Bachelor's Area

Many factors responsible for investors' interest in India are now rapidly receding. After my “Nightmare” article, most people consider me far too cynical and old-fashioned for this raging bull market. Trying to understand my own biases, I felt it would be useful to try and trace the origins of this bull run. If one goes back to Feb-March 2003, that would in my mind mark the beginning of the current bull cycle from where the market has already given more than 700% over the past 60 months. If one were to accept this as the starting point, how were the conditions then, which enabled this bull run? First of all, the markets in 2003 were very, very cheap, trading at just about 10 times earnings (an all-time low), interest rates had bottomed and there was tremendous surplus capacity available with Indian industry. Industry had also spent 3-4 years prior to 2003 getting its cost position aligned with global benchmarks, and was thus lean, mean andwell-positioned for any up tick in business...

Akin to batsmen who find it difficult to play a good line delivery on the off-stump, investors too are passing through tough times with reverse swinging markets, deceptive valuations and late stock movements. Though there is consensus among market gurus that extreme caution must be exercised while trading, not many are ready to press the panic button. As a matter of fact, this is the right time for investors (with investible money) to accumulate ‘fallen angels’ and the much pounded blue chips and hedge themselves well in futures market, experts say. “There is money to be made in bearish and volatile markets as well. The time of entering a stock is very important in falling markets. One should start investing when stock prices have depreciated significantly,” says Park Financial Advisors’ director Swapnil Pawar, adding, “Investors should try to spot out ‘fallen angels’ in the market. Fallen angels are stocks that have fallen 20 to 30 times as far PE (price-to-earnings) multiple is conce...

1. Field of the Invention The present invention relates to a microcomputer performing arithmetic processing (operating) based on AD (analog-to-digital) converted digital values. 2. Description of Related Art FIG. 6 is a block diagram showing a conventional microcomputer. In the figure, the reference numeral 1 designates an AD converting circuit which converts analog input signals to digital signals based on a certain sampling cycle; 2 designates an operating circuit which performs arithmetic processing based on the digital values; 3 designates an integrating circuit which integrates the digital values input from the AD converting circuit 1; 4 designates a differentiating circuit which differentiates the integrated digital values; 5 designates an equalizing circuit which equalizes the differentiated digital values to obtain a slice level; 6 designates a judging circuit which judges the differentiated digital values based on the slice level to output binary data. Next, the operation of t...

Numerous books have been written on the topic of trading success. Nevertheless, it is unclear how expert traders obtain their expertise. Several explanatory models are implicit in market writings: 1) The psychological model – What makes great traders, this model asserts, is self-mastery. Great traders don’t necessarily possess better trading methods or secrets, but apply common wisdom more consistently, with less emotional interference, and therefore with better risk management. Developing trading expertise is a function of developing oneself in this model. 2) The scientific model – What makes great traders according to this model is superior research. Markets exhibit cause-effect relationships, and these relationships shift over time. The role of research is to uncover these patterns and capitalize upon them. Such a model is, in a sense, the opposite of the psychological model. It hypothesizes that, once you discover inefficiencies in the marketplace, these can be incorporated into ...