Tuesday, February 27, 2007

Murky Water

Liberal people in the West and elsewhere are often justifiably critical of the unfair treatment of women in some Muslim societies. But the even more egregious unfairness towards women in the Hindu societies of India has not provoked proportionately vocal censure. Deepa Mehta’s recent film Water, which was nominated for this year’s Best Foreign Film Oscar but lost, could help to remind the world of the unusually cruel treatment that women in general and widows in particular have had to endure in Hindu societies.

Unfortunately, Mehta’s film is set in 1938 and, consequently, it cannot highlight the awful fact that Hindu widows continue to this day to be treated with a malevolence that is unimaginable in civilized nations. Even today the remarriage of widows remains exceedingly rare.

An aunt of mine became a widow in the late 1970s when she was in her twenties. None of the elders in our family considered, even for a second, the possibility of arranging a second marriage for her. I remember asking my grandmother why no arrangements were being made for my widowed aunt’s remarriage. With some amusement at my naïveté, my grandmother pointed out that given the abundance of never-married girls to choose from, no man would ever consider marrying a widow.

(In case you are puzzled by references in the last paragraph to marriages being arranged, let me clarify that most marriages in India are “arranged marriages.” The parents of the boy or the girl advertise in the classifieds, responses are screened, astrological charts are compared, meetings are arranged, terms are negotiated, and, if all goes well, the wedding takes place on a date judged auspicious by the almanac or the family priest or astrologer. Arranged marriages are by no means peculiar to India. In fact, many non-western societies continue to have arranged marriages. When I joined Long Island University in 1990, I shared an office with Prof. John Petrakis who told me that he had had an arranged marriage back in his native country, Greece.)

Maybe my grandmother was right. Maybe as the Indian sex ratio, which is currently about 930 women for every 1000 men, continues to fall (as a result of—it is widely speculated—selective abortion of female fetuses and neglect and murder of female infants) a time will come when the marital prospects of widows will improve to a point where it would be the conventional social expectation that a widowed woman would remarry.

Another reason for optimism is that, as the institution of arranged marriages frays and Hindu men and women begin to emulate western mores and actively seek out their mates, the remarriage prospects of widows will very likely improve. The family grandees who arrange Hindu marriages have been keeping widows out of the mating game. When arranged marriages crumble and disappear, never-married boys and girls, divorced men and women, and widows and widowers, will all jump in together into the mate-finding mosh pit and every widow will finally be able to play the game on the same terms as everybody else.

Let me wind up this post by drawing attention to a few historical references in Water that I thought were quite shaky.

First, in at least two references, the film singles out Raja Rammohan Roy, a Hindu reformer, as the leading crusader for the right of widows to remarry. This is not quite true. Roy (1772–1833) had led the fight against sati, a horrendous Hindu institution whereby women were forced to burn themselves to death on the fires that were lit to cremate their just-deceased husbands. (If you are asking yourself what kind of people could even conceive such a thing, the answer is: My kind of people!)

The fight for the legalization of widow remarriage was waged primarily by Iswar Chandra Vidyasagar (1820–1891). Vidyasagar was a reformer from within, in the sense that as the Principal of Sanskrit College, Kolkata, he led a group of scholars who went through Hindu religious texts to prove that the subjugation of women in Hindu societies had no religious sanction. According to Wikipedia entry on Vidyasagar,

Vidyasagar proposed and pushed through the Widow Remarriage Act no XV of 1856. In December of that year Shreeshchandra Vidyaratna, a teacher at Sanskrit Colege and Vidyasagar's colleague, contracted the fist marriage with a widow under the Act. Vidyasagar was materially involved in arranging this wedding, and he campaigned tirelessly to implement the Act in society, offering to officiate as priest at the marriage of widows since orthodox priests refused. He encouraged his son to marry a widow and established the Hindu Family Annuity Fund to help widows who could not remarry. He financed many such weddings, sometimes getting into debt as a result.”


Water should be congratulated for reminding people about Raja Rammohan Roy. But its historical error manages to simultaneously devalue Roy’s far greater achievement in putting an end to sati and at the same time deny Vidyasagar the credit he deserves on the widow remarriage issue.

The film ends on an upbeat note with a collage of scenes evoking a wave of optimism linked to the emergence of Mahatma Gandhi, the leader of the Indian independence movement, and the imminent departure of the British from India. The impression is created that things would finally change for Hindu widows when the British packed their bags and left. This struck me as an absolutely risible howler in addition to being an unworthy attempt to end an otherwise unremittingly gloomy film on a high note. The plight of the Hindu widows had nothing to do with the presence of the British, and the departure of the British from India—momentous as it was in numerous ways—could not seriously have been expected to make any difference to the oppression of Hindu widows. The mistreatment of Hindu widows is one sin that Indians can never blame the Brits for. This particular cross is for Indians alone to bear.

Sunday, January 28, 2007

Investing is Easy!

Let’s say you have come upon some money and would like to invest it. You may be thinking that you are in need of professional advice. You may be thinking that if you need professional help to get the sink unclogged, you’d certainly need a certified financial analyst to make sure that you don’t flush your money down your recently unclogged drain.

With all due respect, I am here to tell you that you are … nuts! You’d have to be certifiable to spend any money on the advice of a certified financial analyst. You can definitely do it yourself. There’s loads of evidence that simple—even-a-child-can-do-it simple—investment strategies work at least as well as the strategies of most so-called experts on Wall Street. If you don’t believe me, read The Smartest Investment Book You’ll Ever Read by Daniel R. Solin, Penguin, New York, NY, ISBN-13: 978-0399532832.

Here’s how to do it, in a few easy steps:

  1. Find out how much money you have. Let’s call it M.

  2. Let’s say you are A years old. Calculate A percent of M. This is simply A ÷ 100 × M. For example, if you are 19 years old, calculate 0.19 × M.

  3. With this money, buy one of the bond index funds in the table below. If you are nineteen and have $1000 to invest, you should spend $190 on a bond index fund. You’ll have $810 left. By the way, you can do all your investing online.

  4. Calculate 70% of whatever is left. This is 0.70 × [M – (A ÷ 100 × M)]. With this money, buy one of the domestic stock index funds in the table below. In our example, 70% of $810 is $567. After buying a domestic stock index fund with this money, you’ll have $243 left.

  5. With the remaining money, buy one of the international stock index funds in the table below. Done!
































Mutual Fund Ticker Symbols





Bond Index Fund



Domestic Stock Index Fund



International Stock Index Fund



Vanguard



VBMFX



VTSMX



VGTSX



Fidelity



FBIDX



FSTMX



FSIIX



T. Rowe Price



PBDIX



POMIX



PIEQX




Warning: Like all mutual funds, these funds charge fees. But, in general, the ones listed here are low-fee funds. Also, these funds have minimums. Follow the Web links to find out more. It is also a good idea to call and ask for more info; all three companies tend to have well-staffed phone banks. Their toll free numbers are: 877-662-7447 (Vanguard), 1-800-fidelity (Fidelity), and 1-800-225-5132 (T. Rowe Price).

Another warning: There is nothing sacrosanct about the strategy outlined above. You can choose different funds instead of those in the table; each of the three companies has numerous funds in each category. Just remember to stick to index funds. You may even choose to go with mutual fund companies other than the three in the table. Daniel Solin has deliberately been very specific, not because there are no other valid choices, but because he wanted to emphasize the simplicity of investing. When you no longer need his training wheels, you can experiment all you want.

The three key points to keep in mind are:

  1. Wealth invested in stocks tends to grow faster on average, but there is a higher risk of a big loss of wealth. Wealth invested in bonds tends to grow slower on average, but there is a lower risk of suffering a big loss.

  2. The older you are the bigger should be the percentage of your wealth that is invested in bonds. This means that you need to periodically—say, twice a year—adjust the money you have invested in the three index funds to conform with the strategy described above: that is, you need to ensure that the percentage of your wealth in bonds remains approximately your current age, and that, of the wealth invested in stocks, 70% is in domestic stocks and 30% is in foreign stocks. (Actually, to be quite honest, you should feel free to stray from the 70-30 split between US and foreign stocks; there’s nothing really wrong with 60-40 or 50-50.)

  3. Whether you want to buy stocks or bonds, buying index funds is way better than buying individual stocks or bonds. Nobody knows how to pick the right stocks or the right bonds. So, buy index funds instead.

That’s it. Happy investing!

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