Banking

Surprisingly for a Saturday morning the state bank of India branch where i have my account was rather empty. No sooner had I got a ticket to get at the back of the virtual queue I found my ticket number being called. This being March when one expects economic activity to be high I wonder if this is an indicator of a showdown.

As soon as I reached the counter the first thing the clerk asked me was if i had complied with the know your customer norms. I guess this must be a fallout of the recent sting operation against some banks with respect to money laundering. As it happened the account to which I was transferring money was not compliant. It didn’t even have my address or date of birth. I was summarily told I wouldn’t be able to operate it unless I provide the necessary operations.

I classify banks as human and computer. Private and foreign banks are what I call computer banks. They have excellent online banking, phone banking  and are great at executing routine tasks. However ask them to do something non standard or something that required human intelligence and they falter badly. The processes are so strict the front line staff are not empowered at all.

PSU banks on the other hand are human banks. Online banking sucks as does phone banking. You don’t get door delivery of demand drafts. However these banks are great at empowering their front line staff thanks to which you can expect to get superior service.

A minute after the clerk told me that I wouldn’t be able to operate my public provident fund account because it didn’t comply with the norms she noticed that the cheque I’d written out was from the same bank. Let me see if this account is compliant, she said.  It turned out that my savings account was fully compliant.
It was only a matter of minutes after that. She quickly copied out the necessary information from my savings account to my provident fund account and then called the bank manager to immediately approve the compliance. In another five minutes the money had been duly transferred and my work was done.

The day I learnt to stop worrying and learnt to protect myself

For at least six years, from early 2006 to early 2012 I “suffered” from what medical practitioners term as “anxiety”. It was “co-morbid” with my depression, and I think it was there from much before 2006. I would frequently think about random events, and and wonder what would happen if things happened in a certain way. I would think of “negative black swan” events, events with low probability but which would have a significant negative impact on my life.

While considering various possibilities and preparing for them is a good thing, the way I handled them were anything but good. Somewhere in my system was wired the thought that simply worrying about an event would prevent it from happening. I once got fired from one job. Every day during my next two jobs, I would worry if I would get fired. If I got an uncharitable email from my boss, I would worry if he would fire me. If my blackberry failed to sync one morning I would worry that it was because I had already been fired. Needless to say, I got fired from both these jobs also, for varying reasons.

I used to be a risk-taker. And it so happened that for a prolonged period in my life, a lot of risks paid off. And then for another rather prolonged period, none of them did (Mandelbrot beautifully calls this phenomenon the Joseph effect). The initial period of successful risk-taking probably led me to take more risk than was prudent. The latter period of failure led me to cut down on risks to an unsustainable level. I would be paranoid about any risks I had left myself exposed to. This however doesn’t mean that the risks didn’t materialize.

It was in January of last year that I started medication for my anxiety and depression. For a few days there was no effect. Then, suddenly I seemed to hit a point of inflexion and my anxious days were far behind. While I do credit Venlafaxine Hexachloride I think one event in this period did more than anything else to get me out of my anxiety.

I was riding my Royal Enfield Classic 500 across the country roads of Rajasthan, as part of the Royal Enfield Tour of Rajasthan. The first five days of the tour had gone rather well. Riding across the rather well-made Pradhan Mantri Gram Sadak Yojana (PMGSY) roads set across beautiful landscapes had already helped clear out my mind a fair bit. It gave me the time and space to think without getting distracted. I would make up stories as I rode, and at the end of each day I would write a 500 word essay in my diary. All the riding gear meant that the wind never really got into my hair or my face, but the experience was stunning nevertheless. For a long time in life, I wanted to “be accelerated”. Ride at well-at-a-faster-rate, pulling no stops. And so I rode. On the way to Jaisalmer on a rather empty highway, I even hit 120 kmph, which I had never imagined I would hit on my bike. And I rode fearlessly, the acceleration meaning that my mind didn’t have much space for negative thoughts. Things were already so much better. Until I hit a cow.

Sometimes I rationalize saying I hadn’t consumed my daily quota of Venlafaxine Hexachloride that morning. Sometimes I rationalize that I was doing three things at the same time – one more than the number of activities I can normally successfully carry out simultaneously. There are times when I replay the scene in my head and wonder how things would have been had I done things differently. And I sometimes wonder why the first time I ever suffered a fracture had to happen in the middle of nowhere far off from home.

It had been a wonderful morning. We had left the camp at Sam early, stopping for fuel at Jaisalmer, and then at this wonderful dhaba at Devikot, where we had the most awesome samosa-bajjis (massive chilis were first coated with a layer of potato curry – the one they put in samosa – and then in batter and deep fried). For the first time that day I had the camera out of its bag, hanging around my neck. I would frequently stop to take photos, of black camels and fields and flowers and patterns in the cloud. The last photo I took was of Manjunath (from my tour group) riding past a herd of black camels.

I function best when I do two things at a time. That morning I got over confident and did three. I was riding on a road 10 feet wide at 80 kilometres per hour. I was singing – though I’ve forgotten what I was singing. And I was thinking about something. My processor went nuts. While things were steady state on the road there was no problem. There was a problem, however, when I saw a bit too late that there was a massive herd of massive cows blocking my path further down the road.

There was no time to brake. I instead decided to overtake the herd by moving to the right extreme of the road (the cows were all walking on the road in the same direction as me). To my misfortune, one of the cows decided to move right at the same time, and I hit her flush in the backside. The next thing I remember is of me lying sprawled on the side of the road about five metres from where my bike was fallen. There was no sign of the cow. The bike was oozing petrol but I wasn’t able to get up to lift it up – presently others in my tour group who were a few hundred metres behind reached the scene and picked up my bike. And I don’t know what state of mind I was in but my first thought after I picked myself up was to check on my camera!

The camera wasn’t alright – it required significant repairs after I got back home, but I was! I had broken my fifth metacarpal, which I later realized was a consequence of the impact of the bike hitting the cow. There were some gashes on my bicep where the protective padding of my riding jacket had pressed against my skin. I still have a problem with a ligament in my left thumb, again a consequence of the impact. And that was it.

I had had an accident while traveling at 80 kmph. I had fallen a few metres away from the point of impact (I don’t know if I did a somersault while I fell, though). I fell flush on my shoulder with my head hitting the ground shortly. It was a rather hard fall on the side of the road where the ground was uneven. And there was absolutely no injury because of the fall (all the injury was due to impact)!

It was the protection. No amount of worry would have prevented that accident. Perhaps I was a bit more careless than I should have been but that is no reason for there not being an accident. When you are riding on a two wheeler at a reasonable pace on country roads, irrespective of how careful you are there is always a chance that you may fall. The probability of a fall can never go to zero.

What I had done instead was to protect myself from the consequences of the fall. Each and every piece of protective equipment I wore that day took some impact – helmet, riding jacket, riding gloves, knee guard, shoes.. Without any one of these pieces, there is a chance I might have ended up with serious injury. There was a cost I paid – both monetary and by means of discomfort caused by wearing such heavy gear – but it had paid off.

Black swans exist. However, worrying about them will not ease them. Those events cannot be prevented. What you need to do, however, is to hedge against the consequences of those events. There was always a finite possibility that I would fall. All I did was to protect myself against the consequences of that!

Despite contrary advice from the doctor, I decided to ride on and finish the tour, struggling to wear my riding glove over my swollen right hand – stopping midway would have had a significant adverse impact on my mental state which had just begun to improve. I’ve stopped worrying after that. Yes, there are times when I see a chance of some negative black swan event happening. I don’t worry about that any more, though. I only think of how I can hedge against its consequences.

Congress Tipped For Major Gains in Forthcoming Karnataka Assembly Elections

For each major political party, this graph shows the number of seats they won (red) and the number of seats they came second in (blue) in the recently concluded Karnataka Urban Local Body Elections. The horizontal black line is the number of seats the Congress WON. Notice that the number of seats the Congress won exceeds the number of seats the BJP or the JDS won or came second in. Based on this, it is very likely that the Congress will do very well in the forthcoming Assembly Elections
Data source: web7.kar.nic.in/ulbtrends/StateTrends.aspx

 

 

 

For each major political party, this graph shows the number of seats they won (red) and the number of seats they came second in (blue) in the recently concluded Karnataka Urban Local Body Elections. The horizontal black line is the number of seats the Congress WON. Notice that the number of seats the Congress won exceeds the number of seats the BJP or the JDS won or came second in. Based on this, it is very likely that the Congress will do very well in the forthcoming Assembly Elections

Marriage

“I love you”, I told her over three years back.

“If you love me so much give me half your assets”, she replied, probably in jest.

“I’ll give you but in exchange for half your assets”.

“You know I’ve just started working so I don’t have too many assets. So I’ll happily exchange half my assets for half yours”.

A few months later we got married. And yes, this is a true and serious story. While it might  be devoid of all the romance that one associates with love and marriage, it illustrates what marriage is all about – it is a commercial contract where you pledge to share half your assets to the counterparty, and bequeath all your assets to him/her in case of your “unfortunate demise”.

One of the major points in the BJP’s manifesto over the years has been for a Uniform Civil Code. Currently, in India, people belonging to each religion have their own “civil codes” which governs their personal lives. According to the current Indian laws, a Christian girl has to wait until she is 21 years old to get married, while a Muslim girl can get married at 16. A Hindu man can have a maximum of one legally wedded wife, while a Muslim man can have four.

Now you can see why the BJP’s clamour for a Uniform Civil Code appears controversial – Muslims believe that this move will deprive them of the additional three wives that they are currently entitled to. However, I argue that by stripping marriage off all the emotional context and just sticking to its core commercial values, we can have a Uniform Civil Code without any controversy.

The basic argument is this: the Government of India (or any other government) has no business telling people who they should live with, sleep with or have children with. As long as two adults consent to stay together or share a bed , there should be no legal hassles to them doing so. If three adults consent to live with each other and agree on a conjugal arrangement, the government should have no problem with that either. So why do we need a civil code at all?

The only interest a Government has in the institution of marriage is in terms of property rights. Because of the basic principle that a person’s “next of kin” inherits its property, the government needs to know who a person’s next of kin is. For that purpose, you need a legal document – a purpose that is today served by a marriage certificate. Beyond this realm of property rights and inheritance, a secular government has no right to dictate who I’m sleeping with – as long as it’s consensual.

So I propose the following segment of the Uniform Civil Code: “any adult, at a particular point of time, can have exactly one legally wedded spouse” (notice that the gender neutral wording takes care of LGBTs also). Notice also that this code only talks about legally wedded spouses. What it doesn’t mention, or care to mention, that one can have as many “illegal” spouses as they want. With the caveat that because these people are not legally wedded to you they don’t have a claim on your property.

Currently there is too much drama in the courts about the “basic structure of the Indian family” and “family values” and more often than not they are being used to pass rather illiberal judgments. The multiple civil code structure that we have, which is based on a supposedly divine and romantic institution of marriage, is doing more harm than good to the citizens. Once the state (and all its arms) realizes that marriage is at the core a commercial contract a lot of social wrongs can be easily set right.

I didn’t need to marry the person who is now my wife only if I wanted to move in with her. As two consenting adults, no one could have prevented us. It was, however, a measure of mutual trust and love, that we decided that we should share assets also. And hence decided to get married (our marriage was registered according to the “Hindu Marriages Act”, for the record).

 

Nokia Lumia: Phone or Camera?

If you look at all the Nokia Lumia 920 advertisements you might be forgiven for thinking that it’s a camera and not a phone. Ads talk about “optical image stabilization”, low light imaging and stuff that might make sense to a geeky photographer but not to someone who wants a nice phone with such apps.

Nokia Lumia 920 ad

The communication suggests that Nokia’s perception of the problem with its phones is the lack of camera power. What it absolutely fails to address is that the primary reason people don’t buy Nokia phones any more is the perceived lack of apps on the Nokia-Windows8 ecosystem.

I wouldn’t be surprised if the company continues to not do well in India.

Being myself

I think I’m a funny guy. And I sometimes like to get pally with people. I don’t like extreme formality. I have a fundamental mistrust of people who wear ties without jackets. I try a bit too hard to break ice. I have a superior long-term memory which makes people think they’re being stalked. And I think one of the reasons I didn’t last long at Goldman was that I couldn’t really reconcile myself working for a company that took itself way too seriously.

My first interaction with Goldman Sachs was back in 2004. Unsure if they’d be able to pronounce “Karthik” I’d introduced myself as Wimpy. Classmates thought I was quite a fool to do that. The way I see it if there was someone with some sense of humour on the other side (6 years later I was to find out that people who took themselves too seriously self-selected themselves to work for Goldman) it would have broken a massive amount of ice. Didn’t work out.

During the same interview process, HSBC asked me about my greatest regret in life. I told them that it was the fact that I’d never been in a relationship. Again, people thought I was being stupid. The way I saw it, I had absolutely no professional regrets, and this one personal regret had been consuming me. In hindsight, though, by saying that I had never been in a relationship I might have sent out a signal that I was a bad marketer, which probably wasn’t something an employer wanted to hear.

As long-term readers of this blog might be aware (I’ve mellowed significantly of late), I’m quite capable of (to use my father’s favourite metaphor) “kicking like a donkey”. Just lashing out without too much evaluation of further consequences. Worked brilliantly at times. Not so brilliantly most of the time.

I don’t know why I’ve been thinking of “systems” such as IIMB a lot nowadays. The “system” tries too hard to make people conform. To make you look like everyone else. I especially loathe the IIM placement process, from both sides (student and recruiter). I think of it as a socialist vestige, where the institute believes that “getting everyone placed” is superior to letting people figure out what tehy want to do.

I think I was secretly happy when yesterday I got a mail from an acquaintance from IIM Shillong stating that placements this year are quite bad and there are no recruiters. It probably serves right people who joined colleges expecting the larger brand name of the college to carry them through, without regard to personal brand equity.

i had thought up this post this morning, but by the time I opened wordpress I’d forgotten what I wanted to write. Remembered it vaguely in the afternoon, started writing and then I see that I’m rambling. Yeah, I guess ramble too much.

Goalkeeper Mishmash

So one of the comments on my previous post about goalkeepers talked about how the relegated teams (Wolves, Bolton and Blackburn) had the worst keepers. So I wondered how they would have done had they had better goalies. I’ve still not figured out how to correlate a goalie’s distribution success to goals scored and so I’ll simply stick to shot stopping criteria.

I use the ratio of big chances to goals in each game to figure out how a different goalkeeper would have reacted. So if I have a goalie with a 90% shot-stopping ability and the opposing team has 10 big chances in the game, then I concede 1 goal. However, if my goalie has a 50% stopping ability I let in 5.

Based on the shot-stopping success ratio of each goalkeeper and the number of big chances faced by each team in each game, I have estimated the number of goals the team would have let in in each game. Comparing this against goals scored, I have come up with a hypothetical points tally for the season.

I know I abuse excel graphics a lot but I couldn’t think of any non-excel method to present the data here. I paired each goalie who played at least 1000 minutes during the season with each team and estimated how many points the team would have raked up.

Goalie Mishmash

Some pertinent observations.

1. The teams on whom the quality of goalie had the most impact are Arsenal, Blackburn, Wigan and Wolves. This goes to show how much Arsenal have to credit Sczsesny for their ability to reach the Champions’ League.

2. Everton is the team where the maximum and minimum possible points due to change in goalie is minimum (4, opposed to 14 for Arsenal). Shows that they have a pretty compact and tight defence, and what stops them from a top four slot is the quality of attack.

3. Due to the low number of big chances that occur in each game and due to rounding of goals conceded, you see some kind of a discontinuity in scores as you go down the list, as well as lots of ties. There is no mistake in the data or the calculations.

4. Manchester United has a much lower “goalkeeper impact” than Manchester City. With a lesser goalie than Joe Hart, it is unlikely City would have won the title.

5. Since we use overall averages of a goalie’s shot stopping ability, these simulations show different numbers for “real” goalie-team pairs than what the teams actually achieved.

6. The difference in maximum and minimum possible points as a function of a goalkeeper is a good indication of the overall quality of a team’s defense. The table below ranks the teams as per quality of defense.

defencequality

7. While Blackburn and Wolves both had poor defence, part of Bolton’s relegation blame can be attributed to the quality (or otherwise) of their goalkeepers (Adam Bogdan and Juusi Jaaskaleinen). Which makes it even more surprising that West Ham (upon re-entry to the Premier League) sold Robert Green (to QPR, where he warms the bench) and recruited Jaaskaleinen in his place.

8. Last season, Liverpool had a pretty good defence (especially their first-choice back four of Johnson-Skrtel-Agger-Enrique). Their attacking ability (and especially their finishing – same story this season) let them down badly.

Recognition

I just bumped into this guy at the Mumbai airport and the conversation went like this:
Me: hey I’ve seen you somewhere
He: ugh?
Me: you’re from Chennai?
He: yes
Me: svce?
He: yes..
Me: 2001-2005?
He (looking confused) : yes
Me: you represented your college at university challenge in 2003
He: yeah..
Me: you were goach’s teammate. I’m sorry I don’t remember your name… (two seconds later)… arvind chandrasekhar?

He had the look on his face that suggested he almost gave up in life. I decided to put him out of his misery. ‘Back in Madras I used to be known as wimpy’ I said. I’m not sure if he actually remembered me but he mumbled a ‘I thought so but wasn’t sure’ and we parted.

Before you find this way too unusual let
me tell you that he wasn’t some random guy in the airport I accosted. I was catching up with this long lost friend who I’d bumped into at the airport and he happened to be traveling with her..

Nevertheless I’m proud of my long-term memory. And I’m proud to be married to someone who has an equally good, if not better, long term memory. In fact both of us find ourselves on socially awkward situations frequently when we meet someone we recognize but they don’t recognize us back.

Oh and two minutes before I bumped into arvind I was talking to someone about twenty questions and tintoretto!

Payment mechanisms

This morning the Meru Cab driver swiped my credit card into the machine in the cab and waited for the response. It was close to ten minutes and there was no response. The system wasn’t even timing out – it tried redialing every time the server timed out. Finally I got frustrated, told the driver that I won’t get charged unless I sign, mustered together enough change and moved on.

I’m a fairly loyal user of Meru Cabs, and it is my preferred means of transportation to the airport, and I fly quite often nowadays. I have an account on their website, which enables me to book a cab quickly and easily. On several occasions I have problems mustering enough change to pay them. Sometimes this morning the credit card machine doesn’t work. I even missed a flight once because I went hunting for an ATM so that I could pay my cabbie.

Given the ongoing relationship I have with Meru, I should have an account with them. When I book a cab online, the cost of my journey can directly billed to my account (which could be pre-paid). When I get a cab at the airport, I can use a Near Field Communication (NFC) based system to inform Meru that I’m in that particular cab, and once again my account can get used.

I think there is a significant amount of work that can potentially be done to further disrupt the payment industry. NFC might hold the key there.

Comparing Goalies in the Premier League: Shot-stopping ability versus passing ability

How does one compare the goalies of the Premier League? Based on Opta data released by Manchester City last year, I have compared the goalkeepers of the 2011-12 season on two parameters – percentage of shots blocked and success in distribution. This shows the relative successes of the goalkeepers in defence and attack respectively.

So who are the successful goalkeepers in the league? If you look for at this data, you will find that Pepe Reina, Wojciech Szczesny, Petr Cech and Joe Hart form a “convex hull”. What this means is that every other goalkeeper in the premier league is inferior to at least one of these four. So the best goalie has to be one of these.

 

How do goalkeepers in the premier league stack up against each other?
How do goalkeepers in the premier league stack up against each other?

 

As for who the absolute best is, that will depend on the relative weights that we give to shot-stopping and distributional ability. Intuitively, a 10% improvement in distribution is likely to result in less goals than a 10% improvement in shot stopping saves. So by that metric, it can be argued that one of Cech and Hart, who are far superior in terms of shot stopping ability is the best goalkeeper.

It is also interesting to note that even in Kenny Dalglish’s time as manager, Reina had a vastly superior distribution success, suggesting that it would not have been that difficult for Liverpool to adapt to Brendan Rodgers’s style of play.

PS: Click on the image to see a larger version

PS2: I’m writing this post sitting in the office room of one of my clients, who also happens to be a frequent visitor to this blog.