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Via Reuters: Swiss bank UBS on Sunday increased the amount it said it had lost on rogue equity trades to $2.3 billion and alleged a trader concealed his risky deals by creating fictitious hedging positions in internal systems.UBS stunned markets on Thursday when it announced unauthorised trades had lost it some $2 billion. London trader Kweku Adoboli was charged on Friday with fraud and false accounting dating back to 2008.

This book by J.R.Norris is a classic reference for Markov Chains. It is unlikely that any paper on Markov chains in the recent times does not mention this book somewhere in the paper. I will try to attempt to summarize the main chapters of the book in this post. The book starts off by saying that Markov process are random processes that don’t retain memory. When the state-space is restricted to finite or countably many, these processes are called Markov Chains.

Via Delhi-IBSEN festival 2010 : This play is an adaptation of Henrik Ibsen’s “Lady from the sea” and is directed by Ila Arun. The story is told in the folk form as the narrative through the balladeers, Bhopa and Bhopi, traditional story-tellers from Rajasthan, who use the Phad, or a painted scroll to tell their stories. The play begins with the Bhopi telling her husband that she had discovered a new phad, called ‘Ibsenji ka phad’, in her late father-in-law’s trunk.

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