The Mithyam in Satyam

“It is when the tide goes out that you know who has been swimming naked.” Warren Buffet laid out an “if….” statement, that helps you to anticipate markets and the economy bottoming out. The last boom — bust was created by IT, and the most spectacular non-existence of revenues and profits turned up at DSQ Software (also audited by Lovelock & Lewes, now part of the self-same Price Waterhouse). That time, DSQ was (in 2000, I think) the no.5 IT company as per the then NASSCOM ranking’s. Today, it is again the no.4 IT company, Satyam + PWC combination. Shouldn’t we be getting a sense of déjà vu?

This article was originally published on February 10, 2009.