Dec 2007 to May 2026, Sensex (real USD) went nowhere. Absolutely nowhere. You can add dividends but then you will also have to cut fees and taxes. So for 18.5 years, zero returns for a global allocator.
But from April 2003 to Dec 2007, almost a 7x in 4.5 years. So over 23 years, a solid 8-9% compounded inflation-adjusted dollar return. But almost all that return came in just a small period. Classic 20% feast and 80% famine.
For global macro investing, timing and cycles are everything. You have to get the cycle right. Or you have to be very lucky (cue Napoleon's apocryphal generals). Helps to be both right and lucky, of course.
Are we at another mid-2003 moment? Time will tell. This is a game of probabilities. My bet is yes.
AI that thinks in India's own languages.
IIT Bombay is proud to present BharatGen to the world: Open, multilingual AI for India's languages and people, at Bharat Innovates 2026 in Nice, France (14–16 June).
BharatGen is built at IIT Bombay's Department of Computer Science and Engineering, led by Prof. Ganesh Ramakrishnan, with Rishi Bal (CEO) and Dr. Maneesh Singh (VP, ML) with a consortium of 9 premier academic institutions. A team of 60+ researchers, engineers and linguists are building AI that includes all scheduled Indian languages, across text, speech and documents.
-> Param2, its foundational text model with reasoning, coding, and tool calling capabilities works across all 22 scheduled Indian languages
-> Shrutam2, for automatic multilingual speech recognition/ STT across Indian languages
-> Sooktam2, a text-to-speech models with zero-shot voice cloning across Indian languages
-> Patram, a document vision model built for understanding Indian-specific documentation
BharatGen powers services in governance, healthcare, education, insurance, finance, and cultural preservation.
A national effort backed by DST and the IndiaAI Mission, BharatGen is India's push for open, homegrown AI, built for 1.4 billion people.
For more information, visit https://t.co/bZul5Lr3yC
Bharat Innovates 2026 · 14 - 16 June · Nice, France
@BharatInnov2026@EduMinOfIndia
#BharatInnovates2026 #IITBombay #BharatGen #DeepTech
It was a very good decision by the Government of India, upheld by Indian courts. Celebi is a from a country that openly supported and armed the military owned terrorist country of Pakistan, against India. Provision of airport services is a sensitive business, it cannot be in the hands of a company from a country that is aligned with a known terrorism-spawning country like Pakistan.
Other foreign companies should take note: if you come to India and are seen as threat to our security, you will be booted out promptly. The Chinese have experienced it too.
A customer named Animesh Roy from Bengaluru had his Airtel broadband down for 30 days.
Every time he raised a complaint:
• Ticket Created
• Green Check Mark
• "Issue Resolved"
But nobody actually fixed the connection.
After weeks of frustration, he noticed Airtel was heavily promoting "Airtel Black" but had forgotten to register airtelblack .com
So he bought the domain.
Then he created a website and when visitors opened the site, they were greeted with:
"Your issue has been ignored."
Below that, he posted genuine customer complaints and bad experiences shared by Airtel users.
The website went viral.
Soon Airtel's team contacted him and requested that he take it down.
He agreed.
But with one condition:
"If Airtel customers face similar issues again, they can email wesuck@airtelblack .com. If the complaint is genuine, the website goes live again."
One frustrated customer turned a 2nd largest broadband comapny a good lesson 🤐
edifying
I didn't understand that there's a reason people don't own their mistakes. All it results in is people seeing the mistake for the first time, but not you owning it. They'll keep pestering me with snarky "update??" vitriol. Basically, pretending you never fail is optimal
Everyone has been so impressed by Japanese fans cleaning up after themselves but most probably missed this beautiful moment at the post-game (🇳🇱2 - 2🇯🇵) press conference.
Toward the end after reporters were done asking questions, 🇯🇵head coach, Hajime Moriyasu, asked to speak one more time.
🗣️ “May I speak?”
He turned to the Dutch reporters in the room.
🗣️ “I think there are many Dutch reporters here as well, so I’d like to take this opportunity to express my gratitude to the people of the Netherlands once again.”
Moriyasu explained that when he became part of the Japan national team, Japanese football still had no professional league.
🗣️ “I was trained by a Dutch coach named Hans Ooft. It wasn’t just me. Japanese coaches in general were greatly influenced by him, which has led to the development of Japanese soccer today.”
He also mentioned another Dutch figure who shaped his career.
🗣️ “The legendary Dutch coach Wim Jansen served as the manager for J.League’s Sanfrecce Hiroshima and also as a coach for Urawa Reds, contributing to Japanese soccer.”
🗣️ “It’s not just those two. Many other coaches and players have contributed to raising the level of Japanese soccer, so I want to express my thanks. Thank you very much.”
What a masterclass in graciousness and gratitude. Imagine after a high-stakes match, instead of basking in glory and bravado (well-deserved in my opinion), the coach took to the microphone to... thank his opponents publicly and sincerely.
Japan's cultural operating system prizes harmony (wa), respect for precedent, and gratitude as a form of strength, not weakness. Japanese sports culture reflects its broader society where you'll see athletes bow to their opponents, thanking referees, and even crediting rivals or mentors.
Think of sumo wrestlers, Olympic athletes, or even bullet-train staff apologizing for a 30-second delay.
The Japanese have this concept of On (恩) - it is the sense of indebtedness to those who came before or helped you. It's what you'd expect from a culture that truly prizes continuity.
Moriyasu was acknowledging a real debt to Dutch coaches like Hans Ooft (who coached Japan in the early 90s and helped professionalize the game) and Wim Jansen. Japanese football openly credits foreign influences - Dutch "Total Football" philosophy, German organization, Brazilian flair - while building something distinctly their own. Few nations do this with such little ego.
Japan is pure class
The regime eulogists keep invoking the 12th Imam & spreading the notion that his return from occultation (since 874 CE) can be accelerated by some "great deed" that some associate with Israel--as in destruction of.
No nukes to them please...
Every calculation you have ever done uses a system India invented.
Before Indian mathematicians gave the world zero and the decimal place, Greek and Roman maths used letters for numbers. Try multiplying MXLVII by CCXCIV. Merchants, architects and astronomers across the ancient world were trapped.
Baghdad's Al-Khwarizmi (c.780–847) transmitted it west. His book on the Indian place system and algorithmic calculation laid the foundation of modern mathematics. The word "algorithm" is a corruption of his name. "Algebra" comes from his treatise title. Both are Arabic transmissions of Indian originals.
Abraham Seidenberg's History of Mathematics credits India's Sulba Sutras as the inspiration for all mathematics of the ancient world.
Lin Yutang, Chinese philosopher: "India was China's teacher in trigonometry, quadratic equations, grammar, phonetics."
Carl Sagan thought Vedic cosmology the only ancient system whose timescales correspond to modern scientific cosmology.
Every time a computer runs, it counts in a system India designed.
CO₂ Emissions Per Capita
🇮🇳 India: 1.9
🇧🇷 Brazil: 2.2
🇫🇷 France: 4.9
🇬🇧 UK: 5.4
🇮🇹 Italy: 5.5
🇨🇳 China: 7.0
🇩🇪 Germany: 8.4
🇯🇵 Japan: 8.7
🇨🇦 Canada: 15.4
🇺🇸 US: 16.0
Despite being the world's most populous nation, India has one of the lowest per capita CO₂ emissions among major economies.
🔹 Leading in Paris Agreement compliance
🔹 Among the world's fastest-growing renewable energy markets
🔹 Rapidly expanding solar, wind and green energy capacity
A reminder that development and sustainability can progress together. 🌱
Congratulations to the entire Sarvam team.
The most interesting part of this announcement is that an "Indian IT Services" company, HCLTech, is investing ₹1427 crore to acquire a 10.46% stake in Sarvam AI.
A useful reminder that industries often evolve long before critics notice.
Europe has neither the industrial base, the manpower, nor the political will for serious war with Russia.
It’s all performative ideology to delay the inevitable:
The strategic defeat and multipolar reality.
We think the Economics Nobel Prize confers some kind of real economic insight about how a poor country becomes rich. It does not.
If you want real insight about how a developing nation gets rich, study Lee Kuan Yew of Singapore, study Japan, study South Korea, study Taiwan, study post-Mao China. They have all lifted people up from poverty, produced widely shared prosperity but they do not produce Nobel Laureates in Economics.
The book "How Asia Works" by Joe Studwell is a great read.
Tldr; ignore Nobel Laureates in Economics. That is not the path to wealth.
My regular pet peeve - people using speakerphones for calls, watching videos/reels, playing games, etc on their mobiles in public areas.
We need a mass campaign to push people into using headphones in public spaces. Noise pollution is a huge and growing problem.
Railways, Airports, Buses, Malls, Offices, Restaurants... everywhere.
We need signs and clear messaging in public spaces and in public transport.
'NO SPEAKER PHONE ZONE'
The real criticism is to be directed at the US market itself. It has a bizarre multiplier to actual value that distorts valuations. DeepSeek and Qwen are close to GPT & Claude, but are nowhere close to as valued.
In Ludhiana, Punjab, MLA and police are telling citizens to feed dogs only inside their homes, while no designated feeding points have been created despite Supreme Court directions and animal welfare guidelines.
With temperatures soaring, denying dogs access to food and water is inhumane. Community dogs are being pushed out of their own areas, while those trying to care for them are facing intimidation and public harassment by @BhagwantMann and @ArvindKejriwal of @AamAadmiParty
India’s future will not be secured by consuming technology.
It will be secured only when India can design, build, and export the technologies that the world depends on, argues N Chandrasekaran.