Shame on us.

"An impatient Indian investor class, largely driven by millennials, is leaping into riskier investments from peer-to-peer lending to cryptocurrencies in the hope of boosting returns rocked by one of the worst inflation rates in Asia," BS. "As inflation pushed past 6%, bank deposits have steadily become less attractive because the real returns on fixed deposits turned negative." "The sheer number of individuals pouring money into new and lightly controlled assets sets India apart, after the pandemic fueled the rise of retail investors globally and left many exposed to the potential for large losses." "Net foreign fund outflow from India in 2022 has crossed the Rs 2-lakh-crore (Rs 2 trillion) mark, the biggest annual figure ever and more than double the previous high of Rs 80,917 (Rs 809.17 billion) recorded in 2018. Of the total, over 90%, or about Rs 1.9 lakh crore (Rs 1.9 trillion), was because of selling by foreign portfolio investors (FPIs) in the Indian stock market, data from CDSL showed," TOI. "If FPIs are going and giving us the feeling that funds are going out of India, retail investors have come in a big way, they seem to act like shock absorbers," cheered Finance Minister Nirmala Sitharaman. No concern that the vulnerable will lose money. In May, the government sold 3.5% of its stake, or 221.3 million shares of the Life Insurance Corporation (LIC) at the maximum offer price of Rs 949 per share, raking in Rs 205.57 billion, BS. The issue was oversubscribed nearly three times, TOI. FPIs, wisely, mostly stayed away, putting in bids for "merely 2% of the shares set aside for all institutional buyers", ET. When the stock listed on the market, it fell to Rs 860 before closing at Rs 873. Retail investors, who were allotted shares at Rs 905, could have earned a small profit at the day's high of Rs 920. Shares collapsed further by 5.85% on 13 June to Rs 668.20 per share, down 29.59% from its issue price of Rs 949, BS. "This company has come to the market when its business is completely matured. It is constantly losing market share to the likes of HDFC and ICICI," said Rajat Sharma. So did our government intentionally sell a dud to citizens? "Since October, FIIs have sold stocks worth Rs 2.2trillion, whereas domestic institutional investors (DIIs) have bought stocks worth Rs 2.65 trillion. DIIs are institutions like insurance companies, mutual funds, provident funds, banks etc., which primarily collect from retail investors in India," wrote Vivek Kaul. They buy when FIIs sell and sell when FIIs are buying. "What this means is that when shares get expensive, FIIs sell stocks or don't invest much in them; but DIIs buy stocks when they are expensive and sell when they are cheap. In that sense, they provide a profitable exit path to FIIs and do exactly the opposite of what stock-market investing is all about." Perhaps, that is why, "The love of gold unites Indians of all classes, languages, regions, castes, and religions," wrote Pramit Bhattacharya. India imported gold worth $46.14 billion in the 2021-22 financial year, BS. Since this affects India's current account deficit (CAD) it is hated by the government. "But Sane and Singh's research suggests that high inflation, a currency depreciation bias, and limited venues for asset diversification make gold a 'rational' investment for Indian households." Fool me once, shame on you; fool me twice, shame on me, dictionary. We are being fooled by everyone. Shame on us.