Do you feel there is still value to be found as we are starting to see broader market participation?
If we look at trailing earnings, then markets seem overvalued but the difficulty with trailing earnings is that 2020 has been an exceptional year in terms of the pandemic and how everything got disrupted. So a stable level of earning is what people are grappling with. It is easier to go stock by stock and figure out whether it makes sense to own a stock or not, but it is difficult to take a macroeconomic call or to predict Nifty earnings.
We are sticking to simpler businesses where we have visibility. Overall, it is a difficult question to answer. There are pockets of over exuberance and we are seeing that in some very small companies or some of the IPOs in the US and things like that. So, clearly there are pockets of froth. At the same time, there are businesses which seem reasonably attractive to hold from a five-year plus kind of perspective.