Paul Samuelson

Paul Samuelson died two days ago. I will never forget that the first book I picked up on economics was the text book written by him. I still have - almost two decades later. And I will never forget also - when I pickedup the Foundations - I almost fell over - I thought i had picked up a Math text book!

Thank you Prof Samuelson. RIP

Google and Apple wars - way too cool for the consumer;

Consumers can expect some good things happening to them - with Google and Apple getting more into a competitive mode. Why do I say that? Well, we can now expect newer cooler products at hopefully lower prices! Google just announced that it is going to make a cell phone available next year. Apple now needs to up the ante - come up with a new version of the Iphone (I would like the following features - a small torchlight type feature so that i can use it in the darkness, a way to zoom in and zoom out on the camera, a slimmer phone and a better batteries) or a with some real new cool product that allows live video streaming from around the world easily.

We will see - but all in the beauty of competition is being brought out here. And we can expect Microsoft to follow suit also. I'm sure they are not going to miss out on the mobility hardware software combination space for too long.

What Obama is not doing

President Obama is obviously a man of formidable intellect and boundless energy. Very few leaders have started off by dealing with as many different issues as he has at the same time and by choice at that. And even more admirable is the manner in which he has approached them - using a combination of analytics, judgement, lessons from history and seeking advice from different groups in forging a way ahead. And his PR machine which, though having starting problems has since seemed to have gotten its act together. BUT he has failed to do something very important that is critical in moving this nation forward.

Witness his response to the economic crisis or the manner in which he has led the reform on healthcare or the strategy on the two wars. All of them marked by a careful consideration of the options and the implications of each. None of the analysis lacked data or a theory of the case. And in particular with the economy, he has taken the right strategy - use Keynes to drive the economy out of trouble, fix some underlying problems and be friendly to the Chinese.

But he's missing out on a crucial element that is expected of him - that of being the Optimist in Chief!! He is a bit too serious and a bit too stern in his manner. As the President in today's times he has a duty to not only use his smarts - but also to be cheerful and radiate optimism - and not to wag a finger every time he gives a speech!! and that's where I fear he is failing!

I think he has forgotten that the American economy is built on expectations - and the hope that things wil be better in the future. When Obama speaks of the future - he speaks with a tone that suggests some admonishment - but then there is no followup with a cheery optimism - that is so essential to raising people's confidence. If only he did that - then consumers would start spending and banks would give start goving credit and the cycle would start slowly but surely. Mr President we like you - but we need more optimism from you. the people need it and deserve it.

Greed - the problem with Corporate America

Did you read the article in today's WSJ about some workers who were being exploited by the government - and - if they were going to continue to be exploited and left hungry and penniless on the streets, they would resign? In New York City? Can you believe it - reading the article I couldnt help wondering whether these were poor laborers in servitude. Oh No! These were fat AIG executives who were crying about a year's pay!!! Each of these people make in a year what most people in America dont make make over a lifetime of working!! Even the CEO threatened to resign over pay!

This the problem with Corporate America and our lifestyle today - we are greedy people - who will cry and beg for help when we are down, but the minute we are up, we forget what brought us down and go back to our old ways of thinking and working. It is AIG and other financial insititutions who have made the hard earned savings of ordinary Americans disappear in thin smoke through their excessive risk taking, which in turn was driven by misaligned and often excessive incentives. Greed.

What else can explain this behaviour? Cant executives at AIG, deal with a pay cut for a couple of years while they get their house in order? I am not talking of an ordinary manager making less than $100k a year - I am talking about executives who make $500k a year and more. I dont think anybody on this planet needs more than 500k a year to have a reasonable, and healthy lifestyle! The only reason this happens is because of Greed! Nothing else can explain it.

And herein lies one of the biggest dangers of our society - we have over time, focused so much on individual happiness that we have forgotten about societal good. We are no longer interested in making the types of sacrifices our forefathers made to make this nation strong. We run the risk of being weak if all we ever focus on is individual happiness. I am a firm believer in capitalism, in markets and free entreprise. But the modern day guardians of capitalism (CNBC and the likes) have taken this to such an extreme that they do not realise the dangers of capitalism - greed driving excesses that can eat away our society.

And this is the difference now between Asia and America - no CEO in China or Singapore would dare say that they wouldnt do a job when their national pride was at stake - (which in this case is Americas), just because they were being only 500k a year!!! No - such CEOs and executives would be quickly shown the door.

And it is more than America's pride that is at stake - we do have to prove that we can recover and that our country is the center of innovation in this world, where dreams are realized and where people enjoy personal freedom. At the same time India and China are catching up on the innovation race. Their capital markets are developing agressively. Already there is an ever so slight shift in the balance of power from the west to the east. If we are not humble and driven by the desire to re-build the nation, we will become like the old powers of the middle ages - like Portugal, Spain, Italy and Britain, who are no longer as relevant as they used to be.

High Commitment, High Performance

I am pleased to write about the terrific new book my colleague Mike Beer has just written and is being released today. The book is called High Commitment, High Performance - How to Build a Resilient Organization for Sustained Advantage.

This book is remarkable because Mike does a great job of combining research, theory and practice. For those of you who dont know, Mike is a Professor Emeritus at Harvard Business School and the Chairman of TruePoint - a consulting outfit that he started. Mike is an atypical academic in that he actually started his career in a manufacturing company after his PhD and then moved to academe. So he actually developed his theory of the case partly in the really world.

Which is why his book is different. In this book, he describes what a true High Commitment High Performance company is - They are aligned on three outcomes - Performance Alignment, Learning and Change Capability and Psychological Alignment. In addition they have leaders who are values driven and think beyond profits - they believe that their companies have a deeper reason to exist and take a multistakeholder perspective.

Mike also does a nice job of talking about thewhat he calls the silent killers of strategy and the five levers of change. Finally Mike shows how to build a High Performance, High Commitment company.
Here's the link to the book. - read it. http://www.hchp.truepoint.com/

India and China are still behind

Sure India and China did'nt feel the impact of the global recession as did the US and the rest of the developed economy. Economists have been touting this as the decoupling effect. India's economic fortunes have been decoupled from those of the US.

But what this really indicates is that India and China to a lesser extent are less connected internationally and far less developed than their western counterparts. They dont have the same e degree of sophistication that the international economies have. They also wont benefit to the same degree by an expansion in the US market.

The economy is hitting the ordinary people - is the stimulus working?

I flew from San Francisco to Boston last night. The cabbie who took me to the SFO airport was a person of Egyptian origin. She had an undergrad degree in Philosophy from Egypt. She migrated to the US about 10 years ago. She had two school going daughters. But she couldnt get a job as a teacher in the US. So she decided to drive a cab. She took a class, passed the exam and has been a cabbie for close to three years now. And she said that her business was down by around 30%. I asked her how much she made now and how much it cost to run the cab - let's start with her cost - she pay $350 a week to keep her medallion and another 150 a month to the San Jose airport to pick up passengers. Her average revenue before the downturn was about $200-$300 per day. rental, gas and maintenance took out about 125-175. She made about 75 -150 a day. so about 4K per month. Enough to live in a one bedroom. and now she makes 30% less.

Because Airtraffic is down, less number of people are flying - the are car pooling - they are taking public transport. In fact, the long term parking in SFO is less crowded than it used to be earlier.

The cabbie who picked me up in Boston had a smilar story - lesser number of people flying now. His income was down by 20-30%. none of these are accurate numbers, but they give a sense of the scale of the downturn. we need to continue to wear seat belts tight.

Does this the mean the stimulus is not working? I think its too early to teel. even though jobless rates in May were higher than expected, the trickle down effect of a stimulus plan takes time. Let's see how the story is in August. My sense is an additional stimulus will be needed.

Shareholder Value - is that what companies exist for?

No said Dave Packard - They exist to create profits no doubt - but not just to create profit - but for cause that is beyond creating profits - to give the people who work in that a company a sense of self esteem, to make good products that consumers like and so that the company is a good citizen in the community. - Not exactly in the same words, but in many ways clearly implied in the words he chose. And when said that at a conference of other companies - not a single CEO took him seriously then. But I guess he knew what he was talking about.

I wonder why most CEOs and managers keep forgetting that a company exists for reasons beyond making a profit. and why the still worry about earnings calls. and why they worry about analysts. and why they worry only about quarterly reports only. The most successful ones are the those who dont fall in this trap.

Merger of equals - Is that so?

Towers Perrin and Watson Wyatt announced that there were conducting a merger of equals yesterday. If that is the case, and this becomes successful, then it will be a first for sure. I have always felt that when someone says merger of equals, then really it means a merger of unequals with the stronger partner soon taking over the weaker one. In this case who is the stronger? Possibly Wyatt - and how do i say that - because the Wyatt CEO is continuing as CEO. The last time I heard of a merger of equals was Daimler Chrysler - and we all know what happened there. This "merger" will be interesting to watch - the two have somewhat different cultures.

Acqusitions by Indian companies - part 2

So here's what they should have done (and do in the future) - see how value is being created through an acquistion - remember there is no such thing as a merger of equals - value is rarely created in a merger. And once they figure that out work towards putting in place a plan that generates value - for the acquirer and the acquiree . They (and all others) should avoid the LIB syndrome - create a value target and then force managers to achieve it, by hook or by crook (LIB stands for the Loser Investor Banker).

If Indian companies cant figure out how value is being created for the new company and put specific processes in place to drive the value creation opportunities, they should avoid acquisitions.

Not just the Aussies, but Indians are also Racists - so let's get some perspective.

Indians in Australia are complaining about racist attacks on students there. My sympathies are with the students and I hope the perpatrators get punished. But in all the noise about racism, we people of Indian origin easily forget how racist we ourselves are! For sure racism in its worst form thrives in India.


In Mumbai, many local Marathis look down on outsiders and often treat them with scorn. People from the south and migrant workers are beaten up by goons from chauvinistic political parties. In Delhi, Calcutta and other parts, the story is not dissimilar. Malayalees refer to Tamils as Pattars, Bengalis are Bongs and Marwaris are "kanjus marwadi". Gujaratis are money minded Gujjus and Sikhs are dumbwitted "surds" (and in my opinion, they are the only race capable of laughing at themselves).

Physical attacks on people of different races are not uncommon in India. And they are often perpetrated by well heeled folks who use goons. And where were all the Indians when an Aussie missionary, Graham Staines and his two innocent kids were burnt alive when sleeping inside their van in Orissa? That was a crime so heinous that it still makes me shudder. Not a single Indian Film actor raised his voice in protest then. Why does Mr Bachchan make a show now?

I am an Indian, brown in color, and proud to be so. But how does it matter? Most Indians dont understand that skin color doesnt matter. What else would explain the burning desire among Indian women to want to be fair complexioned, for Indian parents to have fair skinned daughters and sons, and Indian men to want to marry only fair skinned women? Check any matrimonial ad - "Sought handsome well qualified groom for fair complexioned beautiful (but uneducated) girl, can cook, sing and sew etc" - Or as they say in tamil, "Aval, colorrara irukka" or "avallukku color kuncham koruchalla irukku".

Now I am taking some liberties here - but hopefully people will understand that i mean women no disrespect, but there is a whole Industry thriving in India built around the promise of making brown people like me look white! And we say others are racist! Racism, whether by Aussies or by Indians is wrong!

Taxing global income - not a good idea wholly

I havent seen the details of the proposal, but if what I have heard is true, then, the Obama administration is going to tax all global income for corporatiosn. I can understand and agree with the rationale for dealing with companies who use tax havens. But I cant accept the logic for taxing in the US, the income say a company like CISCO receives in India, if the CISCO is already paying taxes in India. Where is the incentive to go overseas then?

Why I was right about the acquisitions by Indian companies - I didnt like them.

Last year India and the Indian media had celebrated wildly when the Tata group bought Jaguar, Landrover and Corus Steel etc, when other Indian companies bought more companies around the world.

Sure it is good to see Indian companies coming out of their own mental and capital constraints and venture boldly around the world. It is heartwarming to see the can do spirit - time for the emerging market economies to take on the world. But I wasnt a big fan of some specific deals then and for sure I now feel vindicated.

Because in their euphoria and desire to do the deal - they ended up overpaying and taking on a pile of debt, compounding the problem with an integration strategy that beats all known logic. There is always a business and value logic to doing M&A - in the case of the Jaguar deal, the Tata group threw all value logic out of the window - why else would they buy something which nobody else would touch with a barnpole! and pay so much for it! There was no subsequent integration and cost reduction initiative. Where was the value creation going to come from?

My sense is that it is time for Mr Tata to think of a successor for himself. Some of his judgement may not have benefited shareholders and customers and his comments indicate that he is tired - for instance - for instance after the Bombay attacks - he indicated that they had received warnings of the attack - but the Taj DID NOTHING about those. And then he says nohting could have prepared them for those attacks - Wrong- they could have been prepared, if they had paid attention to those warnongs which come within 24 12 months after the Bombay train blasts!

Now he admits that the timing of the Jaguar deal may not have been right. I am a fan of Mr Tata, but I fear that age and the years of hardwork have caught up with him. It is the interest of Tata shareholders that Mr Tata should hand over reins to somebody else.

Good no cap on exec pay

Thank God the government has moved away from putting place regulations around capping exec pay. Much as I am an admirer of Obama, I was getting concerned about the focus on executive compensation. Its not the quantum, its how it is paid out - how the incentive mechanisms work, the performance measures in place and the governance mechanisms - that are important.

So how are these stress tests different?

It will be interesting to see the results of the stress tests for the banks. Whywould they be any different from the stress tests the banks shld have been conducting as part of their regular risk management process? Or is that they never did it? or ignored the results? Or they just figured the long tail events would never take place?

I am asking a fundamental question here - does the manner of identification and measurement of risk need to be changed? Do the VaR calculations need to be done in a different way? Seems to me - not different but in a more detailed way now. So that all kinds of exposures are identified and captured in the formula.

Why the markets are Irrational and Inefficient

Markets are rational - sure they are - they have no choice because the participants in the market place have only one objective which is to maximize their profits. In the short run. that's it. How can you get any more rational than that? Look at the mayhem around us - no real news that changes our economic outlook and stocks have picked up - there have been no material changes in the performance expectations of the 30 companies and yet the Dow is up. But of course the markets are rational - they sense that they can make profits by just creating some hype and making stock prices move up until the players can make some money. And of course there is clear and sound judgement with all the buyers and sellers having all the information they need to make an informed decision. and the participants have only the long term interest of the companies in mind. And the companies are also indicating correct, honest and accurate information. Phew - asking a bit now are we? Let's go on.

And of course the markets know how to react swiftly, because they know how to judge information. Without fanfare or bs. Because, the folks analyzing the information are pure arm chair analysts who have never run a company or made a decision in their lives. and they know what it takes to run a company from having taken up a CFA or attended B School. That's why they can analyze the implications of decisions (or lackof them and make a "call"). What wonderful training for analyzing a company. and making judgement calls.

and dont forget - all this makes the markets efficient. - because frauds dont exist, conmen dont scheme up new ways to dupe, folks like Madoff dont exist, Speculators never drive the price of oil and everybody has market access. Markets can always determine how much liquidity is needed, where the folks at the margin are, whose money is being lost and who is making money - didnt you heare me - the markets take care of all that!

Then why the hell are we in this mess?

Is there a middle path?

That's what I keep wondering - what real impact does a middle path have on the world? does it just postpone the inevitable? does it soothe over the pains of the extreme for a few? Does the middle path actually lead to more optimal solutions in life? does it strengthen or weaken existing orders? And what is really the middle path?

I posit there is no true middle path in reality- because in amiddle path you are just trying to please everybody. You are either center right or center left or generally center off center. But the middle path can be a tactical position - never a strategic one- The strategic position is either offcenter or the extremes. To be in the center means you are likley to be pulled the strongest current eventually and then drowning - unless you have great fortitude and endurance. Stable middle paths exist only in theory. And maybe that's why we keep trying to aim for it.

What were they thinking?

Apologies Jeff Pfeffer. Had to borrow your phrase. But I dont know what else to say about the silliness of today's executives, beginning with the morons at AIG! 167 million dollars in Bonuses - when the comp committee decided to award them, were they on dope or something? Was the CEO on hallucinogenic drugs?

So here's what happened - some really clever product developers at AIG (and at other financial Institutions) developed a bunch of credit derivatives that they didnt know could bring their downfall. These very credit derivatives drove AIG into bankruptcy - none of the other senior executives nor the risk management committee had the technical capability nor the foresight to tackle and prevent this. Despite this management incompetence, the government decided to step in and prop up the company so that millions of ordinary people could be protected and the financial system in the US didnt collapse into the abyss of no return. So what do the AIG executives decide to do? Give themselves "performance" bonuses because otherwise they would "walk away" to other companies! Sounds very dubious indeed!

At the very least they should have thought of the optics of this - company going bankrupt, receives tax payers' money, decides to give performance bonuses to retain key employees, some of whom were probably responsible for this mess. Hmm. Not the kind of behaviour that wins you the fShining Star award.

Here are some other examples "what were they thinking?" recently:
a) The CEOs of the car companies going to Washington in private jets to ask for a bailout
b) The CEO of Ford indicating that he was okay where he was when asked by Congress whether he would take a pay cut to save Ford
c) Citigroup wanting to take possession of a Private jet just after receiving government bailout money
d) The management of Merck supposedly all getting higher than expectation performance bonuses when Merck's performance was reported to have been less than target
e) Merill Lynch staff getting bonuses in millions of dollars just after being saved by Bank of America

The issue with executive compensation

What kind of world do we live in where we value the contribution of a man who risks his life to save the lives of others at a fraction of what we value the man whose life he saves? A battalion chief in NYC makes a total compensation of about 148K per annum. It takes well over 15 years of service to become a battalion chief. A firefighter risks his own life in the course of his duty.

Now compare that to the life of an an investment banker - he starts with a salary higher than that of a battalion chief. He risks nothing but other people's money. And in the process our society is willing to reward this species really handsomely. Is this the meaning of risk reward relationship?

Compensation programs world over have tended to go in the wrong direction - overcompensate some and undercompensate others. Executive compensation has tended to reward folks handsomely more for taking outsized risks with capital and less for showing consistent good judgement and for being an effective leader. Nowhere has this behaviour been exemplified in the worst way possible than in the financial services sector.

Here are the issues with the world of executive compensation

a) Excessive focus on individual performance
b) Excessive focus on short term value creation
c) Poor board oversight on performance and compensation
d) Establishing risk reward relationships that drive poor decision making
e) Inadequate transparency of performance measurement and compensation
f) Very little focus on taking punitive action for poor decision making
g) Increasing complexity of bonus pool calculations and payouts particularly for frontline roles
h) Irresponsible compensation consultants who instead of providing sound advice that can challenge status quo, only pander to the needs of senior executives

One bank that has managed to avoid a large portion of the subprime crisis and resuling mess has been HSBC - why? Among many reasons that include their strategy, geographic presence and good risk management, their rewards structure supposedly does not reward frontline staff so differently from the support staff that frontline staff start behaving irresponsibly. The differential is kept to a manageable minimum and individual stars, while celebrated are quickly cut to size if they become too big.

I must clarify - I am not against paying senior executives well. They should get paid well - but for what ? In my opinion for making tough decisions that have a positive impact on the company's financial and non financial performance on a multi year basis - not just one year. All of these folks make more money than what most people do in multiple live times - and I dont grudge them that - But I do get annoyed when people get compensated handsomely even when they have destroyed other people's wealth just because "the market demands it!"

I support the cap on executive compensation for banks receiving bailout money - none of the CEOs on that list need any personal assistance with mortgages - they havent foreclosed, but their customers did only because the banks sold them loans they couldnt afford! Shouldnt the CEOs and other officers be punished for this irresponsible behaviour?

Its time to pass the bill

The stimulus bill needs to be passed urgently - time to put the politics aside - without the stimulus package the economy is going to sink further. I am never in favour of big government. This spending is not about big government. This is about the government injecting funds into the economy's circulatory system so that people can start borrowing and conducting business. With joblessness increasing the politicians cant afford to dither.

Follow the passion

Well I guess I was proved wrong when SDM won , but I still think that SDM wasnt a best movie s. I think Frost-Nixon shld have received it. I feel good for A R Rahman and Resul Pookutty. What a lesson - for those of you who dont know about Resul - I have read that he flunked the medical entrance exam which he took to please his dad. He dropped out of law school to go to the Film and Television Institute . He followed his heart and decided to get into the movie industry and he has climbed to the pinnacle in this business.

This is a lesson for all individuals - how many of us get stuck in jobs that we dont really care about or do things to make a living without really feeling that it is our calling! Resul's example is testament to the whole point of following your passion - you will be happy and possibly very successful. While loving your family members, stay away from them for career advice - sometimes they dont let you follow your heart.

Slumdog Millionaire - Not Best Picture Status

Well I finally saw the much touted movie. And I am confused as to whether i like it as much as the critics do. Will it win a Best Picture Oscar? My fearless prediction: NO. Who knows I may be proven wrong. Maybe if my expectations had not been raised like they were, I might have thought that it was a great movie. But still I dont think I could have seen a Best Picture. It is not in the same category as Millionaire Dollar Baby or Crash, but against this year's other nominees (except Milk and TCCofBB), it may stand a slim chance. The directing is superb, fast paced and imbibes Bollywood and Hollywood storytelling styles cohesively while being distinct. Danny Boyle deserves this one . The child actors were superb, as was Dev Patel. And AR Rahman's score is very worth listening. But I can also see Amitabh Bachan's pov around the image - at times, I thought I was seeing Africa or Manila here.

Introducing my friend Bala, the Visionary

My friend Bala is an amazing guy. He and I worked together atTata Motors over 15 years ago as trainees. I remember him as a very sincere guy, joining Tata straight out of IIT Bombay (as it was called then). While all of us other trainees were looking for ways to get away by doing the least amount of work, Bala was the other extreme - showing up to work early and leaving late. He spent most of his time at the Engineering Research Center, designing cars etc. But after two years he decided that he wanted to study management and pushed off to IIM Bangalore.

After IIMB, he worked in a number of technology related companies - Wipro, Infosys, Mphasis and the likes. Somewhere along the way he got married also. In 2007, in an epiphany, he resigned his job and decided to start a Microfinance company that addressed a major gap in the market - i.e. of loan guarantees. A big problem in the world of microfinance is the issue of the risk lenders assume when lending to very low income borrowers - those on the margin. Some of these may get left because of the lack of credibility i.e. high risk they pose.

Bala saw this problem as an opportunity. In his technology consulting days, he had some experience with the financial services sector and quickly recognized this as a very simple business problem - one of managing risk by getting a third party to provide the guarantees and assuming the risk. This way the ordinary public also gets involved in the world of micro-finance by providing small guarantees.

What is amazing is not the concept, but the sacrifices he has made so far - he gave up a well paying job and has bootstrapped this company for the last 12 months. His enthusiasm and passion also attracted a number of volunteers who have worked with him since the idea days. Now Bala is trying to raise financing for his venture but so far has been struggling to get decent funding in these times. I only hope it is a matter of time, before he finds investors / finances to lead the growth of United Prosperity. Here is a link to his company's website: http://www.unitedprosperity.org/
Visit it and get involved.

My new hero

What a cool guy he seems to be. Calm under pressure, while facing imminent death. Not just his, but 150 others. And almost self effacing and embarrassed when asked to talk about how he and his crew saved the lives of those folks. Who else, but the brave, and quiet Capt Sully.

I watched his interview with Larry King. And I was almost clapping for the man. His responses to King's questions, were firm, short, crisper than his moustache, and almost always laced with humility. And whenever put on the spot about his role, he invariably gave credit to his entire team and his training.

This was another lesson in leadership for me. Capt Sully was calm, well trained, and as he said, did what he was trained to do. And in doing so, he encouraged others to do the same, with little fanfare. Not once did I hear him even remotely suggest that he considered his actions to be heroic. And his co-pilot, the first officer was just as self effacing as were the rest of the crew. Clearly they see him as a role model.

The world needs more leaders like Capt Sully.

A busy start to the year

It has been a busy start to the year for me personally what with preparing for the arrival of a new one, looking for a new place, movers and buying some new furniture. Should have sneaked in some time to post something - but I got tardy.

But hey during this time, I managed to learn a few new things. One - you can pretty much kiss your security deposit goodbye when you move into a rental apartment. Second, in this day and age of warp speed communications, AT&T still needs 8 yes, eight days to transfer my line from one location to another WITHIN the San Francisco Bay Area. It still isnt clear to me why they needed eight days to stop my old phone line and start a new one when no hardware installation was necessary. They need a different kind of stimulus.

I got to see bits of the inauguration - the feeling was fabulous - and kudos to all those who braved the cold to watch the historic event. I felt goosebumps. And a bit sorry for George Bush, as he departed looking forlorn. Wonder how he felt knowing that his approval ratings were low and the assembled crowds were happy to see the last of him as President. Lesson in leadership - you got to have a VERY TOUGH SKIN.

The rest of the inauguration was really nice - watching Obama's daughters, his wife, listening to his speech, - it took me, a bystander, a little while to adjust to seeing for myself, with mine own eyes, a non white President. And when I did, I felt tears of joy on my cheeks.

Happy New Year

So what do I want this year? Not a lot - very simply - peace and amity among all people on this planet, an improvement in the global economy and a continued improvement in the performance of the Indian cricket team. And a painless way to lose some flab!