A highly successful hedge fund closes down. The letter that it has sent out to its investors is a MUST READ for every serious investor.

It talks about global risks, increased obfuscation of data and the unreliability of data from India/China.

Transparency- whether it is corporate balance sheet or national statistics- Clearly on the decline. i find 1988 annual report far more revealing than a 2015 annual report, in the Indian context. And as regards GDP? Less said the better. In a year of de-growth, we show a seven percent growth! This is not stretching the truth. It is spinning a new yarn.

But this make believe seems to suit the regulators and the governments.

I found myself nodding my head at virtually every line.

I hope this sets you also thinking.

Investing is now a higher risk business than ever before. Take care with your wealth.


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