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correct, but froth remains: Chirag Setalvad" data-artseo="markets/expert-view/returns-to-normalize-amid-expanding-alpha-opportunities-chirag-setalvad" data-agency="ET Now" data-authors="" data-artidate="Nov 25, 2024, 01:00:00 PM IST" data-hyp1="market,Chirag Setalvad,earning,smallcaps,valuations,hdfc amc" data-keywords="market,Chirag Setalvad,earning,smallcaps,valuations,hdfc amc" data-publish-type="Native - 115651537" data-audCnt="No" data-vidCnt="No" data-age=">72hrs" data-no-of-words="1457.0"><script type="text/javascript">var _BL_pg = 0;</script><script type="text/javascript">var competitionClients = '';</script><script type="text/javascript"> var showFullWidthArticle = '1'; var crrArtId = '115651537'; </script><div class="topPart clearfix tac fixedOnLoad"><h3 class="artsec_nm" data-ga-action="Filter"><span class="cSprite icon_pp"></span></h3><h1 class="artTitle font_faus">Midcaps and smallcaps correct, but froth remains: Chirag Setalvad</h1></div><div class="bylineBox"><div 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print_icon"></span><span>Print</span></a></div><div class="comments open_cmnt" data-ga-onclick="UB - Comment Clicks#Clicks Comment - 115651537#ATF"><span class="asSprite c_icon"></span><span class="cmnt_count hidden"></span><span>Comment</span></div></div></div></div><div class="edition clearfix"><div class="pageContent flt"><div style="position:absolute; height:250px; width:300px; top:12px; right:1%" id="primuser_ad_absolute"><div data-loc="All" data-user="subscribed" data-size="[[300,250]]" data-adsSlot="ET_Prime/ET_Prime_AS/ET_Prime_AS_ATF_Mid_Banner" id="primead_115651537" class="primeuser_asmidad"></div></div><div class="artSyn bgPink"><div class="bold">Synopsis</div><h2 class="summary">This is in midcap and smallcap. In largecap that premium was not very large to start with and is now down to about 10%. So largecap valuations were reasonable and continue to be reasonable. Smallcap and midcap were expensive and now are less expensive certainly, but are not still close to averages.</h2></div><article competitionClients="" currency_ad="1" data-apw="1" class="artData clr paywall" data-company-id="14723"><div class="imgBox smallImg"><figure class="artImg"><img height="158" width="210" alt="Chirag SetalvadNEW-1200" src="https://img.etimg.com/thumb/msid-115651664,width-210,height-158,imgsize-72878,resizemode-75/chirag-setalvadnew-1200.jpg"><span class="imgAgency">ETMarkets.com</span><figcaption class="figCap">So, there is no reason to believe that you would not get away with reasonable returns. But it is going to be a little bit lower than the past and it will be certainly higher than being zero returns.</figcaption></figure></div><div data-brCount="45" class="artText"><em>"But considering the outlook for the Indian economy and for a lot of these companies, some premium is justified but I still do believe there is a little bit of froth still left in the <a ref="dofollow" data-ga-onclick="Inarticle articleshow link click#Markets#href" href="/topic/market" target="_blank">market</a>. It is maybe possibly a little bit more in mid than it is in small because a lot of the <a ref="dofollow" data-ga-onclick="Inarticle articleshow link click#Markets#href" href="/topic/smallcaps" target="_blank">smallcaps</a> have corrected quite substantially and now individual opportunities are certainly emerging," says <a ref="dofollow" data-ga-onclick="Inarticle articleshow link click#Markets#href" href="/topic/chirag-setalvad" target="_blank">Chirag Setalvad</a>, Head-Equities, <a rel="dofollow" href="/hdfc-asset-management-company-ltd/stocks/companyid-14723.cms" data-ga-onclick="Inarticle articleshow link click#Markets#href" target="_blank">HDFC AMC</a>.<br></em><br><strong>When we spoke last you were of the view that long term is intact but the near term was getting slightly wobbly, that was based on your assumption of the <a ref="dofollow" data-ga-onclick="Inarticle articleshow link click#Markets#href" href="/topic/earning" target="_blank">earning</a> valuation matrix. We have seen a sizable correction after that. Has your view changed?<br></strong><strong>Chirag Setalvad:</strong> I think things are more reasonable now. So, you have seen in the indices themselves have corrected 7-8% and surprisingly midcap, smallcap, largecap have all corrected to a similar extent. But within that correction individual stocks have obviously corrected much more. So, if you look at CNX 500 as an example, I think more than 100 stocks have corrected by 30%. So, there has been some rationality which has come and as a result of this correction what used to be of 40-45% premium has come down to 25-30% premium. <br><br><div data-mid-newpos-mgid="mgid_115651537" id="div-mgid-mid-newpos-115651537"></div><div data-url="/articleshow_stocks_widget.cms?companies=14723" id="stockDataWidget"></div>This is in midcap and smallcap. In largecap that premium was not very large to start with and is now down to about 10%. So largecap <a ref="dofollow" data-ga-onclick="Inarticle articleshow link click#Markets#href" href="/topic/valuations" target="_blank">valuations</a> were reasonable and continue to be reasonable. Smallcap and midcap were expensive and now are less expensive certainly, but are not still close to averages. But considering the outlook for the Indian economy and for a lot of these companies, some premium is justified but I still do believe there is a little bit of froth still left in the market. It is maybe possibly a little bit more in mid than it is in small because a lot of the smallcaps have corrected quite substantially and now individual opportunities are certainly emerging.<br><br> <br><strong>Nobody saw this kind of an earning slowdown coming in. How do you read into the kind of quarterly numbers what we have got?<br></strong><strong>Chirag Setalvad:</strong> I do not think that is true. I think the slowdown has been very visible for the last three quarters. We have seen earnings growth. This quarter was in single digits. Last quarter was in single digits. The quarter before that was in single digits and it has been steadily coming down. So, I think that has something that I think we ignored. So, this is typical of a bull market that you sort of ignore the bad news and focus on the good news, but that slowdown was visible. Margins were running at I think 10 quarter highs, so two-and-a-half-year highs and we were ignoring the base effect as well.<br><div class="stockpro_widget"></div><div style="margin-bottom:45px;" class="adBox custom_ad taboola" data-taboola="taboola_115651537"><div class="colombia colombiaAd" data-section="0" data-position="115651537" data-slot="532740" col="3" data-msg="ctnCallbackHandler" id="div-clmb-ctn-208630-115651537-45"></div><div id="v-economictimes-indiatimes-v3"></div><div data-placement="Mid Article Thumbnails" data-target_type="mix" data-mode="thumbnails-mid" style="min-height:400px; margin-bottom:12px;" class="wdt-taboola" id="taboola-mid-article-thumbnails-115651537"></div></div> <br>So, the earning surprise has now gathered attention because market corrected and when the market corrects, you look for a reason for that correction and now we have pointed at the slowdown. <br><div data-ga-impression="GrowFast_Web#Impression#url" class="growfast_widget custom_ad"><a data-ga-onclick="GrowFast_Web#Click#url" target="_blank" title="Growfast Logo" href="https://growfast.indiatimes.com/?ag=ET_Web"><img src="https://img.etimg.com/thumb/width-513,height-50,msid-115075348/growfast.jpg" alt="Growfast" height="40" width="410" loading="lazy"></a><div class="growfast_slider"><ul class="sliderContainer"><li><a data-ga-onclick="GrowFast_Web#Click#Maximise Returns by Investing in the Right Companies" title="Maximise Returns by Investing in the Right Companies" href="https://timeslearn.indiatimes.com/value-and-valuation-masterclass-batch3?ag=ET_growfastwidget?ag=ET_Web"><div class="images_wrap"><img class="cover_img" src="https://img.etb2bimg.com/files/retail_files/1532_cover_image_1735042645_54387.jpg" loading="lazy" height="80" width="300" alt="Maximise Returns by Investing in the Right Companies"><img class="author_img" loading="lazy" height="56" width="56" alt="" src="https://img.etb2bimg.com/files/retail_files/expert_picture_1735043844_1735043844_10242.jpg"></div><div class="details"><p class="category">Stock Trading</p><p class="course_name">Maximise Returns by Investing in the Right Companies</p><p class="author_name">By - 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Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology Expert</p><button class="view">View Program <span></span></button></div></a></li></ul></div><div class="nextprev-btn"><span class="arrow_btn prev-btn cSprite disable"></span><span class="arrow_btn next-btn cSprite"></span></div><div class="ts-dots"><ul class="sliderContainer"></ul></div></div><br><div data-mid-vdoai="vdoai_115651537" id="div-vdoai-mid-115651537"></div>But I think in general the slowdown was visible. We knew even a few months ago that government spending was suboptimal. We knew of the urban slowdown. So, I do not think this is a surprise. This is just a recognition of what was happening on the ground.<br><br><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_ROS/ET_News_ROS_MID_INTL_300" data-loc="100" id="div-gpt-ad-858478126-1-115651537" class="country_specAD"></div> <br><strong>So, what is the right way to look at the earning cycle? Is it like a mid-air turbulence and the earning big picture which started post COVID that is still intact, so this is like a spot within a long-term cycle?<br></strong><strong>Chirag Setalvad:</strong> Overall earnings will be okay. The challenge is going to be from a raw material standpoint and from a profitability standpoint. See, the problem is that revenue growth is reasonable, but margins are quite high. So, if margins were to come down, then earnings can come under pressure. So, far what has happened is we have seen margins expand. So, revenue growth has been okay, but margins have expanded and hence bottom-line growth has been quite strong.<br><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_ROS/ET_News_ROS_MID1_INTL_300" data-loc="2" id="div-gpt-ad-858478132-1-115651537" class="country_specAD2nd"></div><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_ROS/ET_News_ROS_MID1_INTL_300" data-loc="5" id="div-gpt-ad-858478132-1-115651537" class="country_specAD2nd"></div><div data-size="[[300, 250], [600, 250], [600, 300]]" data-adsSlot="/7176/Economictimes/ET_News/ET_News_ROS/ET_News_ROS_MID1_INTL_300" data-loc="3" id="div-gpt-ad-858478132-1-115651537" class="country_specAD2nd"></div> <br>This is going to be difficult to sustain from a margin standpoint going forward. So, if margins stay where they are, then you will just mimic pretty much revenue growth which is not bad. <br><br>But if you want to sustain higher numbers, then you need to see margins sustaining or actually increasing which may not happen because raw material prices are not benign.<br><br><br> <strong>Post COVID, we have seen a lot of interplays which is that it started with this whole concept of cheap liquidity and revenge shopping. Then, came the inflation scare. After that, we saw mad gush of liquidity by the retail guys and which really took everything higher. So, the script of how 2025 and beyond would move, what would dominate that?</strong><br><strong>Chirag Setalvad: </strong>From a liquidity standpoint?<br><br> <br><strong>Generally, for the markets?<br></strong><strong>Chirag Setalvad:</strong> Markets are not going to be one way. There is going to be a lot more volatility. You have to be a lot more stock specific. There is no particular sector barring financial services which stands out as being cheap. So, you have to drill down to individual companies. You have to be a little bit more nimble footed in the sense that when markets come down and individual stocks correct, then you have to take that as an opportunity. Sometimes it is market driven, sometimes it is stock specific. <br><br>But there will be a lot more volatility. This is not going to be an easy run like the last couple of years. There is a lot of ammunition for volatility both from an economic standpoint as well as from a political standpoint, not necessarily in India but also outside of India. Global markets may also be a little bit more turbulent. Most markets are at close to all-time highs which is whether it is Australia or US or Japan and so on. So, we are in interesting times and this is probably going to be a market which will separate the men from the boys, not everybody is going to make as easy money as they have in the past.<br><br> <br><br><strong>So, if one has to really gauge the market, the last three years versus next three years, one is expect more volatility, B) keep return expectations diluted. But in terms of outperformance and underperformance, where do you see the entire needle moving?<br></strong><strong>Chirag Setalvad:</strong> Outperformance will tend to increase, alpha pool will expand and that is not a surprise. In a market which is one way, the high beta players tend to do well and everybody else lags. In a market which is more volatile, the market becomes a little bit more discerning, it becomes easier to generate alpha. It is very hard to beat a market which is rising as fast as it has in the last couple of years. It is much easier when the market takes a breather because things become a little bit more rational, you start looking at fundamentals a little bit more, so that tends to play to a lot of people's strengths, such as ours.<br> <br>So, this is an environment where overall returns may come down a little bit, alpha will probably expand a little bit, but still overall returns will possibly be a little bit lower in the next couple of years compared to the last couple of years. You cannot have this kind of fantastic return environment continuing forever.<br><br> <br><br> <strong>But you expect positive returns, which is what I just want to take back as a message. It is not that you think that we are at that juncture where the returns would be compromised and we should brace ourselves for a big fall or a crack, at least that is not the risk?<br></strong><strong>Chirag Setalvad:</strong> Over a couple of year period, I do not see a reason to believe that we will have negative returns on a compounded basis at all. But in a three-six months, one year period, of course you can have negative returns. Now, it is a shocker to have negative returns from a market expectation standpoint, which is not reality. We have had plenty of meaningful drawdowns in the past, so why cannot we have a meaningful drawdown going forward, but that could happen in a given year, but over a three-four-year time frame in an economy which is growing at 12-13% in nominal terms, where earnings growth will possibly be similar to that, yes, you will see valuations coming down a little bit, but earnings growth is still there. 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sideBar newSideBar newRHSSideBar"><div class="stickyContainer"><div data-size="[[300,250],[300,600]]" data-adsSlot="ET_Markets/ET_Markets_Home_AS/ET_ROS_ATF_MKT_AS_300" id="div-gpt-ad-atf-50649960-115651537" data-oop="0" data-loc="All" data-adtype="atf300" class="adSelector2 adsbg300 adMinH250 prime_ads"></div><section class="mostSearchedStocks js_mostSearchedStocks mpNews mt20"><h2 class="heading3 heading">Most Searched Stocks</h2><table><tbody><tr><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/indian-railway-finance-corporation-ltd/stocks/companyid-12523.cms" title="IRFC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">IRFC Share Price</a></td><td class="stockValue">121.78</td></tr><tr><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.04(0.03%)</span></td></tr><tr><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/suzlon-energy-ltd/stocks/companyid-1209.cms" title="Suzlon Energy Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Suzlon Energy Share Price</a></td><td class="stockValue">51.42</td></tr><tr><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.29(0.55%)</span></td></tr><tr><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/indian-renewable-energy-development-agency-ltd/stocks/companyid-4517.cms" title="IREDA Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">IREDA Share Price</a></td><td class="stockValue">165.48</td></tr><tr><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-2.69(-1.6%)</span></td></tr><tr><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/tata-motors-ltd/stocks/companyid-12934.cms" title="Tata Motors Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Tata Motors Share Price</a></td><td class="stockValue">686.6</td></tr><tr><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">5.96(0.88%)</span></td></tr><tr><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/yes-bank-ltd/stocks/companyid-16552.cms" title="YES Bank Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">YES Bank Share Price</a></td><td class="stockValue">17.66</td></tr><tr><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.11(-0.57%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/hdfc-bank-ltd/stocks/companyid-9195.cms" title="HDFC Bank Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">HDFC Bank Share Price</a></td><td class="stockValue">1717.35</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">22.5(1.33%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/nhpc-ltd/stocks/companyid-12536.cms" title="NHPC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">NHPC Share Price</a></td><td class="stockValue">73.21</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.09(-0.11%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/rail-vikas-nigam-ltd/stocks/companyid-18466.cms" title="RVNL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">RVNL Share Price</a></td><td class="stockValue">342.45</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-17.45(-4.85%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/state-bank-of-india/stocks/companyid-11984.cms" title="SBI Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">SBI Share Price</a></td><td class="stockValue">727.7</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">5.56(0.77%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/tata-power-company-ltd/stocks/companyid-12918.cms" title="Tata Power Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Tata Power Share Price</a></td><td class="stockValue">337.2</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.06(0.02%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/tata-steel-ltd/stocks/companyid-12902.cms" title="Tata Steel Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Tata Steel Share Price</a></td><td class="stockValue">134.29</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.19(-0.14%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/adani-power-ltd/stocks/companyid-23479.cms" title="Adani Power Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Adani Power Share Price</a></td><td class="stockValue">490.25</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">1.61(0.33%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/one97-communications-ltd/stocks/companyid-2017785.cms" title="PayTM Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">PayTM Share Price</a></td><td class="stockValue">733.0</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">8.96(1.24%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/punjab-national-bank/stocks/companyid-11585.cms" title="PNB Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">PNB Share Price</a></td><td class="stockValue">93.18</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.94(1.01%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/zomato-ltd/stocks/companyid-57948.cms" title="Zomato Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Zomato Share Price</a></td><td class="stockValue">218.53</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_2"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">2.54(1.18%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/bharat-electronics-ltd/stocks/companyid-11945.cms" title="BEL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">BEL Share Price</a></td><td class="stockValue">248.5</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-1.85(-0.74%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/bharat-heavy-electricals-ltd/stocks/companyid-11831.cms" title="BHEL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">BHEL Share Price</a></td><td class="stockValue">193.47</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.16(0.09%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/infosys-ltd/stocks/companyid-10960.cms" title="Infosys Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Infosys Share Price</a></td><td class="stockValue">1842.3</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:58 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-14.11(-0.76%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/indian-railway-catering-tourism-corporation-ltd/stocks/companyid-16705.cms" title="IRCTC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">IRCTC Share Price</a></td><td class="stockValue">725.45</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-7.15(-0.98%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/itc-ltd/stocks/companyid-13554.cms" title="ITC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">ITC Share Price</a></td><td class="stockValue">408.6</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-1.65(-0.41%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/jio-financial-services-ltd/stocks/companyid-14555.cms" title="Jio Financial Services Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Jio Financial Services Share Price</a></td><td class="stockValue">222.45</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.16(0.08%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/life-insurance-corporation-of-india/stocks/companyid-5050.cms" title="LIC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">LIC Share Price</a></td><td class="stockValue">765.15</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">6.05(0.8%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/reliance-industries-ltd/stocks/companyid-13215.cms" title="RIL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">RIL Share Price</a></td><td class="stockValue">1224.9</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">7.66(0.63%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/hindustan-aeronautics-ltd/stocks/companyid-9206.cms" title="HAL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">HAL Share Price</a></td><td class="stockValue">3475.7</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-38.0(-1.09%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/jaiprakash-power-ventures-ltd/stocks/companyid-1513.cms" title="JP Power Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">JP Power Share Price</a></td><td class="stockValue">13.56</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_3"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.1(0.75%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/nbcc-india-ltd/stocks/companyid-4531.cms" title="NBCC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">NBCC Share Price</a></td><td class="stockValue">82.02</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.1(-0.11%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/tata-consultancy-services-ltd/stocks/companyid-8345.cms" title="TCS Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">TCS Share Price</a></td><td class="stockValue">3904.5</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-30.35(-0.78%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/vedanta-ltd/stocks/companyid-13111.cms" title="Vedanta Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Vedanta Share Price</a></td><td class="stockValue">415.15</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">1.8(0.44%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/wipro-ltd/stocks/companyid-12799.cms" title="Wipro Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Wipro Share Price</a></td><td class="stockValue">305.35</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-2.75(-0.9%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/indian-oil-corporation-ltd/stocks/companyid-11924.cms" title="Indian Oil Corp. Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Indian Oil Corp. Share Price</a></td><td class="stockValue">118.45</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">1.21(1.03%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/ircon-international-ltd/stocks/companyid-11980.cms" title="Ircon Intl. Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Ircon Intl. Share Price</a></td><td class="stockValue">154.54</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-3.38(-2.15%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/steel-authority-of-india-sail-ltd/stocks/companyid-11974.cms" title="SAIL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">SAIL Share Price</a></td><td class="stockValue">105.33</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.38(-0.36%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/sjvn-ltd/stocks/companyid-18460.cms" title="SJVN Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">SJVN Share Price</a></td><td class="stockValue">88.62</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-1.13(-1.26%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/gail-india-ltd/stocks/companyid-4845.cms" title="GAIL Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">GAIL Share Price</a></td><td class="stockValue">160.17</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-2.13(-1.31%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/housing-and-urban-development-corporation-ltd/stocks/companyid-4516.cms" title="HUDCO Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">HUDCO Share Price</a></td><td class="stockValue">183.21</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_4"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.58(-0.32%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/rec-ltd/stocks/companyid-4616.cms" title="REC Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">REC Share Price</a></td><td class="stockValue">389.1</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-2.55(-0.66%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/reliance-power-ltd/stocks/companyid-4422.cms" title="Reliance Power Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Reliance Power Share Price</a></td><td class="stockValue">36.94</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.34(-0.89%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/tata-technologies-ltd/stocks/companyid-4612.cms" title="Tata Technologies Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Tata Technologies Share Price</a></td><td class="stockValue">720.95</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-12.9(-1.76%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/vodafone-idea-ltd/stocks/companyid-3154.cms" title="Vodafone Idea Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Vodafone Idea Share Price</a></td><td class="stockValue">8.27</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">0.06(0.74%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/adani-enterprises-ltd/stocks/companyid-9074.cms" title="Adani Ent. Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Adani Ent. Share Price</a></td><td class="stockValue">2223.7</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">71.05(3.31%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/adani-green-energy-ltd/stocks/companyid-64847.cms" title="Adani Green Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Adani Green Share Price</a></td><td class="stockValue">890.35</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">5.96(0.68%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/adani-ports-special-economic-zone-ltd/stocks/companyid-20316.cms" title="Adani Ports SEZ Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Adani Ports SEZ Share Price</a></td><td class="stockValue">1082.9</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">20.21(1.91%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/ashok-leyland-ltd/stocks/companyid-14041.cms" title="Ashok Leyland Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Ashok Leyland Share Price</a></td><td class="stockValue">223.61</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">9.77(4.57%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/bank-of-baroda/stocks/companyid-12040.cms" title="Bank of Baroda Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Bank of Baroda Share Price</a></td><td class="stockValue">206.96</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">1.81(0.88%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/bse-ltd/stocks/companyid-2809.cms" title="BSE Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">BSE Share Price</a></td><td class="stockValue">5208.7</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_5"><td class="brdrbt"><span class="dateTimeStock">03:58 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per green">88.15(1.73%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_6"><td class="stockName"><a target="_blank" href="https://economictimes.indiatimes.com/canara-bank/stocks/companyid-9218.cms" title="Canara Bank Share Price" data-ga-onclick="RHS Widget#Most Searched Stock widget Click">Canara Bank Share Price</a></td><td class="stockValue">85.09</td></tr><tr class="hide moreData" data-loadmore="jsMoredata_6"><td class="brdrbt"><span class="dateTimeStock">03:59 PM | 17 Feb 2025</span></td><td class="stockValue brdrbt"><span class="cSprite_b per red">-0.54(-0.62%)</span></td></tr><tr class="hide moreData" data-loadmore="jsMoredata_6"><td class="stockName"><a target="_blank" 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In largecap that premium was not very large to start with and is now down to about 10%. So largecap valuations were reasonable and continue to be reasonable. Smallcap and midcap were expensive and now are less expensive certainly, but are not still close to averages.", "datePublished": "2024-11-25T13:00:00+05:30", "dateModified": "2024-11-25T13:02:00+05:30", "url":"https://economictimes.indiatimes.com/markets/expert-view/returns-to-normalize-amid-expanding-alpha-opportunities-chirag-setalvad/articleshow/115651537.cms", "mainEntityOfPage":"https://economictimes.indiatimes.com/markets/expert-view/returns-to-normalize-amid-expanding-alpha-opportunities-chirag-setalvad/articleshow/115651537.cms", "articleSection" : "Markets", "articleBody":" But considering the outlook for the Indian economy and for a lot of these companies, some premium is justified but I still do believe there is a little bit of froth still left in the market. It is maybe possibly a little bit more in mid than it is in small because a lot of the smallcaps have corrected quite substantially and now individual opportunities are certainly emerging, says Chirag Setalvad, Head-Equities, HDFC AMC.When we spoke last you were of the view that long term is intact but the near term was getting slightly wobbly, that was based on your assumption of the earning valuation matrix. We have seen a sizable correction after that. Has your view changed?Chirag Setalvad: I think things are more reasonable now. So, you have seen in the indices themselves have corrected 7-8% and surprisingly midcap, smallcap, largecap have all corrected to a similar extent. But within that correction individual stocks have obviously corrected much more. So, if you look at CNX 500 as an example, I think more than 100 stocks have corrected by 30%. So, there has been some rationality which has come and as a result of this correction what used to be of 40-45% premium has come down to 25-30% premium. This is in midcap and smallcap. In largecap that premium was not very large to start with and is now down to about 10%. So largecap valuations were reasonable and continue to be reasonable. Smallcap and midcap were expensive and now are less expensive certainly, but are not still close to averages. But considering the outlook for the Indian economy and for a lot of these companies, some premium is justified but I still do believe there is a little bit of froth still left in the market. It is maybe possibly a little bit more in mid than it is in small because a lot of the smallcaps have corrected quite substantially and now individual opportunities are certainly emerging. Nobody saw this kind of an earning slowdown coming in. How do you read into the kind of quarterly numbers what we have got?Chirag Setalvad: I do not think that is true. I think the slowdown has been very visible for the last three quarters. We have seen earnings growth. This quarter was in single digits. Last quarter was in single digits. The quarter before that was in single digits and it has been steadily coming down. So, I think that has something that I think we ignored. So, this is typical of a bull market that you sort of ignore the bad news and focus on the good news, but that slowdown was visible. Margins were running at I think 10 quarter highs, so two-and-a-half-year highs and we were ignoring the base effect as well. So, the earning surprise has now gathered attention because market corrected and when the market corrects, you look for a reason for that correction and now we have pointed at the slowdown. But I think in general the slowdown was visible. We knew even a few months ago that government spending was suboptimal. We knew of the urban slowdown. So, I do not think this is a surprise. This is just a recognition of what was happening on the ground. So, what is the right way to look at the earning cycle? Is it like a mid-air turbulence and the earning big picture which started post COVID that is still intact, so this is like a spot within a long-term cycle?Chirag Setalvad: Overall earnings will be okay. The challenge is going to be from a raw material standpoint and from a profitability standpoint. See, the problem is that revenue growth is reasonable, but margins are quite high. So, if margins were to come down, then earnings can come under pressure. So, far what has happened is we have seen margins expand. So, revenue growth has been okay, but margins have expanded and hence bottom-line growth has been quite strong. This is going to be difficult to sustain from a margin standpoint going forward. So, if margins stay where they are, then you will just mimic pretty much revenue growth which is not bad. But if you want to sustain higher numbers, then you need to see margins sustaining or actually increasing which may not happen because raw material prices are not benign. Post COVID, we have seen a lot of interplays which is that it started with this whole concept of cheap liquidity and revenge shopping. Then, came the inflation scare. After that, we saw mad gush of liquidity by the retail guys and which really took everything higher. So, the script of how 2025 and beyond would move, what would dominate that?Chirag Setalvad: From a liquidity standpoint? Generally, for the markets?Chirag Setalvad: Markets are not going to be one way. There is going to be a lot more volatility. You have to be a lot more stock specific. There is no particular sector barring financial services which stands out as being cheap. So, you have to drill down to individual companies. You have to be a little bit more nimble footed in the sense that when markets come down and individual stocks correct, then you have to take that as an opportunity. Sometimes it is market driven, sometimes it is stock specific. But there will be a lot more volatility. This is not going to be an easy run like the last couple of years. There is a lot of ammunition for volatility both from an economic standpoint as well as from a political standpoint, not necessarily in India but also outside of India. Global markets may also be a little bit more turbulent. Most markets are at close to all-time highs which is whether it is Australia or US or Japan and so on. So, we are in interesting times and this is probably going to be a market which will separate the men from the boys, not everybody is going to make as easy money as they have in the past. So, if one has to really gauge the market, the last three years versus next three years, one is expect more volatility, B) keep return expectations diluted. But in terms of outperformance and underperformance, where do you see the entire needle moving?Chirag Setalvad: Outperformance will tend to increase, alpha pool will expand and that is not a surprise. In a market which is one way, the high beta players tend to do well and everybody else lags. In a market which is more volatile, the market becomes a little bit more discerning, it becomes easier to generate alpha. It is very hard to beat a market which is rising as fast as it has in the last couple of years. It is much easier when the market takes a breather because things become a little bit more rational, you start looking at fundamentals a little bit more, so that tends to play to a lot of people's strengths, such as ours. So, this is an environment where overall returns may come down a little bit, alpha will probably expand a little bit, but still overall returns will possibly be a little bit lower in the next couple of years compared to the last couple of years. You cannot have this kind of fantastic return environment continuing forever. But you expect positive returns, which is what I just want to take back as a message. It is not that you think that we are at that juncture where the returns would be compromised and we should brace ourselves for a big fall or a crack, at least that is not the risk?Chirag Setalvad: Over a couple of year period, I do not see a reason to believe that we will have negative returns on a compounded basis at all. But in a three-six months, one year period, of course you can have negative returns. Now, it is a shocker to have negative returns from a market expectation standpoint, which is not reality. We have had plenty of meaningful drawdowns in the past, so why cannot we have a meaningful drawdown going forward, but that could happen in a given year, but over a three-four-year time frame in an economy which is growing at 12-13% in nominal terms, where earnings growth will possibly be similar to that, yes, you will see valuations coming down a little bit, but earnings growth is still there. So, there is no reason to believe that you would not get away with reasonable returns. 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'100' : ''; var sectionName = artNode.sectionName || '-'; var clickEvent = 'Story Collection on Paywall - Click_Missed paid articles#' + sectionName + '#' + (i+1) + ' - href'; listing += '<li class="stry_item"><span class="title_block" title="' + artNode.hl + '" data-ga-onclick="' + clickEvent + '" href="' + artNode.ga + '" data-conttype="' + artNode.ga + '"><img title="' + artNode.hl + '" alt="' + artNode.hl + '" height="177" width="236" src="' + artNode.im + '"></span><div class="content"><a title="' + artNode.hl + '" data-ga-onclick="' + clickEvent + '" href="' + artNode.ga + '" class="stry_title font_faus" data-conttype="' + conttype + '" data-hostid="' + artNode.hostid + '">' + artNode.hl + '</a></div></li>'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '<div data-ga-impression="Story Collection on Paywall - Impression_Missed paid articles#Story Collection on Paywall - Impression_Missed paid articles#url" id="paywallStoriesSlider_freeArt"><div class="prel"><h3 class="section_heading" style="margin-bottom: 10px;">' + h3 + '</h3><h4 class="section_heading2" style="font-size:24px;text-align: center;margin-bottom: 10px;font-weight: 500;">' + h4 + '</h4><div class="slider_listing_sc"><div class="overh"><div><ul class="listing_wrapper">' + listing + '</ul></div></div><div class="nextprev-btn"><span class="prev-btn leftarw abicon_sprite disable"></span><span class="next-btn rightarw abicon_sprite"></span></div><div class="ts-dots flt hide"></div></div></div></div>'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); } </script><div id="missedStoriesWidget"></div><div id="newArticleBlocker"></div><div id="benifitsSection"><div class="f_list"><h3 class="tac normal"><span class="prel">Why <span class="cSprite ePrime"></span>?</span></h3><ul></ul></div></div></section></div><div class="shadow_exitdlg"><div class="exitdlg_wrapper"><span class="close_btn"></span><p class="heading">Stories you might be interested in</p><ul></ul><div class="footer_nwsltr"><div class="flt"><span class="hdr_label">Subscribe to our</span><span class="subhdr_label">ET Investment Opportunities</span></div><div class="flr"><input placeholder="Enter your email id here" class="input_nwsltr" type="text"><button class="submit_btn" type="button">SUBMIT</button></div></div></div></div><script onerror="errorLogs(this)" src="https://economictimes.indiatimes.com/js_ettechpoll/v-5,minify-3.cms" type="text/javascript" defer></script><script> if(window.location.href.indexOf('.com/articleshow/') != -1){ grxEvent('event', {'event_category': 'articleshow', 'event_action': 'url_issue referrer: ' + document.referrer, 'event_label': window.location.href}); } </script></body></html>