I was briefly watching CNBC yesterday. Interesting observation, some of the fund managers bullish on the India story, have taken a U-turn, finding all kinds of reasons why India is not so hot. Today the market crashed another 400 points. Tata Tea, a stock my grandfather bought 30 years ago, used to range between 200 to 500 for many years. For no good reason it zoomed to 900, it took lot of courage, mainly sentimental, to sell it. It kept marching, crossed even 1000, inducing repentance on a daily basis. Today it closed at 702, a 30% fall from its peak. My sympathies for those Bull operators, who believed that Sensex at 16000 was a reality, everywhere testerone levels were running high. Indians love gambling and love easy money even more. With the Internet, thanks to BSNL broadband, real time trading is more accessible across the country. Empowered with a legal gambling platform, accessible across India, many jumped on the bandwagon. There are stories of farmers in small villages selling their land, some took personal loans based on immovable assets, to participate in stock markets. These rookies, very likely, will have neither land nor asset value, in the near future. As shares fall many investors get stuck with margin calls or interest payments on loans which have melted way. Watching CNBC, it was the same hysteria that prevailed on Nasdaq in the late 90’s. Some of my close friends are still paying for the 2000 meltdown, some declared bankruptcy and restarted life, lifelong savings melted away in a few days. The funds never lose money, the big players exit on time, its the small investor who is left exposed. The stock markets are not for everyone. When something gets too popular, get cautious, the only thing missing is bad news.