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By:

Correspondent

21 August 2024 at 10:20:16 am

Hostile Havens

The murder of 24-year-old Kirandeep Kaur in west London is, first and foremost, a personal tragedy. A young Sikh woman from Punjab, who had moved to Britain in search of opportunity, was killed only weeks after giving birth. But her death has unfolded against a darker backdrop. Britain is witnessing an unsettling rise in anti-Sikh hostility, fuelled by the toxic convergence of identity politics, social media outrage and far-right mobilisation. A survey by the Sikh Network found that 40...

Hostile Havens

The murder of 24-year-old Kirandeep Kaur in west London is, first and foremost, a personal tragedy. A young Sikh woman from Punjab, who had moved to Britain in search of opportunity, was killed only weeks after giving birth. But her death has unfolded against a darker backdrop. Britain is witnessing an unsettling rise in anti-Sikh hostility, fuelled by the toxic convergence of identity politics, social media outrage and far-right mobilisation. A survey by the Sikh Network found that 40 percent of Sikhs questioned had either experienced or witnessed anti-Sikh incidents since mid-May, while nearly 90 percent believed hostility towards the community had increased. Britain has long prided itself on being a successful multicultural society. That confidence now looks increasingly fragile. The immediate trigger was the murder of 18-year-old Henry Nowak, allegedly by a Sikh man. Sikh organisations did precisely what responsible community bodies should do. They condemned the killing unequivocally and rejected any attempt to justify the crime. Yet reason was soon overtaken by rage. Far-right agitators seized upon the case, organising demonstrations outside police stations, marching through mixed neighbourhoods, and directing hostility towards Sikh families who had nothing to do with the crime. Nazi salutes and cries of “white power” were ugly reminders that the target had shifted from an individual suspect to an entire community. For Sikhs in Britain, this should prompt an uncomfortable reckoning. For decades, sections of the diaspora have believed that Western democracies offered not merely refuge but also political patronage for causes that found little acceptance in India. Britain and Canada became fertile ground for pro-Khalistan activism, often justified under the broad protections of free speech. Governments tolerated it, sometimes because it suited domestic electoral calculations, sometimes because it cost little politically. Kirandeep Kaur’s murder and the wave of far-right mobilisation is a reminder that Western democracies are guided not by sentiment but by political convenience. When their public moods turn, minorities invariably pay the price. Diaspora communities, however prosperous, remain minorities whose security ultimately depends on the health of the societies in which they live. British authorities must pursue hate crimes with the same vigour they apply to every other form of extremism. Equal citizenship demands nothing less. Yet the Sikh diaspora, too, would do well to reassess its political priorities. Romanticising separatist politics from thousands of kilometres away has brought little benefit to Sikhs either in India or abroad. It has instead provided easy ammunition to extremists of every persuasion instead. Britain and Canada may be liberal democracies in name, but they are not custodians of Sikh interests. Their governments will always act according to their own domestic calculations. Diaspora communities like the Sikhs risk discovering, in moments of crisis, that they have confused convenience with conviction. That is a costly illusion.

The Case for Patient Investing

The observation that markets reward patience more reliably than impatience has outlasted every boom and correction finance has witnessed. It raises a question that has occupied investors for generations: can an ordinary investor realistically expect to outperform the market, or is the more worthwhile pursuit something else entirely?


The idea is undeniably attractive, and the Indian equity landscape of the past decade offers reasons for optimism. The Sensex and the Nifty 50 have repeatedly scaled new highs, and retail participation has expanded at a pace few anticipated. Demat accounts in India now number well over 20 crore, and monthly SIP inflows have comfortably crossed 30,000 crore; resilience made more notable by the fact that foreign institutional investors (FIIs) have, for extended stretches, remained cautious or absent, leaving domestic participation to carry much of the market's momentum.


Investing itself has rarely been more accessible. Yet accessibility and outperformance are not the same thing, and the latter may have grown harder to achieve even as the former became effortless.


Investor psychology

Every investor hopes to spot the next great compounder before the crowd does, and the market has produced enough genuine success stories to keep that hope alive. Such stories dominate financial media, but they obscure a less discussed reality: the frequency of losses from speculative bets, poor selection, and panic-driven exits. Visible triumphs and invisible failures together create a distorted impression that beating the market is ordinary, when it remains the exception.


Technology has reshaped investing considerably. A demat account can be opened within minutes, and artificial intelligence tools can now screen companies, summarise annual reports, and analyse financial ratios almost instantly. Yet access to information has never been the same as the ability to interpret it wisely; patience, discipline, and sound judgement remain what separate durable success from quick gains.


Arguably the greatest obstacle to superior returns is not the market itself but investor psychology. The fear of missing out drives many to chase stocks after they have already rallied sharply, only for the same investors to sell in panic once prices fall. Overconfidence, herd mentality, and confirmation bias routinely override rational analysis. A rising market flatters nearly every participant with an illusion of skill, but genuine competence is revealed only across full cycles.


Social media has intensified these pressures, spreading investment ideas within minutes even as it amplifies misinformation. Regulators, including the Securities and Exchange Board of India, have responded by tightening oversight of financial influencers; popularity, after all, is no substitute for credibility.


The derivatives segment illustrates this tension starkly: its appeal lies in controlling large positions with modest capital, yet studies have repeatedly found that roughly nine in ten retail traders here lose money over time.


Systematic investing

This is where mutual funds gain relevance for most savers. Rather than depending on a small number of self-selected stocks, investors can choose among equity, debt, hybrid, index, sectoral, and solution-oriented funds suited to their goals, horizon, and risk tolerance, with professional management and diversification lightening the burden of independent decision-making.


Systematic Investment Plans have grown popular for encouraging regular contributions regardless of market conditions, benefiting from rupee-cost averaging as more units are bought when prices fall and fewer when they rise. Sustained over long periods, this approach, paired with compounding, has quietly built substantial wealth without any attempt to time the market.


Hybrid funds, blending equity with debt and occasionally gold or arbitrage strategies, add stability by tempering downside risk while preserving room for growth. None of this suggests direct equity investing should be abandoned. Investors with the time, analytical capability, and emotional resilience to study businesses closely can potentially outperform the market, provided they accept that underperformance and mistakes are inevitable along the way. Successful investing depends less on forecasting tomorrow’s prices than on identifying businesses capable of compounding earnings for years.


For most, though, the harder discipline is remaining invested through uncertainty. Rather than asking whether ordinary investors can consistently beat the market, it may be more useful to ask whether they can consistently meet their own financial goals, the two pursuits are not always identical.


History suggests markets reward discipline more reliably than brilliance. In investing, the greatest victory is not necessarily beating the market. It is ensuring that the market works steadily and consistently in your favour over the long run.


(The writer is a retired banker and author of ‘Money Does Matter.’ Views personal.)

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