed okay to me, perhaps because we saw it at night, its dinginess covered. Another interesting thing was that Ganesh Chaturthi (The Ganesh Festival) began on our last night there. Beginning late that last night and throughout our last day, Ganesh idols were paraded through the city by families. Usually the family was accompanied by several drummers and some kids lighting off firecrackers. The idols were taken to homes, only to be immersed in water (the ocean, a lake, etc) at the end of the multi-day festival. While the modernity of Bombay, the beginning of Ramadan and Ganesh Chaturthi, and sociological observations were all interesting, I think we stayed in Bombay a couple days too long. We explored the city, saw a few museums and checked out a few traveling exhibitions, but Bombay doesn’t really have that many attractions. Its just one of those cities that seems like a great place to live, but not to visit as a tourist.