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Too bad I didn't take the advice...

In Jan of this year, I interviewed a young man for our new office in Pune. He's a chemist but I discovered he favored stocks and investing. At that time, I asked his favorite ; he replied Reliance Industries.

As a U.S. citizen and with the absence of RIL ADR, I would have been powerless to act on his advice. But if I had 10K in Jan would have been 100K today.

In the interim, RIL has split into two companies and both have succeeded marvelously. Moreover, defying expectations the Sensex is on track to post yet another fantastic year.

How long can this continue? India has seen a great deal of foreign direct investment, and I'd argue that those dollars, pounds and euros pouring into the native economy is largely beneficial. But one could also argue that outside money has artificially pumped up the value of many Indian companies.

I'd bet (though I haven't done the research) that growth rates based on forward PEG might be unsustainable in the long term. Then again, this is a rapidly growing economy that has yet to take a break in the last 7 years or so.

For my money, I'd be happy to park my dollars via ADR into such stellar Indian companies as ICICI, Tata, Mittal, Ranbaxy, Wipro and the like.

-who strikes oil each time he orders masala
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