I’m Right You’re Wrong!


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Be Warned


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Amancio Ortega Gaona – The Man Behind ZARA


wealthymattersThe youngest of four children, Ortega was born in Busdongo de Arbas, a hamlet of 60 people in northern Spain, in 1936, just as the Spanish Civil War was erupting. The family scraped by on his father’s railway job while his mother worked as a housemaid. When Amancio was a small boy, the family moved to La Coruña. wealthymattersThere, home was a row house that abutted the train tracks and that served, as it still does today, as the railway workers’ quarters. Amancio might have joined the rail service too, had it not been for one fateful evening when he was just 13. Walking home from his school, he and his mother stopped at a local store, where he stood by as his mother pleaded for credit. “He heard someone say, ‘Señora, I cannot give this to you. You have to pay for it,’He felt so humiliated, he decided he would never go back to school.

Barely in his teens, Ortega found a job as a shop hand for a local shirtmaker called Gala, which still sits on the same corner in downtown La Coruña. Today the store feels frozen in time: plaid shirts, fishermen’s caps, and woolen cardigans Gala’s owner, José Martínez, inherited the store from his father. He befriended young Amancio when they were both 14. The boys spent their afternoons folding shirts at Gala and riding bikes around town. Read more of this post

Guddubhai-Barefoot Capitalist


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The story of Guddubhai, aka Muhammad Rafiq Theim (44), is a textbook case of ‘barefoot capitalism’. The youngest of five sons of a small Bikaner oil miller, the man  known as the King of the Guar Trade and synonymous with daily average trade of 8,700 tonnes of guar seed and 1,800 tonnes of guar gum”, didn’t attend college, barely speaks English and started his business career with a tea stall. He failed, started an auto rickshaw repair shop, failed again. Getting into commodity trading in mid-1990s was a desperate career switch.

Guar was perhaps a natural first choice as a trader. Rajasthan, India’s biggest guar-producing state, has a long history of guar business. Guddubhai was good at understanding market moods.

Guddubhai’s big break came when NCDEX launched futures trading in guar in 2004, and the global demand for guar, especially from the hydrocarbon business, exploded. By 2007, a close circle of people knowledgeable in commodity trades had christened him, ‘The King of Guar’.  Read more of this post

Beating The Slowdown Betul Style!


wealthymatters40 villages of Betul district in Madhya Pradesh are celebrating Diwali with ,great gusto,two-and-half months early.Apparently there are rumors floating around that the deity of Salkanpur appeared before cattle grazers and warned them that if anyone fails to celebrate Diwali during the rains, the family will lose its eldest son and/or face calamity.

So villagers are now making three trips to the Salkanpur temple to appease the goddess and avert a tragedy at home.And this has given a fresh spurt to the transport business as pilgrims rush to the Salkanpur temple. Normally jeep drivers charge Rs 1000-1200 for a trip to Salkanpur temple, but now a round trip costs Rs 3000-3500. This has lead to suspicion that these transporters are fuelling the rumours to make money.

To be doubly safe rather than sorry,villagers are continuing the festivities for 15 days.Every family is making purchases. There’s brisk buying and selling and money is exchanging hands. Normally at this time of the year, the monsoons bring trade to a grinding halt in this southern district of Madhya Pradesh.  Read more of this post