Ashmore Investmentsays value investing is never fun, it is very painful. There are businesses out there in retail, in entertainment, in travel and tourism, in hospitality which will survive and they will emerge stronger because the competition will be weaker. These are the times when you buy these stocks.
What is your outlook when it comes to the recent spate of IPOs that have hit the markets? Quite a few non-conventional names have come into the market playing the overall digitisation play. Is there anything in particular that catches your eye?
There are two questions embedded there and let me separate them; one is demand and supply of paper. Typically when markets are very strong, supply of paper increases and usually the market tops are accompanied by buyers stepping away and lower quality issues increasing at the margin. That is a typical development at the top of the market. This time around, most of the issues are unique. Some of them are in areas which were not open or avail