This was a fateful day for many in the equity markets. Yesterday, the ruling government won the general elections for the third term but with a very thin margin unlike universal expectations of their thumping majority that had led to valuations in the equity markets reach euphoric levels. It all crashed like a pack of cards as many of their favourite leaders started to lose.
Today, a very large investor in the capital markets stood silent on the cremation ground with his umbrella drenched as the city experienced the first rain of the season, and him trying to avoid frantic calls from his dealer who needed to discuss his trading positions. The dealer on the other side was sitting in his office much earlier than his usual time surrounded by his bosses and on parallel calls from the risk team, as the client’s positions had exceeded his available margins and this needed urgent selling of all of his existing stock. Standing on the cremation ground, this conversation had to go through at last despite all odds of personal life.
People in the investment business had hardly had a day on ‘results day’. Most spent the day running between trading terminals, responding to a hundred emails, messages and calls from clients who needed clarity and views on the markets and their respective stocks; discussing how the next day could be like while sitting in office and see the night fall darker with each passing minute. The day was heavy as anxiety caused high blood pressure and other immediate health concerns. Yet, all popped pills and stayed up through each second of the activity. People ran across their offices at a pace they may otherwise not, sat without using the washroom for hours at length, skipped lunches and even forgot to stay hydrated…all for a day to end and wait for the next one to bring even higher levels of activity.
It was similar for so many others in the market as all gains of previous trades eroded on the election result day, many investors were only waiting for the markets to open on Day 2 and see their principle investment go off into thin air. Years of earnings or a dream investment or sheer thrill of trading, this market had ways to give shocks to all involved.
Yet, not a soul was sad. This was a life of their choosing and no matter what it did to them; they were drowned in love with each aspect of the capital markets. Here, sat a research analyst turned senior advisor who came with over 40,000 hours of experience in the capital markets, seeing it all as their own investments shrunk tick by tick, yet engrossed in a thousand other queries raised by clients and running from one meeting to another. With all the sun and rain, smiles and tears and several tissue boxes, life felt worthwhile in its full grandeur.
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