Indian stock exchanges are closed today for Mumbai’s municipal elections.

The fact that our exchanges, which have international linkages, are shut down for a local municipal election shows poor planning and a serious lack of appreciation for second-order effects.

As Munger said: “Show me the incentive, and I will show you the outcome.”

The holiday exists because no one who matters has any incentive to oppose the market holiday.

It also tells you how far we have to go before global investors take us seriously.

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