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I have two interests in life and not in the wrong side markets are normal and both are considered four letter words markets with risk and both are interconnected because markets are very much so John chapter said markets are like women always commanding always misters always answer the volatile always excited and you know if you can figure out markets Market driven by human psychology and anyway thanks for the kind words and the warm welcome but you know she's gonna get these words and all these kinds that I feel I should be most alert because the worst other mistakes I've made in the best of the time never forget that you know I've made a presentation where number of points what is the HCL markets one is India's economic growth and its including markets one is the inevitability of India's economic growth then Indian Equity markets in the long run asset allocation and compounding investment approach existing from an investment by life and career and whatever the advice I would like to do so in the history of Market what I find is that a lot of people a lot of people you know discuss markets are they needed can a puppy do without them so why did the markets exist at all why did they start see just prior to the Industrial Revolution when there was no large international trade you know you were basically an agreeance of ingredients Society there's no need for large capital thus was born the idea of the joint stock family who was the joint stock company now the people you all know one of the companies that has limited liability right but the people who are owning the shares of these johnstar companies were divorced they wanted to have a constant ability to sell these shares and have a valuation for these shares therefore arose the idea of stock markets and liquidity so why are stock markets there they provide capital from the transfer capital from owners of capital to people who can use capital right in order to provide liquidity and a mechanism by which this can be valued and it can be exited and entered we had the stock market s so the stock markets have not come because somebody wanted to create a gambling done as many people think right they have very big purpose because they transfer capital from users of capital from owners of capital to users of capital right what are these capitals Capital Market they are the temples of capital allocation right and do you understand the importance of capital allocation do you know why communism said I personally think that is a form of government communism is a very very good form but why did it fail because the state allocated capital and the allocation of capital by the state led to its inefficient use while in capitalism it is the markets which allocate capital why did Russia fail Russia was apparently so see Russia why did Communism fail because the state allocated capital and that kept you killed allocation of capital led to inefficient use look at the steel industry in Russia it all closed down communism was out so but in it is the stock markets and the markets which allocate capital in capitalist societies although there might be some aberration is not the end of capitalism right why do you think of Mr Northern six area in 1987 he had half a million tons of cement ACC may be 15-20 million tons but by 20023 Gujarat became one of the top two producers of cement in this country why because he could use Capital efficiency and because he could use Capital efficiently the market gave him far more Capital than other companies so they are the temples of capital allocation they channelize Capital into most productive assets right how to get risk capital where are you going to get risk Capital you may be able to get that when you're going to get Equity finding project right whether you do it in unlisted company listed company most unlisted companies are also funded with the idea that exit will be through listed companies so for the growth of risk Capital which is the key for the growth of any society the challenge
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