It’s important to appreciate that a business generates returns for the shareholders basis the entry price (or the valuation). This has been an important lever for the last 100 years and will continue to be the same. While one may look at the the market cap to GDP ratio which stands at 132% today (against average of 86% over the last 15 years) and say that market is expensive. But we have to balance the valuation (relative expensiveness today) vs the expanding RoE we see today, which is currently at its highest in 15 years at 14%, showcasing the improving profitability of corporates in India. This suggests a strong market unless there’s a significant earnings decline, a substantial 15% correction is unlikely.