Tag Archives: work

Back to bachelorhood

Starting tonight I’ll be a bachelor once again. For the next nineteen months or so. No it’s not that I’m returning my post graduate diploma and hence getting this downgrade (it’s been a while since I cracked a bad joke here so I’m entitled). It’s that the wife is going away. To get herself an MBA (yes I know that after this she will be better qualified than me since she’ll be getting a proper MBA while i have a post graduate diploma only. Maybe I can retire soon? ).

She’ll be going off to Barcelona tonight. The original plan had me moving there too. But then classic old NED happened and I ended up not looking for a job or assignment there and since it’s not an inexpensive place to stay I’m staying back. Plan to visit her every once in a while. And even though tickets to Europe are prohibitively expensive I now have a place to go to in case I need a break.

But for that I need to first get myself a visa. I guess one of my chief tasks in the next few days will be to get this bit of business done. But then I have my own business.

Regulars on this blog might be aware that I haven’t had formal employment for close to three years now. I freelance as a quAnt consultant – helping companies figure out how to make use of the volumes of data they collect in improving their business decision making. It’s been doing quite okay but my plan is to use the next few months when I don’t have any domestic commitments to see if I can take it to the next level.

It might also be pertinent to mention here that the first bit if business I got for this particular venture was through this blog – the last time I put out a post like this one a long time reader who was looking for quant assistance left a comment here and that led to a rather fruitful assignment. Perhaps mentioning this here might result in a repeat?

Now that I’m blogging more than I used to in the recent past I’ll also be using these pages to keep you updated on the long distanceness. I’ve also noticed that since I last put the update on leaving twitter and Facebook that there’s some more activity here. Keep that flowing and I hope for some good conversations on the comment pages here.

Long mails

As you might have noticed from my blog posts over the years, I like writing long essays. By long, I mean blog post long. Somewhere of the length of 800-1000 words. I can’t write longer than that, because of which my attempts to write a book have come to nought.

Now, thanks to regular blogging for over nine years, I think I’ve become better at writing rather than speaking when I have to explain a complicated concept. Writing allows me to structure my thoughts better, whereas while speaking I sometimes tend to think ahead of what I’m talking, and end up making a mess of it (I had a major stammer when I was in school, by the way).

Given that I like explaining concepts in writing rather than in speech, I write long mails even when it comes to work. Writing long emails is like writing blog posts – you have the time and space to structure your thought well and present it to your readers. This especially helps if the thoughts you are to communicate are complex.

The problem, however, is that most people are not used to reading long emails in a work contexts. People prefer to do meetings instead. Or they just call you up. For whatever reason, the art of long emails has never really taken off in the corporate sphere, Maybe people just want to talk too much.

This, of course, has never deterred me from using my favourite means of communication. It didn’t stop me when I was an employee and the people I wrote to were colleagues. It still doesn’t stop me now, when I’m a consultant, writing to people who are paying me for a piece of work. If they are paying me, I should communicate things to them in a form they are most comfortable with, you might argue. If they are paying me, I should communicate things as well as I can, I argue back, and my best means of communication is writing long emails.

The problem with long emails, however, is that, like long-form articles you send to a Pocket or an Instapaper, you tend to bookmark these long mails for later, intending to read and digest them when you have the time. So, when you send a long email, you are unlikely to get a quick response (note that you can sometimes use it to your advantage). This means that when you write long mails, you might have to follow it up with an SMS or a phone call to the effect of “read and digest and let me know if you have any questions”.

In my last organization, I worked with a number of technical people, some of whom had PhDs. It was interesting to contrast the way they communicated with my long emails. They too would put complex thoughts in writing, except that they would use Latex and make a PDF out of it. It would be littered with equations and greek symbols, in a way that is extremely intuitive for an academic to read.

And here I was, eschewing all that Greek, preferring to write in plain text in the body of emails. No wonder some of my colleagues started terming my emails “blogposts”.

Mental Health: Update

It’s been over six months since I got off my medication for depression (venlafaxine) and ADHD (methylphenidate), so I thought I should just provide an update. The immediate trigger for this post is that I’m reading Nassim Nicholas Taleb’s Antifragile, in which among other things he rants against excess medication, and explicitly picks on medication for depression and ADHD.

Overall, I must mention that I’ve managed pretty well these last six months. Yes, there are depressive bouts. Yes, there are times when I can’t concentrate and I get increasingly restless. Sometimes it is perhaps as bad as it used to be before I started seeing a psychiatrist. But it’s ok. The most important outcome of going to a psychiatrist for a year has been that I’ve gotten diagnosed.

You might have heard this in several places – that ninety percent (or maybe more, or less) of treatment of a disease is diagnosis. And in case of my mental health I find that to be absolutely true. Yes, I took medication for a year. Yes, it helped back then. Yes, as I’ve written before, having those medicines provided me the necessary stimulus to get myself out of the depths I’d gotten into over the last few years. However, I’m certain that I don’t need them any more. But the diagnosis helps.

Two years back my biggest concern was that I wasn’t able to explain my life. There was no story. I had done a lot of things that were seemingly disparate and there were a lot of things that I’d done which I would later regret. So I had a lot of regrets, and I would expend a lot of my idle processor time (in my head) dwelling on these regrets, and wondering why I did certain things the way I did, or why I took the decisions I took. Every time I tried to come up with an explanation for something, I would get the “but everyone deals with that, why can’t you” response.

The biggest advantage of having diagnosed is that it now all fits in. I now know why after getting into IIT with such a good rank I drifted away and completely lost interest. I now know why so many of my initial crushes didn’t work out (ADHD among other things makes you impulsive and blurt out things you aren’t supposed to). I now know why I chose to literally run away from my first job (that’s a long story in itself. Will save it for another day). And I precisely know why I went in and out of three more jobs in the five years after that.

Yes, I might be overfitting in some things (you can see that I’m doing that in the previous paragraph to explain why no relationships worked out). Nevertheless, after a long and ardous search for that one variable or set of variables that would explain a large part of who I am or what I did, when I all I found was noise, I think I’ve found the signal. Till I was close to thirty, I led my life without having fully understood myself. And trying to blame myself for being inferior to other people in certain ways, and constantly regretting my decisions. The diagnosis changed all that. Yes, after a discussion on a mailing list on ADHD some three years back I’d posited that I might have it. Yet, a formal diagnosis from a qualified psychiatrist helped.

So you may ask why I discontinued medication if I know that I have some problems. Two different reasons for the two medicines I was taking. As for Venlafaxine (which I used to take for anxiety and depression), I had a harrowing time in November of last year when I ran out of supplies of the drug and couldn’t find it in any store near my house for a couple of weeks. During this time I would feel weak, have a fever and feel extremely numb in the limbs, but had no clue why that was happening. Later, the psychiatrist told me that these were withdrawal symptoms for failing to take my drugs regularly. I panicked. i didn’t want to get addicted to mind-altering substances. More importantly, around this time I got the feeling that the drug wasn’t doing much help. I would still have the same old bouts of depression. The psychiatrist agreed that I had plateaued in response to the drug. So she recommended a rather slow taper off from the drug (to prevent withdrawal symptoms), which I followed and got off it.

Methylphenidate was useful, and wasn’t addictive (some literature has likened it to wearing spectacles. It affects you only when you’re taking it). Yet, I found that it changed me. Yes, I know that I’m attention deficit and possibly hyperactive, but I  refuse to believe now that it’s a ‘disorder’. The problem with the drug was that it was changing my mind. Yes, it made me concentrate so much better. Long strings of meetings when I would visit the client’s office were a breeze thanks to the drug. My concentration levels shot up. Yet,  I found that it had impaired my creative thinking. I’m extremely proud of my ability to connect disparate things, but I felt that this drug was impairing my ability to do so. I just wasn’t being myself. And I had found that on days when I would forget to take the drug  I would be more capable of creative non-linear thinking. And I figured that with the drug I wasn’t being myself.

So yes, I’ve been off the drugs for a while now and have adjusted to life with it. Yes there are days when I’m constantly fidgety and can’t concentrate to get work done. Yes, nowadays  work that takes long bouts of intense concentration gets delayed. But I’m back to being myself. And I’m back to being good at what I thought I was always good at – big picture thinking and making disparate connections.

Yes, one important factor that has helped me to deal with my condition (no, it’s NOT a disorder) is my work. As a freelance management consultant who mostly works from home (and visits client once every couple of weeks)  I can set my own pace. If i’m feeling particularly fidgety some day, I can take a break till I’m doing better. I don’t have daily or sub-daily deadlines to bother me (this was my biggest issue with most of my jobs). More importantly there’s no one looking over my shoulder to see what I’m doing, so I can freely switch between my work screen and twitter. And trust me, this helps. Immensely.

Since I visit my clients once in 2-3 weeks I end up having lots of meetings during these visits. But I simply draw up on my energy reserves during those times and buckle down and concentrate. Yes, last two or three times after I’ve visited the client I haven’t got much work done for the following three or four days – since I’d be recuperating from that intense expense of mental energy – but again I’m okay with that.

I plan to write on this again in the near future after I finish reading antifragile. I find this to be a rather important concept for me given that I’m prone to making errors (I’ve now accepted that). I think I’ve already started designing my life along antifragile principles. But more on that in another post.

Meanwhile, some other posts I’d written earlier about my mental condition.
1. How ADHD is like being perennially doped
2. On the importance of admitting mental illness and going to a specialist
3. On anti-depressants being like an economic stimulus
4. On mental illness in elite colleges in India
5. On anxiety being like a computer virus
6. On how ADHD can sometimes be advantageous

LinkedIn recos

LinkedIn in general is a useful site. It’s a good place to maintain an “online CV” and also track the careers of your peers and ex-peers and people you are interested in and people you are jealous of. If you are a headhunter, it is a good place to find heads to hunt, so that you can buzz them asking for their “current CTC; expected CTC; notice period” (that’s how most india-based headhunters work). It also helps you do “due diligence” (for a variety of reasons), and to even approximately figure out stuff like a person’s age, hometown, etc.

However, one thing that doesn’t make sense at all to me is the recommendations section. Point being that LinkedIn being a “formal” networking site, even a mildly negative sounding recommendation can cause much harm to a person’s career and so people don’t entertain them. Also, the formality of the site prevents one from writing cheesy recommendations – the thing that made orkut testimonials so much fun. And if you can’t be cheesy or be even mildly negative, you will be forced to write an extremely filtered recommendation.

Rhetorical question – have you ever seen a negative or even funny or even mildly unusual recommendation on LinkedIn? I haven’t, and I believe it’s for the reasons that I mentioned above. And if you think you are cool enough to write a nice recommendation for me, and that I’m cool enough to accept nice recommendations, I’m sure you and I have better places to bond than LinkedIn.

Anyway, so given that most recommendations on LinkedIn are filtered stuff, and are thus likely to be hiding much more than they reveal, isn’t it a wonder that people continue to write them, and ask for them? Isn’t it funny that “LinkedIn Experts” say that it’s an essential part of having a “good profile”? Isn’t it funny that some people will actually take these recommendations at face value?

I don’t really have an answer to this, and continue to be amazed that the market value for LinkedIn recommendations hasn’t plummetted. I must mention here that neither do I have any recommendations on LinkedIn nor have I written any. To those corporate whores who haven’t realized that LinkedIn Recommendations have no value, my sympathies.

Update

Commenting on facebook, my junior from college Shrinivas recommends http://www.endorser.org/ . Check it out for yourself. It seems like this cribbing about linkedin recommendations isn’t new. I realize I may be late, but then I’m latest.

Don’t use stud processes for fighter jobs and fighter processes for stud jobs

When people crib to other people that their job is not too exciting and that it’s too process-oriented and that there’s not muc scope for independend thinking, the usual response is that no job is inherently process-oriented or thinking-oriented, and that what matters is the way in which one perceives his job. People usually say that it doesn’t matter if a job is stud or fighter, and you can choose to do it the way you want to. This is wrong.

So there are two kinds of jobs – stud (i.e. insight-oriented) and fighter (i.e. process oriented). And you can do the job in either a stud manner (trying to “solve a problem” and looking for insights) or in a fighter manner (logically breaking down the problem, structuring it according to known formula and then applying known processes to each sub-problem). So this gives scope for a 2 by 2. I don’t want this to look like a BCG paper so I’m not actually drawing a 2 by 2.

Two of the four quadrants are “normal” and productive – doing stud jobs in a stud manner, and fighter jobs in a fighter manner. There is usually an expectancy match here in terms of the person doing the job and the “client” (client is defined loosely here as the person for whom this job is being done. in most cases it’s the boss). Both parties have a good idea about the time it will tak e  for the job to be done, the quality of the solution, and so on. If you are in either of these two quadrants you are good.

You can’t do a stud job (something that inherently requires insight) using a fighter process. A fighter process, by definition, looks out for known kind of solutions. When the nature of the solution is completely unknown, or if the problem is completely unstructured, the fighter behaves like a headless chicken. It is only in very rare and lucky conditions that the fighter will be able to do the stud job. As for “fighterization”, about which I’ve been talking so much on this blog, the problem definition is usually tweaked slightly in order to convert the stud problem to a fighter problem. So in effect, you should not try to solve a “stud problem” using a fighter process. Also, as an employer, it is unfair to expect a mostly fighter employee to come up with a good solution for a stud problem.

The fourth quadrant is what I started off this blog post with – studs doing fighter jobs. The point here is that there is no real harm in doing a fighter job in a stud manner, and the stud should be able to come up wiht a pretty good solution. The problem is wiht expectations, and with efficiency. Doing a fighter job in a stud manner creates inefficiency, since a large part of the “solution” involves reinventing the wheel. Yes, the stud might be able to come up with enhanced solutions – maybe solve the problem for a general case, or make the solution more scalable or sustainable, but unless the “client” understands that the problem was a stud problem, he is unlikely to care for these enhancements (unless he asked for them of course), and is likely to get pained because of lack of efficiency.

Before doing something it is important to figure out if the client expects a stud solution or a fighter solution. And tailor your working style according to that. Else there could be serious expectation mismatch which can lead to some level of dissatisfaction.

And when you are distributing work to subordinates, it might also help to classify them using stud nad fighter scales and give them jobs that take advantage of their stronger suits. I know you can’t do this completely – since transaction costs of having more than one person working on a small piece of work can be high – but if you do this to the extent possible it is likely that you will get superior results out of everyone.

Fighterization of food

One of the topics that I’d introduced on my blog not so long ago was “fighterization“. The funda was basically about how professions that are inherently stud are “fighterzied” so that a larger number of people can participate in it, and a larger number of people can be served. In the original post, I had written about how strategy consulting has completely changed based on fighterization.

After that, I pointed out about how processes are set – my hypothesis being that the “process” is something that some stud would have followed, and which some people liked because of which it became a process. And more recently, I wrote about the fighterization of Carnatic music, which is an exception to the general rule. Classical music has not been fighterized so as to enable more people to participate, or to serve a larger market. It has naturally evolved this way.

And even more recently, I had talked about how “stud instructions” (which are looser, and more ‘principles based’) are inherently different from “fighter instructions” (which are basically a set of rules). Ravi, in a comment on Mohit‘s google reader shared items, said it’s like rule-based versus principles-based regulation.

Today I was reading this Vir Sanghvi piece on Lucknowi cuisine, which among other things talks about the fact that it is pulao that is made in Lucknow, and now biryani; and about the general declining standards at the Taj Lucknow. However, the part that caught my eye, which has resulted in this post with an ultra-long introduction was this statement:

The secret of good Lucknowi cooking, he said, is not the recipe. It is the hand. A chef has to know when to add what and depending on the water, the quality of the meat etc, it’s never exactly the same process. A great chef will have the confidence to improvise and to extract the maximum flavour from the ingredients.

This basically states that high-end cooking is basically a stud process. That the top chefs are studs, and can adapt their cooking and methods and styles to the ingredients and the atmosphere in order to churn out the best possible product.You might notice that most good cooks are this way. There is some bit of randomness or flexibility in the process that allows them to give out a superior product. And a possible reason why they may not be willing to give out their recipes even if they are not worried about their copyright is that the process of cooking is a stud process, and is hence not easily explained.

Publishing recipes is the attempt at fighterization of cooking. Each step is laid down in stone. Each ingredient needs to be exactly measured (apart from salt which is usually “to taste”). Each part of the process needs to be followed properly in the correct order. And if you do everything perfectly,  you will get the perfect standardized product.

Confession time. I’ve been in Gurgaon for 8 months and have yet to go to Old Delhi to eat (maybe I should make amends this saturday. if you want to join me, or in fact lead me, leave a comment). The only choley-bhature that I’ve had has been at Haldiram’s. And however well they attempt to make it, all they can churn out is the standardized “perfect” product. The “magic” that is supposed to be there in the food of Old Delhi is nowhere to be seen.

Taking an example close to home, my mother’s cooking can be broadly classified into two. One is the stuff that she has learnt from watching her mother and sisters cook. And she is great at making all of these – Bisibelebhath and masala dosa being her trademark dishes (most guests usually ask her to make one of these whenever we invite them home for a meal). She has learnt to make these things by watching. By trying and erring. And putting her personal touch to it. And she makes them really well.

On the other hand, there are these things that she makes by looking at recipes published in Women’s Era. Usually she messes them up. When she doesn’t, it’s standardized fare. She has learnt to cook them by a fighter process. Though I must mention that the closer the “special dish” is to traditional Kannadiga cooking (which she specializes in), the better it turns out.

Another example close to home. My own cooking. Certain things I’ve learnt to make by watching my mother cook. Certain other things I’ve learnt from this cookbook that my parents wrote for me before I went to England four years ago. And the quality of the stuff that I make, the taste in either case, etc. is markedly different.

So much about food. Coming to work, my day job involves fighterization too. Stock trading is supposed to be a stud process. And by trying to implement algorithmic trading, my company is trying to fighterize it. The company is not willing to take any half-measures in fighterization, so it is recruiting the ultimate fighter of ‘em all – the computer – and teaching it to trade.

Preliminary reading on studs and fighters theory:

http://noenthuda.com/blog/2007/09/07/studs-and-fighters/

http://noenthuda.com/blog/2008/11/11/extending-the-studs-and-fighters-theory/

Bangalore trip update

The recent inactivity on this blog was mainly due to my inability to log on to wordpress from my phone and write a post.  I had gone home to Bangalore for an extended weekend (taking Friday and Monday off) and the only source of net access there was my phone, and for some reason I wasn’t able to log on to NED from that. During the trip I had several brilliant insights and brilliant ideas and wanted to blog them and finally such NED happened that I didn’t even twitter them. Deathmax.

The main reason I went to Bangalore was to attend Pradeep (Paddy)’s reception. I think this is an appropriate time to share the funda of his nickname with the world. Before he joined our school in 9th standard, there was this guy two years senior called Pradeep, and for some reason not known to me he was nicknamed Paddy. I vaguely knew him since I used to play basketball with him, and after he graduated there were no more Paddys in school. So when this new guy came from the Gelf, it presented a good opportunity to get back a Paddy into school. It turned out to be such a sticky nickname that not even IIT could change it.

Friday was Ugadi – yet another reason to be home in Bangalore – and was mostly spent visiting relatives. When they heard about my impending market entry, all of them brought up stories of not-so-successful marriages of people they knew well, and put fundaes to me about avoiding certain pitfalls. These fundaes were liberally peppered with stories. Mostly sad ones. Mostly of people who have chosen to continue in their marriages despite them clearly failing. It is amazing about the kind of stuff people I know have gone through, and yet they choose to not run away.

Saturday morning was rexerved for my first ever “market visit”. I was taken to this bureau in Malleswaram and asked to inspect profiles. “There are profiles of hundreds of girls there”, my uncle had told me “so let us go there before ten o’clock so that you have enough time”. The profiles were mostly homogeneous. The number of engineering seats available in Karnataka amazes me. Every single profile I checked out over there had studied a BE, and was working in some IT company. Things were so homogeneous that (I hate to admit this) the only differentiator was looks. Unfortunately I ended up shortlisting none of them.

One of the guys I met during my Bangalore trip is a sales guy who lives in a small temple town without any access to good cinema. So he forced me to accompany him to watch Slumdog (in PVR Gold Class – such an irony) and Dev D. I agree that Slumdog shows India in poor light, but filter that out and it’s a really nice movie. We need to keep in mind that it was a story and not a documentary, and even if it were the latter, I think documentaries are allowed to have narratives and need not be objective. Dev D was simply mindblowing, apart from the end which is a little bit messed up. Somehow I thought that Kashyap wanted to do a little dedic to his unreleased Paanch.

There is this meet-up at Benjarong which is likely to contribute enough material to last six arranged scissors posts. I’ll probably elaborate about the discussions in forthcoming posts but I must mention here that several arranged marriage frameworks were discussed during the dinner. The discussions and frameworks were enough to make both Monkee and I, who are in the market process, and Kodhi who will enter the market shortly to completely give up in life.

One takeaway from Paddy’s reception is that if you can help it, try not to have a “split wedding” (and try not to have a split webbing also) – where different events are held at diferent venues, on disjoint dates. In that case you won’t have people lingering around, and you will lose out on the opportunity to interact with people. Note that there is zero scope for interation during the ceremonies, and the only time you get to talk to people is before, and after, and during. And it is important that there is enough before or after or during time to allow these interactions. In split weddings guests are likely to arrive and leave in the middle of an event and so you’ll hardly get to talk to them.

One policy decision I took was to not have breakfast at home during the length of my stay. I broke this on my last day there since I wouldn’t be having any other meal at home that day, but before that visited Adigas (ashoka pillar), SN (JP nagar) and UD (3rd block). The middle one was fantastic, the first reasonably good except for bad chutney and the last not good at all. Going back from Gurgaon it was amazing that I could have a full breakfast (2 idlis-vada-masala dosa-coffee) for less than 50 bucks. Delhi sorely lacks those kind of “middle class” places – you either eat on the roadside or in fine dining here.

Regular service on this blog should resume soon. My mom has stayed back in Bangalore for the summer so I’m alone here  and so have additoinal responsibilities such as cooking and cleaning. However, I think I should be having more time so might be writing more. I can’t promise anything since blog posts are generated by spur-of-the-moment thoughts and I never know when they occur. Speaking of which I should mention that I put elaborate fundaes on studs and fighters theory in my self-appraisal review form last week.

Intellectual Property

A blog post earlier this month on Econlog finished off with a very strong quote by Friedrich Hayek:

One of the forms of private property that people cherish most is their ideas. If you convince them that their ideas are wrong, you have caused them to suffer a capital loss.

I ended up liking it so much that I added it to my work email signature. Thinking about it further, why is it that some people are more open to debate than others? Why do some people admit to their mistakes easily while others are dogmatic about them? Why do some people simply refuse to discuss their ideas with other people? I think Hayek’s observation offers a clue.

Let us consider two people – Mr. Brown and Mr. Green. Mr. Brown believes in diversification, and his investments are spread across several financial instruments, belonging to different categories, with a relatively small amount of money in each of them. For purposes of this analogy, let us assume that no two instruments in his portfolio are strongly correlated with each other (what is strong correlation? I don’t know. I can’t put a number on it. But I suppose you get the drift)

Mr. Green on the other hand has chosen a few instruments and has put a large amount of money on each of them. It is just to do with his investment philosophy, which we shall not go into, as this is just an analogy.

Let us suppose that both Mr. Brown and Mr. Green held Satyam stock on 6th January 2009. They were both invested in Satyam according to their respective philosophies – and the weightage of Satyam in their respective portfolios was also in line with their philosophies. The next day, 7th of January, the Satyam fraud came out. The stock crashed to a tenth of its value. Almost went to zero. How would our friends react to this situation?

Mr. Green obviously doesn’t like it. A large part of his investments has been wiped out. He has become a significantly poorer man. For a while he will be in denial about this. He will refuse to accept that such a thing could happen to one of his chosen stocks. He will try to convince himself that this fall (a 90% fall, no less) is transient, and the stock will go back to where it once was. As days go by, he realizes that his investments have been lost for ever. He is significantly poorer.

Mr. Brown will also be disappointed by the fall – after all, he too has lost money in the fall. However, his disappointment is mitigated by the fact that the loss is small compared to his portfolio. There have been other stocks in his portfolio which have been doing well, and their performance will probably absorb the Satyam losses. Some of the stocks in his portfolio may also be fundamentally negatively correlated with Satyam, which means they will now gain. There is also the possibility that the Satyam fall has opened up some new possible areas of investment for Mr. Brown, and he might put money into them. It is much easier for Mr. Brown to accept the fall of Satyam compared to Mr. Green.

So you replace stocks by ideas, and I suppose you konw what I am gettting at. The degree of openness that people show with respect to an idea they have varies inversely with the share of this particular idea in their “idea portfolio”. The smaller the proportion of this idea, the lesser will be the “capital cost” of their losing the idea. And hence, they will be more open to debate, to discussion, to letting someone critically examine their ideas. If the proportion of this particular idea in their overall portfolio is large, there will obviously be resistancce.

A corrolary of this is that when someone possesses a small number of ideas they are more likely to be dogmatic about them (I am using the indefinitive “more likely” here because even when you have a small number of securities in your portfolio, your exposure to some of them will be really small and so you’ll be less unwilling to lose them. Though I must point out that people with small ideas portfolios become so used to madly defending the big ideas in the portfolio that they start adopting the same tactic for the smaller ideas in their portfolio and become dogmatic about them – which is irrational).

I just hope I didn’t cause you a capital loss by writing this. For me, on the other hand, this was a bonus stock.

The Perils of Notes Dictation

Thinking about my history lessons in schools, one picture comes to mind readily. A dark Mallu lady (she taught us history in the formative years between 6th and 8th) looking down at her set of voluminous notes and dictating. And all of us furiously writing so as to not miss a word of what she said. For forty minutes this exercise would continue, and then the bell would ring. Hands weary with all the writing, we would put our notebooks in our bags and look forward to a hopefully less strenuous next “perriod”.

The impact of this kind of “teaching” on schoolchildren’s attitude towards history, and their collective fflocking to science in 11th standard is obvious. There are so many things that are so obviously wrong with this mode of “teaching”. I suppose I’ll save that for else-where. Right now, I’m trying to talk about the perils of note-making in itself.

Before sixth standard and history, in almost all courses we would be dictated “questions and answers”. The questions that would appear in the exam would typically be a subset of these Q&A dictated in class. In fact, I remember that some of the more enthu teachers would write out the stuff on the board rather htan just dictating. I’m still amazed how I used to fairly consistently top the class in those days of “database query” exams.

I’m thinking about this from the point of view of impact on language. Most people who taught me English in that school had fairly good command over the language, and could be trusted to teach us good English. However, I’m not sure if I can say the same about the quality of language of other teachers. All of them were conversant in English, yes, and my schoool was fairly strict about being “English-medium”. However, the quality of English, especially in terms of grammar and pronunciation, of a fair number of teachers left a lot to be desired.

I can still remember the odd image of me thinking “this is obviously grammatically incorrect” and then proceeding to jot down what the teacher said “in my own words“. I’m sure there were other classmates who did the same. However, I’m also sure that a large number of people in the class just accepted what the teacher said to be right, in terms of language that is.

What this process of “dictation of notes” did was that teachers with horrible accents, grammar, pronunciation or all of the above passed on their bad language skills to the unsuspecting students. All the possible good work that English teachers had done was undone.There is a chance that this bad pronunciation, grammar, etc. would have been passed on even if the teachers didn’t give notes – for the students would just blindly imitate what the teachers would say. However, the amount by which they copied different teachers would not then be weighted by the amount of notes that each teacher dictated, and I think a case can be made that the quality of a teacher is inversely proportional to the amount of notes he/she dictates.

Teachers will not change because dictation is the way that they have been taught to “teach”. The onus needs to go to schools to make sure that the teachers don’t pass on their annoying language habits to the students. And a good place to start would be to stop them from dictating notes. And I still don’t understand the value of writing down notes that you don’t really bother to understand when you have a number of reasonably good text books and guide books available in the market. I agree that for earlier classes, some amount of note-making might be necessary (I think even that can be dispensed with), but in that case the school needs to be mroe careful regarding the language skills of people it recruits in order to dictate these notes.

Arranged Scissors 5 – Finding the Right Exchange

If you look at my IIMB grade card, one subject stands out. It is one of the two Cs that I have on the card, and the other was in a “dead rubber” (5th/6th term where grades didn’t matter for placements). This C was in introductory marketing management. Where the major compoenent was a group project called the application exercise (ap-ex). I frequently crib that I did badly in that project because four out of six people in my group did no work, or even negative work (and this is true). Digging deeper, however, I think the more fundamental issue was that the two of us who worked didn’t really know what we were doing. We failed to understand the concept of STP till a few years after the project was over.

STP is one of the most fundamental concepts in marketing. It stands for Segmentation, Targeting and Positioning. I quickly appreciated Positioning, but took a long time in trying to figure out the difference between segmentation and targeting. In my defence, they are highly inter-related concepts, and unless you look at it from the point of view of social sciences (where each unique point fetches you one mark in the board exam) it is not intuitive that they are separate concepts.

So you segment the “population” based on various axes. Taking these axes in conjunction, you end up “segmenting” the population into a large number of hypercubes. Then you do the “targeting”. Find the set of hypercubes that you want to sell your product to (in the context this post is about, sell yourself to). And so once you have found your “target segment” or set of “target segments” you “position yourself” and go out to sell. And then you need to figure out the “4 Ps” of marketing. Product (fixed here – it’s you). Price (irrelevant if you don’t plan to take dowry). Forgot one P. The other is Place (where you will sell).

The arranged marriage market can be broadly be divided into two – OTC and exchanges. OTC (over the counter) is the case where you have a mutual acquaintance setting you up with a counterparty. The only difference here between arranged and normal scissors is that in the arranged case, it is your parents who are set up with the counterparty’s parents rather you getting set up directly. Since it is a mutual acquaintance doing the setting up, the counterparty is at max two degrees away, and this makes the due diligence process a lot easier. Also, you have one interested third party who will keep nudging you and pushing hte process back and forth and generally catalyzing it. So people in general prefer it. Historically, there were no formal exchanges (apart from say a few “well known village elders”). Most transactions were OTC.

One problem in financial OTC markets is counterparty risk (which is what has prompted the US government to prop up AIG) but this is not a unique problem with OTC arranged marriage market – counterparty risk will always be there irrespective of the method in which the relationship was formed. Apart from providing counterparty protection, one important role that financial exchanges play is to improve liquidity in the market. The number of transactions that happen in the exchange ensure that the market is efficient and prices are fair. Liquidity is an important asset in the arranged marriage exchanges also.

The problem that I’m trying to describe in this post is about segmenting the exchanges based on their most popular commodity types. I don’t have reall live examples of this, but then for each product you will want to go to a different exchange. For example (this example may not be factually correct) both the Chicago Board of Trade (CBoT) and Chicago Mercantile Exchange (CME) trade in both corn futures and cattle futures. However, the volume of corn futures that are traded on CBoT is significantly larger than the volume of corn futures traded on the CME. And the volume of cattle futures traded on the CME might be siginicantly larger than the corresponding volume in CBoT.

So if you want to buy cattle futures, you are better off going to the CME rather than the CBoT since the former has significantly greater liquidity in this product, and thus you are assured of getting a “fairer” price. Similarly, to buy corn you should rather go to CBoT than CME. I suppose you get the drift. Now, the same is true with the arranged marriage market also. If you want to get listed on an exchange, you will need to make sure that you get listed on the right exchange – the exchange where you are most likely to find people belonging to your target segment.

To take an example, if you think you want a Tamil-speaking spouse, you are significantly better off listing on tamilmatrimony.com rather than listing on telugumatrimony.com, right? Of course this is just a simplistic example which I have presented because the segmentation and difference in markets is clear. Things in the real world are not so easy.

There are various kinds of marriage exchanges around. In fact, this has been a flourishing profession for a large number of years, and even the recent boom in louvvu marriages has done nothing to stem the flow of this market. You will have every swamiji in every mutt who will want to perform social service by opening a marriage exchange. Then, you have a few offline for-profit exchanges. Some of them work on a per-deal basis. Others charge you for listing, since it is tough for them to track the relationships that they’ve managed to create. Then, this is one business which has clearly survived the dotcom bust of 2001-02. The fact that this business is flourishing can be seen on the left sidebar of this page where I suppose a large number of them will be advertising. In fact, I encourage you to click through them since that will result in precious adsense revenue for me.

There is nothing wrong in carpet bombing, but that comes at a price. Notwithstanding the listing fees (which are usually nominal), you will have to deal with a significantly large number of “obviously misfit” CVs and bump them off. Especially if you live far away from the exchanges and have someone else broking for you, you don’t want to burden them too much, right? So the problem is in doing your segmentation and targeting. And then researching the exchanges to find which exchange has most liquidity for products belonging to both your segment as well as your target segment. And get listed on them ratehr than wasting precious time, energy and money listing on exchanges that are unlikely to be useful.

Since I began this (extremely long) post with marketing fundaes, I should complete it with some more (which is irrelevant to the rest of this post). A standard process for advertising is AIDA (Awareness-Interest-Desire-Action). Typically for a relationship to “happen”, you need a minimum of D from at least one of the parties, and a minimum of I from the other party. The normal arranged marriage process, however, assumes that an I-I is a sufficient condition for a sufficient lifelong relationship, and don’t give enough time and space for people to check if D is there. Hence the disasters. Hence the tilt towards the CMPs.

Arranged Scissors 1 – The Common Minimum Programme

Arranged Scissors 2

Arranged Scissors 3 – Due Diligence

Arranged Scissors 4 – Dear Cesare