Bulls, Bears

and

Other Beasts

Santosh Nair

PAN
 Contents

1. A Troubled Adolescence 1
2. The Road to Dalal Street 8
3. Learning the Nuts and Bolts 16
4. The Tricks of the Trade 26
5. The Republic of Dalal Street 44
6. The Rise of Harshad and the Equity Cult 48
7. Dalal Street Gets a New Big Bull 60
8. Swimming against the Tide 68
9. A Fresh Start, a New Mentor 76
10. Not Black, but Grey 86
11. Winds of Change 99
12. Money for Jam 110
13. Another Bubble Bursts 120
14. Storms of Change 138
15. Caught in a Global Whirlpool 145
16. Swimming in the Deep Sea 156
17. A New Bull Market with a New Big Bull 169
18. Rumblings of Another Crash 189
19. From Bad to Worse 199
vi Contents

20. Penny Wise, Pound Foolish

21. Back on the Slow Track
22. In the Name ofWealth Creation
23. A Booming Primary Market
24. No Stopping the Bulls
25. Margin of Error
26. An Assured-Return IPO?
27. The Denouement
28. The Turn of the Bulls
29. Satyam's Big Lie
30. Bulls Make a Comeback
31. A Reality Check
32. Making it to the Big League
33. A Level Playing Ground
34. Garibi Hatao, the SKS Way
35. The Iron Law of Averages
36. NewYear of Litde Cheer
37. Fudging and Pledging
38. Dalal Street's Finest All-rounder
39. FCCB
40. The Heavy Hand of the State
41. A New Entrant to the Game
42. The Long Arm of the Regulator

Epilogue