Have You Seen A ‘Teji’?

The stock market evoked mixed reactions through the last few months. Up until November 2020 when Nifty regained its previous highs investors watched in amazement and I am sure with a sense of relief. But my interactions suggest that the journey from breaching the previous high to crossing 15,000 in February has largely evoked disbelief. Markets are markets and there are participants with varying length and quality of experience. But just as we keep India’s demography in the background for all kinds of business and markets or economic estimates, it would not be wrong if I estimated that 80-85 per cent of market participants today – as in unique investors in equities either directly or via mutual funds – have not seen a ‘Teji’. In fact, as per Zerodha, India’s largest stock broker, the average age of their clients is just 30 years which means that many...