In the stock markets, there is the constant fight over “bulls” and “bears”. There is nothing honorable or uplifting about this fight – much if it is driven by money and the desire for returns.

The end – or a new beginning? Reading the papers these days is depressing. Watching the TV channels is even more depressing. Reading the intelligently-worded reports written by research analysts from global banks is frighteningly depressing.Everywhere there is gloom. The end is here, we are told.

In July 2006, at an Equitymaster conference, I made a prediction: Indian property prices will decline by 30% over the next 6 to 12 months. Boy was I wrong! Property prices in most Indian cities increased by 50% or so between July 2006 and December 2007.

The financial world has been in trouble since the Bear Stearns (BSC) hedge funds blew up in August 2007. Bear Stearns itself imploded and had to be rescued by a US government sponsored bail out. The world has been on a shaky wicket for the past 10 months. Oil has risen to record highs.