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By:

Kaustubh Kale

10 September 2024 at 11:37:15 pm

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar....

Modak and the Art of Investing

As the aroma of freshly steamed Modaks fills homes during Ganesh Utsav, the festive spirit comes alive instantly. My mouth is already watering at the thought! The humble Modak, prepared with love to honour Lord Ganesha, may look simple from the outside. But anyone who has tried making one knows that a good Modak depends on several things coming together - the right ingredients, the right recipe, patience with the process, and finally, enjoying the result. Investing is surprisingly similar. Choose the Right Ingredients A Modak is only as good as the ingredients that go into it. Fresh coconut, good-quality jaggery, properly prepared rice flour and the right flavours all contribute to the final result. Our investments and financial products are the ingredients of our financial plan. Equities, mutual funds, fixed income, gold and other investments each have a specific role to play. The objective is not to pick whatever appears most exciting at the moment, but to select suitable, good-quality investments that match our financial goals, time horizon and ability to take risks. Health and life insurance are equally important ingredients. Adequate coverage helps protect savings, the family, and their financial goals and dreams. Good ingredients provide the foundation. But ingredients alone are not enough. Get the Recipe Right You may have the finest ingredients in the kitchen, but if the proportions are wrong, the Modak may still not turn out well. The same applies to investing. Asset allocation is the recipe of a financial plan. Too much of one ingredient can spoil a Modak. Similarly, excessive concentration in one asset or too much money in low-return products can spoil a portfolio. Balance is key. A thoughtfully constructed portfolio brings different investments together in the right proportions. To keep asset allocation very simple - short-term goals can be planned through bank fixed deposits, recurring deposits and debt mutual funds. For long-term goals, one can consider hybrid mutual funds, equity mutual funds or direct stocks. Trust the Process Once the Modak is shaped and placed for steaming, constantly checking whether it is ready will not make it cook faster. Investors often make the same mistake. We keep checking markets, reacting to every correction, chasing recent performers or changing strategies because of short-term noise. Good investing requires patience and discipline. Invest regularly, review periodically and allow your financial plan enough time to work. Compounding is powerful precisely because it rewards those who remain invested for long periods. Sometimes, the best thing an investor can do is simply avoid unnecessary interference. Enjoy What You Have Created Finally comes the most important part - eating the Modak! The purpose of investing is not merely to accumulate the largest possible number on a statement. Wealth should eventually help us fulfil our goals, support our families, create financial security and enjoy life with greater peace of mind. A good Modak needs the right ingredients, the right recipe and trust in the process. A good investment journey needs exactly the same. This Ganesh Utsav, may Bappa bless us with the wisdom to make good financial choices, the patience to stay disciplined, and the prosperity to enjoy the fruits of our efforts. Ganpati Bappa Morya! (The author is a Chartered Accountant and CFA (USA). Financial Advisor. Views personal. He could be reached on 9833133605.)

When Neighbours Become Enemies

Dec 21, 2025
3 min read

Thailand and Cambodia are engaged in their worst border conflict in decades. Since July, the conflict has killed dozens, displaced lakhs, and shattered a peace deal signed just weeks earlier.

The Thailand-Cambodia border disagreement dates back to 1907, when France, which ruled Cambodia at the time, signed a treaty with Siam (now Thailand) to establish their shared border. The treaty stated that the border would follow the watershed of the Dangrek Mountains. While this seemed straightforward, French maps placed several ancient temples and pockets of land inside Cambodia, even though the watershed would have put them in Thai territory.


These were not minor disputes. One contested area includes the 11th-century Preah Vihear temple, which sits on the border. In 1962, the International Court of Justice ruled it belonged to Cambodia, but the wider boundary issue remained unresolved. With no agreed border line, the dispute simmered for decades, with occasional but contained clashes.


Then in 2025, the situation began to deteriorate rapidly.


When Fighting Began

On May 28, a Cambodian soldier was killed near the border, prompting Cambodia to ban Thai imports and Thailand to close crossings. By July 24, the dispute had escalated into open warfare, with both sides deploying heavy weapons and civilians fleeing border areas or sheltering in schools and temples.


The Leaked Call

A month earlier, a private phone call between Thailand’s then Prime Minister Paetongtarn Shinawatra and Cambodia’s former leader Hun Sen surfaced in June, triggering a political crisis that reshaped Thai politics.


In the call, Paetongtarn addressed Hun Sen informally, calling him “uncle”, while appearing to criticise Thailand’s military and seek his advice on domestic matters—fuelling claims of undue foreign influence.


Hun Sen later released the recording after relations soured, triggering nationalist outrage and mass protests in Thailand. The fallout proved catastrophic for Paetongtarn’s government: in August 2025, the Constitutional Court removed her from office, reshaping the country’s political trajectory.


Short-Lived Peace

On July 28, just four days after fighting erupted, a Malaysia-brokered ceasefire saw both sides pull back and halt fire. The agreement appeared to hold, keeping the border largely quiet for two months.


In October, a more formal peace deal—the Kuala Lumpur Peace Accords—was signed at an ASEAN summit in Malaysia. It called for withdrawing heavy weapons, deploying ASEAN observers, clearing landmines jointly, and restoring diplomatic ties, with US President Trump attending the signing. But the peace was short-lived.


The Collapse

On November 10, Thai soldiers were injured in a landmine blast, prompting Thailand to accuse Cambodia of planting new mines during the ceasefire—a claim Cambodia denied, saying the area remains contaminated by unexploded ordnance from past conflicts and that Thai troops may have entered known minefields.


On December 7, Thailand reported another ambush on its military engineers and responded with heavy airstrikes on Cambodian positions, which Cambodia said were unprovoked. Fighting quickly spread across multiple border points, leaving at least 52 dead and over 750,000 displaced by December 18.Who's Trying to Fix This?


Multiple countries and organisations are attempting to mediate the conflict because instability in Southeast Asia affects everyone.


Malaysia, as the ASEAN chair, has led mediation and deployed an ASEAN observer team to monitor the border. The United States also stepped in, seeking to counter China’s regional influence and prevent wider instability. China, meanwhile, has positioned itself as a mediator, sending a special envoy amid concerns over arms supplies to both sides and major economic projects threatened by conflict.


What Happens Next

Currently, there is no immediate end to the conflict. Thailand's military leadership has stated that it will not accept a ceasefire until Cambodia demonstrates a genuine commitment to border security and stops what Thailand views as provocative behaviour. Cambodia insists that Thailand is the aggressor and must cease military operations first.


The most likely scenarios are (1) the fighting gradually de-escalates as both countries recognise the costs are unsustainable; (2) one side achieves military objectives and then agrees to a negotiated settlement; or (3) a new mediated agreement emerges that, like the October accord, temporarily stops fighting but doesn't resolve the underlying territorial dispute.


None of these options provides a permanent solution to the border dispute. As long as Thailand and Cambodia disagree on where their border actually is, as long as both countries face domestic political incentives to maintain nationalist positions, and as long as external powers compete to mediate rather than allowing regional resolution, border conflict remains possible.


(The writer is a foreign affairs expert. Views personal.)

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