I express a word of gratitude to all the respondents who’ve taken time out and participated in this survey. While the analysis could have been done with a 50 – 75 responses as well but getting a record 111 responses in total has given a new dimension to this study making it more meaningful and offering a more clearer picture. In a way this is not my analysis and I’m just a collector of views of all respondents. Once again a big thank you for your participation
Caveat – Not every book requires a caveat and this is one such book. Still let me make a disclosure that some of the names mentioned in the book have been in public domain, some actions I’ve seen happening in front of me but in no way my narrative of those incidents
No fraud is latest innovation, in a way it’s repeat of previous modus operandi with kaizen technique. I simply feel that every person in credit function should read this book and for them I am just sharing my key takeaways
I didn’t know the author Smarak Swain and while reading this my initial reaction was that it’s been written by a (wonder) kid, who might actually not be knowing much about the latest events, leave aside past but I was proved grossly wrong, as I found the IRS officer to be well learned and researched, so in a way I can express my apology for underestimating a genius
Post reading the first two chapters I connected with the author on linkedin and finally after having finished the entire book, barring the chapter covering Ponzi schemes, which I read half, I hereby salute the young author for the clarity of thought and the dexterity that he’s demonstrated in explaining the nitty gritty of each and every fraud with the modus operandi
Caveat – Not every book requires a caveat and this is one such book. Many of the readers though will say that this is the book of my generation which I’m trying to impose on this generation. Let me clarify my generation is not over yet, I’m still young and once again I’ve the desire to live and breathe markets…even if I assume for once that I may be at fag end of youth (which I am not willing to accept) I hope to leave a legacy for my coming generations because when I read the current era books with a mix of my era I feel, the modus operandi of wrong doing is the same as was then, only the technology and scale have changed
One more of the recommended books from international collection from Roger Lowenstein, that has lessons stored in it that unfortunately I will not be able to cover fully in two pages. Still I’ve tried my best to cover as much as possible out of 225 odd pages
Caveat – many of the industry leaders, commanding immortal stature in this industry have shared their views on the book. For many of us, who’ve been in this industry for over two decades now, the incidents captured may have a direct connect. Some may read it as first hand narrative or even with a pinch of salt. Every individual who’s been witness to these incidents will have their own view and judgement on the write or wrong of the incidents captured
Caveat – This is my own book and hence I am the interested party, so I will not rate it, however I have attached the screenshots of reviews that readers have put up on amazon, good reads and even on my blog. The idea of this write up is just to leverage on response I have been getting for other books’ reviews that I post and share a perspective of my own book with you all. There is no compulsion that you should go and buy the book, but then I consider this as test of writing and how far it’s endorsed by my readers on whom I rely as my brand ambassadors. Those who’ve read it can forward this review to their connects and those who are contemplating to read can review their decision basis this write up
Caveat – Can write this one without a caveat as well but still, views and opinions expressed are personal. Though I had read the book quite a while back and am sure many of the readers have already read it, this one is for those who haven’t yet or have not created a summary of sorts. Doing it because I don’t want to reread the book after few years but do want to carry the learning this book offers. Many a places I may have reproduced the para from book itself. In theory I follow these learnings but yet to practice them in full. But I feel one should and even I’m trying to do that
No Commercial interest involved and this is just a summary of opinion collected from various respondents on the possible view that they carry on markets. It’s a mix of respondents from capital, fixed income and real estate markets both locally and internationally and as such the sample is well diversified
A few unique quotes and one liners before we start the write up on book
He was too shy of his own truths to put them straight, but he was too honest to hide them. He was too proud to be a hypocrite
The higher the man’s rank, the more eager his hypocrisy, and his looks more carefully studied, so as neither to betray joy at the decease of one emperor nor sorrow at the rise of other while he mingled delight and lamentation with his flattery
“You will have the free hand. If the policies succeed, we will all take the credit. If it fails, you will have to go” – Narasimha Rao to Manmohan Singh while appointing him the FM
“If that old man ever comes to your home, don’t offer him a choice between tea and coffee, he will spend an entire tenor to decide his choice” – apparently this was a quote by Sadhvi Ritambhara about Prime Minister Rao in early 1990s. I had taken it with a pinch of salt and more as joke then, but reading this book I realise that was the beauty of this man
Vikas Miglani writes 