Latest news with #BlackMonday
Mint
7 days ago
- Business
- Mint
Retail investors are walking the wire. Sebi should let VCs join the show.
The Securities and Exchange Board of India (Sebi) recently found that Wall Street financial firm Jane Street Capital had manipulated the cash and forward markets, fleeced hapless Indian investors, and made millions of dollars. For many, this would evoke images of The Wolf of Wall Street, howling Greed is Good, rebirth of the East India Company, and finance capital, rising, and shimmering, shapeless and threatening, from Lenin's tract on imperialism. It might be more useful to interpret this as India's shoe-shine-boy-offering-stock-tips moment, and remove the restriction on venture capital (VC) funds raising money from the public. The story goes that a stockbroker named Joseph, taking a break from hollering out the names of the stocks at the New York Stock Exchange's trading ring, walked around at Wall Street, and decided to let a lad offering a shine do his shoes, while he reflected on the good times America was going through in the late 1920s. Shining his shoes, the boy offered Joseph some hot tips for the market. If shoeshine boys were offering stock tips, Joseph realized that the market had reached fever-pitch, and it was time to get out. He sold his stocks and shorted the market, that is, sold shares he did not have, borrowing the shares to sell, and, as markets fell, used a fraction of the proceeds to buy back the shares to replace the borrowed shares. He made $150 million as Black Monday and Black Tuesday rolled out in late October 1929. Joseph used the money he made to give a head start to his brood of nine children. Two of them, John (Jack) and Robert (Bobby), subsequently made history. Joseph's surname was Kennedy. If Kennedy were alive today, and he were offered tips by a shoeshine boy on what stock options to buy, he would float a venture fund and list it on the market, regulators permitting. Risk-on mode Jane Street's precise shenanigans are incidental to the discussion here. What matters is the readiness of Indian participants in the futures and options (F&O) segment of the market to lose their shirts. Sebi has found that 91% of F&O players lose their money, while the gainers are high-frequency traders like Jane Street. Those who burn their hands in the F&O market do not retreat in sorrow. They return with more funds and hand them over to the likes of Jane Street. India accounts for approximately 60% of global stock futures and options volume. Its derivatives trade volume is around 350-400X the cash market volume—far exceeding the 5–15X seen in developed markets, according to a 2023 Axis Mutual Fund report. This behaviour is in line with that of investors who pour their life's savings into systematic investment plans (SIPs) of mutual funds—all of whom chase the same set of viable stocks and push up their prices to unrealistic multiples of the underlying companies' earnings, weighted for growth prospects. For Indian savers, mutual funds are what housing was to Chinese savers until recently. A stunted financial sector in China left real estate as the primary vehicle for individual savings, leading people to buy second and third homes. The solution to the dearth of investment-worthy companies that are not overvalued is two-fold: channel a portion of savings to markets abroad and their companies, and increase the number of investible companies. India does not save and invest enough at home to export savings without hurting its own growth. The preferable option is to create a new crop of profitable Indian companies. How do we do that? This is where venture capital comes in. Insurmountable spirit India has the talent to create new products and services. It offers vast scope for import substitution in the entire range of electronics, medical equipment, consumer goods, consumer durables, electric automobiles and components, energy transition products, telecom kits, and whatever else we gleefully import from China. A vast and totally new area is opening up in defence related goods and services. India has the talent to produce this. Indians are constrained by collapsing bridges, roads that are unsure whether to self-identify as roads or impromptu swimming pools; thousands of laws that can innocuously be breached to send the violator to prison; deficient access to institutional capital; a tradition that deems risk-taking as illegitimate for all but a tiny group; a culture that discourages new knowledge by holding all knowledge to be finite and contained in the scriptures; a hierarchical social structure that makes the questioning of established authority sacrilege; an education system that privileges rote learning and grades, while shunning critical thinking; and an R&D outlay of just 0.64% of gross domestic product (GDP). Yet, India is home to the world's third-largest herd of unicorns, startups valued at over a billion dollars. Indians do world-class R&D at proliferating global capability centres in the country to create value for multinationals. Indians abroad lead companies and start up big time. The point is to make access to risk capital more prolific. Some of the funded projects would become stellar successes and make enough money to make up for those that fail. Ordinary investors normally shelter from such extreme risk and reward. That is why Sebi bars VC funds from raising capital from the public. Indian investors' appetite for risk is something else. It makes a lot of sense to use that appetite to redirect their funds to create new, exciting companies, instead of inflating the prices of existing companies to unrealistic levels. Sebi should remove its restrictions on VC funds accepting money from the public. Let India be the first country to let shoeshine boys spread the word on hot venture stocks to buy. For more such views, read Mint Snapview.
Wales Online
08-07-2025
- Entertainment
- Wales Online
Ben Fogle pays tribute to late castaway 'who found joy after losing millions'
Ben Fogle pays tribute to late castaway 'who found joy after losing millions' David Glasheen, one of the original castaways who featured in the Channel 5 documentary series New Lives in the Wild, has passed away at the age of 81 Ben Fogle features in hit show New Lives in the Wild (Image: Channel 5 ) Ben Fogle has paid tribute to the late David Glasheen, a former millionaire who became known for his appearance on Channel 5's New Lives in the Wild. The news broke over the weekend that the ex-stockbroker had died at the age of 81, after becoming well-known for his simple way of life. David led a reclusive existence on Restoration Island, off North East Australia, with only his dog Quassi for company until the dingo was tragically killed by a snake bite in 2018. Following the loss of his fortune during the Black Monday stock market crash, which saw the market drop by 22% in just two days, Glasheen moved to the remote island in 1997. Ben Fogle visited David Glasheen in his Channel 5 docu-series (Image: Channel 5 ) Television presenter Ben, 51, has now shared a moving homage to David, conveying his sadness at the passing of the one-time gold mining magnate and real estate tycoon, reports Gloucestershire Live. Article continues below "He was one of the first Wildmen I visited for New Lives in the Wild," Fogle wrote in a caption on Instagram. "He lived alone on Restoration Island in North Eastern Australia with just his beloved dog/dingo cross, Quassi for company. "Dave lost his multi-million pound fortune overnight and on a whim relocated to the secluded Restoration Island where he discovered joy in tranquility and isolation. "He truly was one of a kind and I feel so lucky to have met him a few times and spent time with him on his little Australian paradise." Ben then shared: "It saddens me that so many of the folk I have met over the years are passing away but it is also a reminder of the value and preciousness of life. Martin Clunes travels the globe meeting characters that have formed extraordinary relationships with animals (Image: ITV ) "Make the most of this short time we have. Dave was 81 and lived the richest life I know. Dave found true happiness when he lost his millions and reconnected with nature." He ended his tribute with a green love heart emoji, adding: "Rest in Peace Dave." David had previously made known his wish to die on the isolated island, devoid of modern conveniences like electricity, fresh water, or internet. In a conversation from June 2017, David had stated: 'I want to die here – where else would I? Article continues below "This is my heaven on earth. 'When I came here I was sick of money – money is what makes people sick – and my marriage had broken apart. "But being on your own you do miss intelligent conversation and the physical contact of other people."
Edinburgh Live
08-07-2025
- Entertainment
- Edinburgh Live
Ben Fogle pays heartfelt tribute to castaway who found joy after losing millions
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Ben Fogle has paid tribute to the late David Glasheen, a former millionaire who became known for his appearance on Channel 5's documentary series New Lives in the Wild. This weekend, news broke that the ex-stockbroker had died at the age of 81, after becoming well-known for his simple way of life. David led a reclusive existence on Restoration Island, off the coast of North East Australia, with only his dog Quassi for company until the dingo was tragically killed by a snake bite in 2018. Following the loss of his fortune during the Black Monday stock market crash, which saw the market drop by 22% in just two days, Glasheen moved to the remote island in 1997. (Image: Channel 5) Television presenter Ben, aged 51, has now shared a moving homage to David, sharing his sadness at the passing of the one-time gold mining magnate and real estate tycoon, reports Gloucestershire Live. "He was one of the first Wildmen I visited for New Lives in the Wild," Fogle wrote in an Instagram post. "He lived alone on Restoration Island in North Eastern Australia with just his beloved dog/dingo cross, Quassi for company. "Dave lost his multi-million pound fortune overnight and on a whim relocated to the secluded Restoration Island where he discovered joy in tranquility and isolation. "He truly was one of a kind and I feel so lucky to have met him a few times and spent time with him on his little Australian paradise." Ben then remarked: "It saddens me that so many of the folk I have met over the years are passing away but it is also a reminder of the value and preciousness of life. "Make the most of this short time we have. Dave was 81 and lived the richest life I know. Dave found true happiness when he lost his millions and reconnected with nature." He ended his message with a green love heart emoji, saying: "Rest in Peace Dave." David had previously shared his wish to die on the isolated island, devoid of electricity, fresh water, or internet. (Image: ITV) In a statement from June 2017, David declared: 'I want to die here – where else would I? This is my heaven on earth. 'When I came here I was sick of money – money is what makes people sick – and my marriage had broken down. "But being on your own you do miss intelligent conversation and the physical contact of other people."
Metro
07-07-2025
- Entertainment
- Metro
Ben Fogle honours late castaway who 'found happiness after losing millions'
Ben Fogle has paid tribute to the late castaway and former millionaire David Glasheen after he featured in the Channel 5 docu-series New Lives in the Wild. It was announced over the weekend that the former stockbroker died aged 81, after he made a name for himself for his stripped-back lifestyle. He lived alone on Restoration Island, off North East Australia, with only his dog Quassi for company, until the dingo died in 2018 from a snake bite. Glasheen moved to the remote island in 1997 after losing his fortune in the stock exchange crash Black Monday, when the market fell by 22% in two days. TV presenter Fogle, 51, has now shared a heartfelt statement in tribute to Glasheen, saying he was 'so sad' to hear the former gold mining tycoon and property magnate had died. 'He was one of the first Wildmen I visited for New Lives in the Wild,' wrote Fogle in a caption to a post on Instagram. 'He lived alone on Restoration Island in North Eastern Australia with just his beloved dog/dingo cross, Quassi for company. 'Dave had lost his multi million dollar fortune overnight and on a whim moved to remote Restoration island where he finally found happiness in tranquility and isolation. 'He really was one of a kind and I feel so fortunate to have met him a few times and spent time with him on his little Australian paradise.' Fogle then added: 'It saddens me that so many of the folk I have met over the years are passing away but it is also a reminder of the value and preciousness of life. 'Make the most of this short time we have. Dave was 81 and lived the richest life I know. Dave found true happiness when he lost his millions and reconnected with nature.' He then ended the caption with a green love heart emoji, writing: 'Rest in Peace Dave.' More Trending Glasheen previously shared his plans to die on the remote island, where he had no access to electricity, fresh water or internet. Speaking in June 2017, David said: 'I want to die here – where else would I? This is my heaven on earth. 'When I came here I was sick of money – money is what makes people sick – and my marriage had broken apart. View More » 'But being on your own you do miss intelligent conversation and the physical contact of other people.' Got a story? If you've got a celebrity story, video or pictures get in touch with the entertainment team by emailing us celebtips@ calling 020 3615 2145 or by visiting our Submit Stuff page – we'd love to hear from you. MORE: Netflix fans can now binge all 4 seasons of 'near-perfect' crime series MORE: The completely free streaming service that boasts 10,000 shows and movies MORE: Vanessa Feltz guest apologises after 'disgraceful' remarks spark almost 2,000 complaints
Perth Now
03-07-2025
- Business
- Perth Now
Super mistake costing Aussies thousands
A simple mistake is costing the average Aussie thousands of dollars in retirement savings each year – and one super fund is sounding the alarm. Modelling released by Aware Super using their high growth or conservative balance option shows Australians could double their superannuation savings by simply staying in their investment strategy instead of moving during market downturns. Australians could have doubled their superannuation if they did not switch to cash. NewsWire / Nicholas Eagar Credit: NewsWire The analysis shows Australians who stayed invested in High Growth super investment options during the GFC in 2008, rather than switching to cash, saw their super balance more than double by 2025. A retiree who stays in a more conservatively-balanced pension option, rather than switching to cash, would now have $8500 a year more in retirement income, Aware Super said. This is even with the ASX getting smashed on 'Black Monday' when the global financial crisis hit the local market – dragging it down 16.4 per cent in a single week and nearly 50 per cent over between late 2007 and early 2009. Aware Super chief investment officer Damian Graham said staying invested in the right superannuation option for your life stage was key, as was understanding that market ups and downs are just a normal part of the investment cycle. 'Australians understandably get nervous when sharemarkets wobble, but history shows that trying to 'time the market' by switching to cash can put a serious dent in your retirement savings,' Mr Graham said. 'The most important thing is to not let short-term market noise push you into decisions that could hurt your long-term retirement goals. 'We want every Australian to have the guidance and confidence they need to build and enjoy the retirement they've earned.' This is despite shares falling by nearly 50 per cent during the GFC. Gaye Gerard / NewsWire Credit: News Corp Australia Mr Graham said the same holds true during the recent Covid-19 downturn with those in a high growth option who switched to cash now $58,000 worse off for every $100,000 they had in their superannuation. Australians who are in a conservative balanced strategy, who could have lost $113,000 by switching to cash during Covid. Mr Graham said despite the volatility in the current markets off the back of unrest in the Middle-East and US President Donald Trump's tariff policy, history suggests members could be better off if they look at the long-term strategy over short-term downturns. 'Key to Aware's performance was its long-term investment strategy and diversified portfolio, which spreads investments across a range of asset classes, markets and countries, exposing more market opportunities and helping to limit losses if there are falls in any one part of the portfolio,' he said.
