Time flies like an arrow. Fruit flies like a banana.

I've been quite busy lately, and I apologize for not being diligent about this blog over the past month.

As part of my position here at the hedge fund, I've been focusing on one of my firm's deals to finance a few major infrastructure improvements throughout India. Without going into details, I'll say that it's quite large and has required an enormous amount of time in the due diligence phase, which has been going on for about a month.

Since the last post, I've spent roughly two weeks camped out at the Hilton Towers in Mumbai; my days have been punctuated by deliveries of legal documents and financial models and my evenings by the novelty of a company expense account.

While I wish I could report that I had a chance to enjoy the wonders of the city, I regret (from a traveler's perspective) to say that I spent most of my time in conference rooms, data rooms, and hotel restaurants.

So, to sum it up, since my last post I've learned an enormous amount about business, accounting, finance, and contracts, but I have not had a chance to do much of the touristy stuff that normally makes for good stories on this page.

Still, here are my broad observations on Mumbai based on my limited exposure:

1) It's really crowded.

You don't need to hear statistics from the Indian census bureau to understand this -- just try crossing the street in Nariman Point at rush hour. One of my coworkers asked me during a cab ride whether or not I had had a chance to ride the metro subway. When I told him I hadn't, he suggested I try it after a long day at work. "It's great for a few reasons -- it's cheap, you don't need a seat, and you get a free full body massage." He was referring to the way that Mumbai commuters pack themselves into the trains like sardines.

2) In terms of personal wealth, the city is quite polarized.

Some of the country's richest people live in Mumbai. They earn their keep working white collar jobs for major corporations or entities like the Bombay Stock Exchange. The hotels are luxurious, and real estate there ranks among the most expensive in the world. But flying into the city, one cannot help but notice the vast slums on the north end of the metropolis. People live in shacks made of corrugated aluminum and plastic, this constituting their only shelter from the elements. I've only been in India during "winter" (I put winter in quotes because I don't think it ever got to be less than 60 degrees) but one can only imagine what it's like to live through an Indian summer in a metal box.

3) It could be a world-class travel destination (if you could somehow get rid of all the excess people and the pollution and the poverty).

The architecture in Mumbai is like nothing else in India. Heavily influenced by the British Raj era, the buildings in the financial hub are all built and designed in a stunning Gothic style and, from the street, seem to be in good condition. On their own, I guess these buildings don't have any features you couldn't see in London, Paris, or Prague. But what's interesting is that they're smack in the middle of South Asia.

Like so much else in India, the only thing standing between Mumbai and greatness is some infrastructure improvement -- good roads, clean water, reliable electricity, and affordable housing.

Super Stop & Shop . . . Delhi Style

Rodeo Drive. 54th & 5th. Khan Market?

Resting on top of the most expensive commercial real estate in all of India (and 24th globally), Khan Market (pictured) has a most unorthodox way of filling up high-priced FSI.

Peaking at a measly two stories, Khan Market serves up anything and everything for a portion of the Delhi population. I like to think of it as a big box retailer without a box (it's set up like a strip mall). When I initially arrived in India, I was dismayed to learn that Wal-Mart had not made any inroads with the Indian economy. Say what you want about this. I'm not really interested in debating why I wanted there to be a Wal-Mart here. It's not that I particularly enjoy or patronize the store while I'm at home; however, you can always count on it to get inexpensive necessities if you're in an unfamiliar area. When I arrived, India certainly met that qualification, but the closest Wal-Mart is in China.

Without Wal-Mart, where is the discerning shopper to go?

Mark to Market

I didn't know what to expect when Aarti (one of the friends with whom I'm staying) and I pulled up to all the confusion of the market. After a couple of visits, I can confidently say that if one were to visit the various storefronts, each no more than 10 or 12 feet wide, every necessity is available. One store sells only prescription medication. Another sells only bath and shower needs. There's a fruit stand, a butcher (sans beef), a sunglasses shop, book stores, a coffee shop, a baby shop, a dogfood store, cafes, a McDonald's (also, to my frustration, sans beef), a United Colors of Benetton, a hardware store, and general grocery stores (pictured at right), a magazine shop, etc. There's a small ice cream shop called The Big Chill, named after that stupid movie with that guy from Jurassic Park and that lady that was in Fatal Attraction.

The method of shopping is a little different than what a westerner is used to. While everyone is indeed permitted to browse the stores, I'd hesitate to say that they're encouraged to -- this is not a great idea because of the cramped floorspace. So, capitalizing on the insanely cheap labor in India, shop owners hire employees to fetch lists of items for local residents. If one were to go into a Stop & Shop looking for a certain brand of deodorant, a stock boy would tell you to "check in aisle nine." Here, a worker knows instantly whether or not they carry a product (because the inventories are so small) and they save you the hassle of finding it by going and fetching the item for you. The'll do that for an entire list if you'd like. After you pay, they'll carry your purchases out to your car, bike, tuk-tuk, elephant, or other mode of transportation (Kidding about the elephants . . . but not really. I see people riding them in the middle of the street all the time).

There's nothing earth-shattering about this market, except when you consider the knowledge that it's the most expensive real estate in India. American shopping centers on expensive real estate generally cater only to the rich, appending expensive label premiums to items of questionable utility and real value (see: Gucci, Maserati, Bang & Olfusen, etc). Whereas in India, the most expensive real estate caters not to the tastes of the uber-rich (they all go to America and Europe to shop) but to the necessities of the middle class.

Thots?

Right about now . . .

Today marks the beginning of my fifth week here in Delhi. In my time here on the other side of the world I've seen many things. The more positive elements can be described with words like "glorious," "breathtaking," "life-changing." The less positive elements arouse feelings of horror, pity, and overall confusion.

The goal of this page is to document my experience here India, with a keen interest in outlining the reasons that many journalists call this place a "country of dichotomies."

However, don't be quick to judge this as haughty observations of some self-loving angrezi (the cook's name for me, as "Ryan" has apparently proven too complex. It literally translates to the noun "British", but is used colloquially to mean "foreigner") with an overinflated sense of self importance. I'm primarily going to use this as an outlet for any and all observations I have over the next couple of months-- some may be serious in nature, but most (like many things I do) will inevitably be perceived as foolish. Stick around, as I'm sure there will be something for everyone.