Caveat Emptor

TORCH-LIGHT

 Students at the management colleges where I lecture often enquire how one can identify the beginning and end of a stock-market boom.

 There is no fool-proof method. I, however, learnt a trick or two about such matters during my decade-and-a-half-long association with the markets.

 As one who watches the primary market very closely, I have noticed that the fact that a boom is on is confirmed by unknown and