1/ Thinking beyond the pandemic.

Thanks to very bad monetary policy for a decade or more, we had an era of "overvaluation of every asset class". That was why I ignored bullshit metrics like financial net worth.

Let's think this through some more.

2/ Massive overvaluation of some asset implies undervaluation of something else ("relativity of valuation" as I call it).

But seemingly "every asset class" was overvalued. So what gives?

What was massively devalued were things like governance and social solidarity.

3/ Financial wealth deluded people into thinking that everything can be bought in times of need.

We cannot buy social capital or solidarity or governance.

But the shocking phenomenon that emerged was even masks and ventilators could not be bought with money in desperate times.

4/ Governments in India, central and state, the police, the health workers and the civil servants have served us very well and as an Indian citizen I am deeply grateful to the Indian State for its governance and rising to this challenge.

They teach us in the private sector.

5/ Longer term, I am more determined than ever to focus on building deep capabilities and capacity in the private sector, focus on skills and know-how, so we have economic resilience.

We cannot predict adversity but we can withstand it.