Valuation Is of the New Era, but Where’s the New-Era ‘Story’ To Back It?
The current phase in the stock market is unique. It defies many of the past patterns that have played out in markets around the world. Stock indices are now trading at ‘nose-bleed’ valuations. The Nifty P/E (price-to-earnings ratio) at ~26 is almost the highest ever. The last three times the index was trading at these levels, there was always a ‘new era’ story to justify such excessive...
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