Sunday, October 19, 2008

A Difference in Approach

First, let me tell you, I love Chandigarh. Delhi is my favorite city, but Chandigarh and Jaipur come next.

I made presentations at two CNBC Investor Camps in the last 25 days. Late September was Chandigarh, while yesterday, October 18 was at Kanpur.

I may well have formed an incorrect assessment. But for what it’s worth, here it is: the attendees in Chandiagrh were visibly enjoying a higher standard of living. It doesn’t take a genius to work that out. Chandigarh is the king of cities, while Kanpur is a poor cousin. But there was also a great difference to the attitude to learning.

In Chandigarh, participants were searching for an approach that will 'revive' their portfolios back to the original values. They wanted an easy answer that would not involve a commitment of time, money and effort. Their body language said "We are high net worth individuals. How dare the market do this to us. You people from CNBC should quickly get this sorted out so that we can go back to our original net worth. It is our right to speculate and not lose."

The Kanpur crowd were very different:
They were keen to learn.
Their questions were on methods and what they could do to improve their results.

This is only part of the story. We have a large client base in Chandigarh. But none of our clients were present in the Chandigarh Camp. Thus, it is likely that professional traders did not attend the camp.

Please understand that I am not commenting on the poeple living in these cities. The idea is to highlight two different approaches:
First way: I know it all. The market is wrong. All of you should quickly set the market right.
Second way: I will learn the business of trading. I will do whatever it takes to succeed. The learning process may be painful but in the long run it will lead to investment / trading success.

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