Markets are at all-time highs, and almost every stock looks expensive from a traditional P/E yardstick. We look at the pitfalls of this approach.
‘Prices are too high’ is far from synonymous with ‘the next move will be downward’. Things can be overpriced and stay that way for a long time…or become far more so.
–Howard Marks, chairman, Oaktree Capital Management
Indian equities are at historical highs, with many milestones crossed in just the first half of December. With a $4 trillion market cap, India is now ranked fourth globally, behind the US, Japan and China + Hong Kong.
Uncharacteristically, the rally has been more pronounced in smaller stocks, with the broader market rising more than the Nifty 50 or Sensex indices—contrast the Nifty …
Ujval leads our Business vertical at The Morning Context. In a corporate career spanning 14 years, he has worked across startups, consulting firms, multinational corporations and large Indian companies, including India Infoline, ICICI, KPMG, Tata Steel and Jubilant Pharma. Ujval has been a freelance writer and trainer for eight years, with bylines in Forbes India and The Economic Times.
Editor, Business
ujval@mailtmc.com
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