Both the stocks gained over 10 per cent each. Bajaj Finance and Bajaj Finserv stole the show after Q1 results and corporate announcements. On Sensex, 25 shares settled with gains, whereas the remaining five ended in the red. Private lenders and metal stocks also saw some strong action. The Nifty IT index gained 3 per cent, whereas financial services and realty indices jumped over 2 per cent each. Investors added more than Rs 3.38 lakh crore to their kitty as BSE m-cap scaled 263 lakh crore mark.Īmong the sectoral pack, all sectors settled with decent gains. Sensex was less than 100 points away from the 57,000 mark during the session. Broader markets underperformed the headline peers but both midcap and smallcap indices settled in a per cent higher. Its NSE counterpart, Nifty50 gained about 290 points to settle at 16,930 level. The 30-share pack Sensex jumped about 1,050 points to close above 56,850 mark. Hopes that the Fed may go slow on rate hikes sent domestic stocks soaring amid the monthly expiry. I am Sanchay Guptaīulls continued to dominate Dalal Street on Thursday, thanks to the in-line rate hike of 75 basis points by the Federal Reserve. Cunningham is a public company director and founder of Quality Shareholders Group, a boutique that facilitates relationships between long-term, concentrated shareholders and the companies that would like to attract them. He is the author of many books, including “The Essays of Warren Buffett: Lessons for Corporate America.Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. With Musk, while most would prefer to see humble confidence come through and win out, the smart money is on a hubristic fall. The empirical research suggests two things to watch for: more and larger acquisitions (producing more volatile results), and more attempts at earnings management (accompanied by eroding performance). Darcy at last won Elizabeth, the woman of his dreams.ĭetecting hubris is difficult, other than in hindsight. In literature, “Frankenstein” is the ultimate hubristic disaster, while “Pride and Prejudice” shows hubris can be tamed, as a humbled Mr. Look no further than Nick Leeson of Barings Bank in 1995 or Joe Cassano of AIG in 2008, whose hubris-backed but unhedged bets destroyed their firms. Those who think they are the smartest people in the room rarely are. Heeding history and reading literature can help. It is not obvious that Musk is up for cultivating these habits either. Do this by striving for humility, not believing praise you hear about yourself, and getting advice from people with different points of view. It is possible to reverse hubris, to keep one’s confidence but check the arrogance. Again, this is not something Musk radiates. It tests assertions and hypotheses before accepting and acting on them, rejecting assumptions that are not based on evidence. It combines intellectual curiosity with thorough fact-finding. Inquisitiveness can be a direct defense against excessively risky bets that hubris produces.
Alas, humility does not appear to be among Musk’s strong suits. It is an awareness of fallibility, opposite of the know-it-all. One is humility, the recognition of the limits of one’s knowledge. Ditto his foray into bitcoinĬountering hubris are other character traits that are worth probing. But his recent bid for TwitterĪt a premium and unilateral attempt to repudiate the deal are risks of a higher order of magnitude. Musk is a natural risk-taker, having started many speculative businesses.
Indeed, while Musk is in the news almost daily, one almost never hears about his boards or other advisers.
Market watch twitter professional#
Musk’s social-media ravings do not reflect the expected advice of either his boards of directors or professional advisers. Musk clearly relishes the limelight, evident from his prolific and provocative tweeting, promiscuous behavior, and his turn hosting “Saturday Night Live.”ĭismissiveness is exhibited by ignoring the opinions of advisers and experts. Narcissism refers to those with grandiose self-images and cravings for public regard. Currently he is the world’s richest person by a huge margin. Musk is uber-successful, beyond most anyone’s wildest dreams. Hubris tends to strike spectacularly successful people on a roll of success, and is characterized by narcissism and dismissiveness that leads to excessive risk-taking. Hubris - arrogance or excessive pride - may befall any of us, but Musk may be nearing the peak.
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