One of my biggest personal discoveries has been the fact that the game is unfair and most probably rigged.
A 2-minute South Park sketch best illustrates the state of wonder and shock most Indians are in as they see the markets explode.
India’s aspiration fuels its productivity. That productivity creates savings, which Indians have traditionally held as gold. Now a wave of financialization is converting those savings into SIPs, flowing into mutual funds, insurance, ETFs, and the like.
That money is then paid out to FIIs, who sell their stock to our DIIs, which are built on Indians’ own savings.
The capital flows back to the West to be parked in the AI boom, mostly in Big Tech… whose customers are the same Indian retail investors who spend their days on Instagram, WhatsApp, and the rest.
“Aaaand it’s gone. It’s all gone.”