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The Equitymaster Research Digest

Money Money Money...
Nov 16, 2016

  • Cash to cashless - an opportunity in the making?
  • Our latest Hidden Treasure recommendation
  • Holding companies at throwaway prices?
  • Private investments remain elusive

Our prime minister declared a war last week. War against corruption and graft...illicit money...'black money'. Wars sometimes end in stalemate. But they always result in casualties. On both sides. That's what we are witnessing right now. The honest and just as well as the corrupt are feeling some pain.

Long queues outside banks have become great places to strike up a conversation with people of diverse thoughts and views. I stood there alone in the line. Listening to music. Waiting to exchange my not-legal tender so that I could get my hands on a few sets of precious Rs 100 currency notes. This song by Abba was the theme of my Sunday:

  • Money, money, money,
    Must be funny,
    In the rich man's world.

    Money, money, money,
    Always sunny,
    In the rich man's world.

    Aha-ahaaa...

    All the things I could do,
    If I had a little money,
    It's a rich man's world.

In just a single move, the tax evasive rich man's world has been turned upside down. The rich guy holding unaccounted cash does not know what has hit him. An army of chartered accountants are now on alert. Their sole mission is to save some of their clients' money. Strategies are now being planned on a war footing.

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