Atul Suri Analyzes Markets Over 15 Years, Key Sectors & Themes To See Ahead For Short & Long Term
Summary
TLDRIn this insightful discussion, Atul Suri reflects on the 15-year journey of the Indian Equity markets with ET Now, highlighting the significant shift in investor mindset towards long-term horizons. He emphasizes the importance of demographic trends, GDP growth, and political stability in driving India's potential renaissance moment. Suri also shares his views on various sectors, including capital goods, infrastructure, defense, and real estate, while cautioning against consensus-driven investments in private banks. He concludes by noting the global nature of the current equity bull market and the importance of aligning with ongoing trends.
Takeaways
- 🎉 It's been 15 years since the inception of ET Now, marking a significant milestone in financial news broadcasting.
- 📈 The speaker highlights a shift in investor mindset from short-term to long-term horizons, especially in the context of India's equity markets.
- 🧐 There's been a significant increase in market resilience, as seen in the quick recovery from the election day dip, indicating a maturing market.
- 📊 Over the last 15 years, the market has tripled, suggesting a strong long-term growth trajectory despite short-term fluctuations.
- 🌐 The concept of 'Amrit Khal' is introduced, referring to a renaissance moment in a country's history driven by demographics, GDP growth, and political stability.
- 🇮🇳 India is believed to be in its renaissance phase, with the potential for significant wealth creation over the next 10 to 15 years.
- 🏦 The speaker expresses a preference for NBFCs (Non-Banking Financial Companies) over private sector banks, citing better opportunities in certain pockets of the NBFC space.
- 🛠️ Sectors like capital goods, engineering, infrastructure, and defense are expected to continue leading the market, driven by the KEX cycle.
- 🚗 The auto sector, including ancillaries with exposure to global setups, is seen as an exciting area with potential for secular growth.
- 🍻 Despite the breakout in liquor and alcohol stocks, the speaker prefers to focus on food-related FMCG stocks, which are showing strong performance.
- 🌾 The agriculture space is gaining attention, with potential opportunities in fertilizers and farm equipment stocks, especially with the new government focus.
Q & A
What is the significance of the 15-year milestone for ET Now and the India Equity markets?
-The 15-year milestone for ET Now marks a significant period of coverage and analysis of the India Equity markets. For the markets, 15 years is a relatively short time, but it has seen a tremendous shift in investor mindset towards long-term investments and market resilience, as evidenced by the quick recovery from the 7% Nifty fall post-elections.
What is the 'Amrit Khal' and how does it relate to the long-term trajectory of the India Equity markets?
-The 'Amrit Khal' refers to a golden period in a country's history when favorable demographics, GDP growth, and political continuity align, leading to a renaissance moment similar to what Japan and the US experienced in the past. The speaker suggests that India may be entering such a phase, which bodes well for the long-term trajectory of its equity markets.
How has the market's response to the election results impacted investor sentiment?
-Despite the election results not being what the market was ready for, the market's quick recovery and adjustment to the 7% Nifty fall indicate a strong investor sentiment and confidence in the market's resilience, suggesting that the focus is shifting towards long-term investment horizons.
What sectors and themes have shown resilience and potential for leadership in the current market scenario?
-Sectors such as capital goods, engineering, infrastructure, defense, and real estate have shown resilience and potential for leadership. These sectors, which were previously unglamorous and underperforming, are now expected to continue their outperformance due to the KEX cycle.
What is the speaker's view on private sector banks and the NBFC sector?
-The speaker is not bullish on private sector banks due to their consensus bullishness and underperformance despite positive macroeconomic indicators. In contrast, he prefers certain pockets within the NBFC sector, particularly those involved in mid-corporate business lending, which he believes will perform well.
What are the speaker's thoughts on the real estate sector and which players does he favor?
-The speaker is bullish on the real estate sector but strongly favors cleaner, pan-India players with a history of transparency and good balance sheets. He advises avoiding companies with a lot of gray areas in their operations to ensure long-term wealth for investors.
How does the speaker view the auto sector, especially in the context of global trends and opportunities?
-The speaker finds the auto sector exciting, particularly due to the global shift towards green energy and alternative fuels. He is interested in auto ancillaries that cater to global setups and have a focus on electric vehicles, expecting them to lead in the next upmove.
What is the current state of the metals sector, and what are the speaker's preferences within it?
-The metals sector had a strong 2022 but faced challenges in 2023 due to China's growth slowdown. The speaker prefers copper due to its status as a leading economic indicator and is a fan of 'Dr. Copper.' However, he is currently not in the metals sector, focusing instead on trend-following.
What are the speaker's views on the food and FMCG sectors within the consumption space?
-The speaker finds food-related FMCG stocks to be very interesting, with a focus on discretionary spend. He mentions rice stocks and Mrs. Bector's Food as examples of companies in his portfolio, suggesting that these areas are outperforming traditional soap and shampoo FMCG products.
How does the speaker perceive the current state of the market in terms of overbought indicators?
-The speaker acknowledges that the market is currently overbought but advises against using this as a reason to sell or short-sell. In a bull market, overbought conditions can persist for extended periods, and the speaker emphasizes the importance of following the trend until it breaks down.
What is the speaker's perspective on the global equity bull market and its implications for Indian markets?
-The speaker sees a global equity bull market in play, with most markets at lifetime highs, not just in India. This suggests that Indian markets are part of a larger trend, and any corrections are likely to be bought into, indicating a strong and sustained bull market.
Outlines
📈 Market Longevity and Investor Mindset Shift
In this segment, Atul Suri discusses the 15-year journey of the India Equity markets, emphasizing the shift in investors' perspectives from short-term to long-term horizons. He highlights the resilience of the market, especially during significant events like elections, and points out how corrections that once caused panic are now seen as opportunities. Suri also touches upon the importance of demographic trends, GDP growth, and political stability in creating a country's 'Renaissance Moment,' drawing parallels with historical bull markets in Japan and the U.S. He suggests that India may be experiencing its own renaissance, which could lead to substantial wealth creation over the next 10 to 15 years.
🏭 Sector Performance and Investment Strategies
The second paragraph delves into sector-specific performances and investment strategies. Suri identifies capital goods, engineering, infrastructure, and defense as key sectors that have shown resilience and potential for continued growth, having been undervalued for a decade. He also discusses the recent performance of bank stocks, expressing a preference for NBFCs over private sector banks due to concerns about overexposure and consensus bullishness. Suri further explores the real estate sector, advocating for cleaner, pan-India players with improving balance sheets and strong volume numbers, as well as the potential in the agro space, particularly in fertilizers and farm equipment, which could benefit from the new government's 100-day agenda.
🚗 Auto Sector Growth and Emerging Opportunities
In this part, the focus is on the auto sector, which has shown remarkable recovery and growth, especially in the ancillary space with a focus on electric and alternative fuel vehicles. Suri notes the global interest in the auto industry and the potential for Indian companies to capitalize on this trend. He also discusses the metal sector, highlighting the importance of underlying commodity prices and the cyclical nature of the industry. Suri expresses a preference for copper due to its status as a leading economic indicator and notes the performance of steel stocks in the market.
🍷 Consumer Market Insights and Global Market Trends
The final paragraph provides insights into the consumer market, particularly in the food and FMCG sectors, where Suri sees potential for growth in discretionary spending. He also addresses the breakout in liquor and alcohol stocks and the potential in the agriculture sector with the new government's focus. Suri warns against relying on overbought indicators in a bull market, advocating for trend-following strategies instead. He concludes by contextualizing India's market performance within a broader global equity bull market, noting that while different markets may outperform based on various factors, the overall trend is upwards.
Mindmap
Keywords
💡Equity markets
💡Investment horizon
💡Market correction
💡Demographic shift
💡Capital goods
💡NBFCs (Non-Banking Financial Companies)
💡Bull market
💡Overbought
💡Trend following
💡Global Equity bull market
💡Sector performance
Highlights
15 years of ET Now celebrated with a discussion on the evolution of India's equity markets.
India's equity markets have tripled in the last 15 years, indicating a significant long-term growth trajectory.
Investors' shift from short-term to long-term investment horizons has been remarkable over the past decade.
Market resilience was evident during the election period, with quick recoveries from significant falls.
Long-term macro indicators and demographic factors are driving India's potential for a 'Renaissance Moment' similar to other countries.
Sectors such as capital goods, engineering, infrastructure, and defense are expected to lead the market in the coming years.
Banking sector performance has been underwhelming, with a preference for NBFCs over private sector banks.
The real estate sector, once shunned, is now showing signs of robust recovery and investment potential.
Auto sector has shown resilience and potential, especially with a focus on electric and alternative energy vehicles.
Metals and chemicals sectors are experiencing a resurgence, with underlying commodity prices driving their performance.
Liquor and alcohol stocks have seen a significant breakout, indicating a strong trend in the consumer space.
FMCG and food stocks are gaining interest as discretionary spending increases in the consumption space.
Agriculture stocks may gain momentum with new government initiatives and focus on the agri sector.
Overbought market indicators are not a deterrent in a bull market, where trends can sustain for extended periods.
Global equity markets are experiencing a bull market, with most markets reaching lifetime highs.
The discussion emphasizes the importance of trend-following and aligning investments with current market cycles.
Transcripts
Atul Suri himself right here with a and
me to actually talk about markets and 15
years of ET now um Atul thank you so
much for taking the time out and joining
us on our birthday congratulations to
all of you and all the viewers uh um
actually like it's been 15 years wow
seems like a long time seems like a long
time we've been around for very long
time yes we have but uh you know it
seems like 15 years when you talk about
India Equity markets is such a short
time right I mean we're now talking 10
years hands 15 year hands what's the
ticker telling you I mean what I H
whatever happened on third fourth June
seems like history long gone yeah I mean
this is exactly the point you know that
having spent so many years in the
markets investors were all about what's
happening in a week a month you know and
people would just get hassled with a 5%
correction and I travel a lot I meet lot
of investors and it's fascinating the
Mind shift is tremendous what you said
10 years 15 years people actually never
spoke even if spoke they never invested
but genuinely I find people who are you
know investing with that kind of time
Horizon even I mean what you saw the 2
weeks ago you know on the election day
it was unbelievable at one stage it fell
the market also go go into circuit but
it got bought into and 3 Days Later
nobody's even talking by retail and by
the way that was the biggest fall in
almost four years absolutely but you
know you look at the longer term charts
as well uh I mean our data suggest that
in the these last 15 years the market
has more than trebled right uh now that
we sit here and look at the macro
indicators all of that put together
that's what you practice at your fund as
well how do the long-term trajectory
really look like from here on so what we
did was you know we studied like of
course now there's a term called Amrit
Khal okay I mean for for want of better
word but there is a time in every
country's history when demographics your
GDP growth political continuity all work
together and every country has this
Renaissance Moment Like if you go into
Japan you will see that from 1950s after
the world war it all the way to say 1990
you had a phenomenal bull market and all
these things worked out us between say
1980 and 2000 the dow move from 1,000 to
10,000 it also happened in China so
every country has these you know 10 20
year phases which I think the starting
point is demographics so that is
something that is Unstoppable yes you
know in the shortterm IM say Okay Modi
3.0 Etc the next 100 days but beyond all
that Aisha you know I've seen that every
country has this moment of Renaissance
and hopefully fingers crossed India is
showing those qualities and traits and
that's why as I said that the 10 year
15E time Horizon is a fantastic time set
and a lot of wealth is going to be
created I feel and you can see signs of
this you know when markets fall The
Falls are shallow and they get
immediately bought into as I said that
we've just moved away from the event for
6 months we were obsessing with
elections and the results came were not
what the market was ready
exactly in spite of that it showed it
showed in that 7% Nifty fall it adjusted
itself and the interesting part is that
post those two three days those same
sectors themes continued for example
defense we were just talking about
defense I mean it's very closely linked
to India and the current government but
you'll clearly see after two or 3 days
of wobble they're all making new highs
whether it's infra capital goods
engineering so I think that it is
continuity that is important and as I
said this a very big mind shift and
rightly so I feel that the retail or hni
investors hopefully uh have been doing
well and would continue to do well for
years to come but Atul that's for
someone who's perhaps you know into the
Sip culture long-term money pouring in
but for those who are playing the trend
and you know Trend Watchers like you the
horses will remain the same but the cour
has got to change or do you think for
the next foreseeable uh time say next 1
to two years you got to just buy more of
the same and sit tight in it no that's a
very relevant question you know because
one is obviously what the index does ex
actually if you look at the index in the
last you know in in Jan the index was
around 22,000 Nifty today we at 23500
it's not that you know this thousand
Point moves you a one week thousand we
nowhere near that 6 months have passed
so at an index level not much has
happened but lot of sectors and lot of
themes have played out so rightly so
that you will have an index move for
sure but there are some sectors and
themes will really outperform what I'm
seeing in the short term and I said
after an event that happened to we
shortterm because shortterm means very
different for very different I I I would
say about 6 months to a year kind of
situation I think from that point of
view the interesting part is that those
sectors themes which I still continue to
favor that I think this is all about a
kex cycle it's capital goods engineering
infra defense you know those kind of
things which were unglamorous didn't
move for a decade before that will
continue with the leadership and yes the
reality of our markets is that in the
long run Trends will keep changing
sectors change businesses change for
anyone who runs the industry it's not so
simple for us it's very simple to put an
Excel spreadsheet and just pull it on
the right you know but businesses will
change Cycles will change and as an
investor we will have to keep aligning
to it but what I think what I what I
feel is that this is going to be a kex
cycle and stocks link to this kex cycle
are going to be the leaders they're
already performing and I think they will
continue to do so at you know uh what is
very interesting in the last few weeks
is that bank Nifty is kind of reversing
its under performance so say last one
year well of course 40% of it is just
HDFC bank that also come back closer to,
1600 mark But life beyond 50,000 how do
you see Banks uh which pocket of the
bank uh you know as seor you like for I
may sound contrarian but I am not very
bullish on Banks and private sector
Banks first one to say that I'm not even
bullish on it in fact they are the two
most is almost a consensus no part of
lending at all see I prefer the nbfcs I
think there are pockets in the nbfc
space which I'm bullish on and that's
what's there in our portfolio we are
actually a fund that is massively
underwe private sector Banks but you
playing The Lending game via NBF
particularly the or the midar business
lenders maybe they partip there are some
very high quality lenders also there are
some very high quality lenders and I
think we are participating do that one
of the problems with banking I feel and
especially private sector Banks is its
consensus bullishness and in everyone's
portfolio it is a top holding and
whenever there is such I mean everyone
knows right everyone knows about the
cycle Etc I've been hearing it for the
last year but the stocks are not moving
the trends are not there there's a
consensus by an HDFC Bank of course it's
a great Bank it will do well it will
move someday but as an investor if you
have such a big allocation so I feel
that this bull market is about as I said
it's about those sectors and themes that
didn't do well for a decade look at real
estate okay one sector again a paria
nobody wanted to touch real estate
stocks but see how well they are doing
so I think that this is going to be a
bull market where most people are going
to be in position in private sector
Banks and large cap it but the bull
market is actually happening somewhere
else and that's the nature of the market
the market is never about consensus it's
always about the pendulum swinging the
other side that's why the Big M so let's
crat that point real estate a little
more there are you know dlfs OBO and you
know prestiges of the world the pan
India kind of macrotech for that matter
and then there is a regional kind of
daas emerging they've done pretty well
improving the balance sheets good volume
numbers do you have a mix of both are
you going for P I prefer the pan India
players also you know for me one big
area of interest in real estate is who's
honestly a little clean relatively I'm
saying I'm not using it in absolute
sense but I feel like that is an
industry that's still has a little bit
of MK um you know for anyone who
actually goes out there and buys real
estate especially outside Bombay you'll
realize that it still has its Gray
Shades of Gray and you know you really
want to avoid that because when there's
lot of gray it never translates to
long-term wealth for investors so in the
real estate space again a sector I'm
very bullish on but I strongly strongly
favor the cleaner players because that's
where the benefits will flow to the
shareholders and not get lost somewhere
Fair Point okay hold on to that thought
lots more sectors to talk about we also
have to take a commercial break we're
sitting pretty much around the day highs
considering we had a little bit of a
very quiet start and we're sticking by
with that 23555 level on the Nifty
Futures take a break be right back with
more Atul since we talking about lenders
once again let's go into uh the nbfc
side of the pocket a little more in
detail there is a there a pocket there
Chola sham say punaa also to a large
extent the big ones the numbers are no
less there growth is good 30% now
there's another emerging space the small
Finance Banks the msme kind of lenders
so they are clearly growing faster than
other lenders and the NPA thing is still
under check which end of the nbfc basket
you find more comfort so I prefer the
quality lenders because what I feel is
that when you are expanding your balance
sheet lending is a very easy job it's
the collection part The Collection part
if you are lending you will have a
million people stand outside it's never
a problem lending the problem comes in
collection so that's where I prefer
conservative lenders because right now
the way the cycle is or the way we are
there's a lot of credit of it that can
happen but the thing is that when the
cycle changes or when the cycle kind of
Peaks out then the question is how many
of them have the recoveries so I for one
tend to be a little conservative in this
area so I definitely prefer the quality
lenders especially companies families or
groups that have been around for a few
Generations in fact which are seasoned
book absolutely mhm let's talk about
Autos a because over there you've got an
Eminem and maruti on one hand tataa
Motors I mean yes Eminem now is the
largest market cap it's overtaken Tara
Motors as well and then you've got the
two- wheeler space which was completely
not even looked at till the last one
year and now all those stocks are
sitting at an all-time high what's
happening no I mean Auto has been very
exciting in fact when the wobble
happened last week after elections the
first sector index to make a lifetime
high was Autos so that is something that
actually got bought into massively and
for me that's a very big takeaway
because in Weak markets what stocks and
sectors do well give you a sense that
they tend to be leaders in the next up
move and that's where I feel that you
mentioned a few stocks I feel even Auto
anies are very interesting because this
whole green energy alternative fuel
alternative energies whatever there's a
lot happening in the Auto industry
globally but I feel even in the Indian
context especially some of these
ancillaries they're not just
manufacturing for India they're
manufacturing for a lot of these Global
setups so I feel that there's a lot of
interest and I've always found that in
any bull market you know you'll always
find Autos tend to be beautiful secular
moves and we are also seeing that kind
of secular run there is so definitely
favor some of the auto stocks but I feel
that the more exciting stuff is
happening in the anary space and even in
the anary space look at those which have
a little electric angle of focus to it I
think that's
where there's a lot more you know the
Arbitrage momentum on the upside can be
a lot more you know you know the VAR the
UR the bigger pack bigger pack right
Sona is a Big E player as well right I
want to talk to you about Metals as well
in the last 6 months you know from
complete denial people have start
latching onto Metals what are your
thoughts on metal and there are some
special situation also Brewing there
hindalco had a you know subsidary going
T Ste this quarter came back and said
second half things will turn around
Europe which end of the metal pack do
you like so if you really look at metals
or how I look at Metals is the
underlying Commodities sure and if you
look at Global prices like you know
Copper's corrected the last few days
coer and yeah you find a lot of these
underlying Metals pure commodity plays
because you know Metals we know apart
from the efficiencies Etc it's
ultimately the commodity prices and
these tend to be cyclical so what is
happening is that of course they had a
very brilliant 2022 I think 23 was a bad
year A lot of these stocks actually
haved China growth also kind of
absolutely and now you find that they're
all coming back and as I said that I
like to see the underlying commodity
price moves because once that plays out
then it all trickles down to this and
that trickles down to profit you like
copper pricing Rising aluminum or steel
yeah I guess I guess I like
copper I'm a big fan of Dr copper Dr
copper is also leading indicator for the
econom absolutely but but on the markets
you know a lot of the steel stocks are
doing better in the on the on the listed
Equity space the steel stocks are doing
much better of course but uh much like
what metals was about a year and a half
two years back is chemicals right now is
that some SE a sector where you see
opportunity in uh that's again something
where I have a difference of opinion
sure uh was one of my favorite sectors
two two and a half AG years ago probably
my largest sectorial thematic holding a
lot of people feel that uh well a lot
has gone and now is the time to pick but
you know Aisha my style is I'm a trend
follower so I tend to look at Trends yes
it may be great for bottom fishing but
that's not my style so that's why I'm
away and far from Metals yes when a uh
sorry uh speciality chemicals as in when
a trend plays out I would be in it at
the moment I'm not in it but I know that
there's a very very strong um opinion
that yes this is good accumulation
levels but I generally am not never an
accumulator I'm a breakout player I'm a
trend follower so for me the trend is my
friend at the moment I don't see much of
a trend there mhm what are your thoughts
on liquor and alcohol stocks because
there's a big breakout which is
happening there yeah I mean I don't have
it any any of them because that's the
only part of the consumer space which is
doing well otherwise consum lot lot of
food stocks are doing very well so if
you look at the consumption space you'll
find that lot of the food related fmcg
plays etc for example rice stocks or
like a Mrs vecta I vun bever
is I I have in my portfolio please
bested in case but you know you'll find
a lot of such plays that are happening
out uh in these stocks so I feel that
fmcg as a play B the traditional
so soap shampoo kind of stuff is kind of
okay good days bad days it's not really
making money it's not leading but I feel
that there lot of food stocks that are
very very interesting and I think that
that's where the whole discretionary
spend uh will play out I kind of hold a
lot of stuff in that space you know I
observed Aisha today this morning
porinju is telling us that agriculture
stock is something on your because this
sh shivat Singh chaan becoming the
agriculture Minister he even gave out a
very kind of a very interesting
message to that I'm leaving this
position and now going to the center all
of that but Yer last week even Madu came
on the channel and talk about agre
stocks now the agre space is such a
small space there hardly any stocks
unless you play the bigger ones like gri
Agro anything anything brewing on the
fertilizers were looking very very
interesting and some of the farm
equipment players were looking very very
interesting so I think I would like look
at those kind of places so I thought I
thought there was some interesting moves
happened there and more so as I said you
know everyone's been talking about the
100 day agenda and definitely there
seems to be a lot that this government
will need to do some new triggers
defenses played out power has played out
maybe Shan coming in you know so there
is a feeling that there's a lot going to
happen and I think that these are SE
these are themes that could play out in
the agre space do you sense any
overbought indicators anywhere across
the board yeah the mar the market is
overbought at the moment but that
doesn't mean that you need to sell or
short s see what happens in Bull markets
markets can remain over over bought in
fact the sweetest uh Returns come when
markets remain overbought so we can
extend yeah yeah so in a bull market the
overbought indicators can sustain for
weeks months and we lot of people feel
that oh it's overbought so you need to
sell out or maybe in some try to short
sell but when a ferocious bull market is
at play then overbought and oversold
don't work overbought oversold work in a
sideways Market because that plays out
within a range today when you are at
lifetime highs right there can be no no
greater indication of a trend than at
lifetime Highs at lifetime highs I I for
one have learned never to use overbought
oversold because these are Runway it's
like a freight train right you don't
want to stand in front of a freight
train and the moment a market is at a
lifetime high it's like a freight train
that's coming out so me you know let's
not like try to get yeah markets will
correct they do but the fact is that
first you know don't stand in front of
let the chart right it right up with it
and see I said the trend is your friend
till the end when it bends has the trend
broken down on Reliance industry it's
the biggest weight on the index just not
going Beyond 2950 no that's exactly what
I'm saying that see the last uh 6 months
what is the index move nothing because
all the three four five it's ences TCS
Reliance HDFC bank they haven't done
much the rest of the market you look at
the small cap index midcap index you
look the sectorial indexes like the auto
index even Nifty components other than
these four five so you'll find that the
rest of the market there is a lot lot
happening it is much much more than what
the headline Nifty is showing you so
like like the small cap midcap index you
know you just see the charts that are
there they are just ferocious the kind
of move that they've had from Jan to Now
versus the Nifty so these four or five
stocks are putting lot of weightage on
the index but the rest of the market is
is
a since you do track the global markets
as well it's not like we're the only
performer right so is US equities few
odd Spurs coming in from far east as
well it's a rising tie and it's taking
all the boats up but you have a very big
event that's the US elections as well in
the second half which is going to play
out what are those charts telling I
think what you've raised is a very
relevant point because you know that's
what I've been telling investors that
now come on like let's Mo no let's move
on because we've been only focusing on
India Indian elections for the last 6
months we need to move on in fact the
biggest Trend playing out in the world
is actually of complete Global Equity
bull market it's not happening in just
in IND it's happening in the biggest
world of the market us look at NASDAQ
60% of global market cap look at Europe
people thought Europe is dead gone
dusted Europe markets are at lifetime
highs look at Japan I mean decadal uh
bare markets actually near lifetime
highs barring I think China more or less
you'll find that most markets are a
lifetime High yeah so this is actually a
complete Global Equity bull market
someone may outperform someone will
relatively outperform based on
fundamentals or positionings that there
are but you hit the nail on the head
that the biggest Trend playing out is
not about India it's actually Global in
nature and you will notice that in that
phase even we have an event like we had
two weeks ago where the numbers went
wobbled it just got bought into so
whatever there are no fi it's all
happening without the FI they're waiting
for a
correction okay good for them thank you
very much for stopping by and we all
appreciate your contribution to the
channel congratulations again thank you
bye all right we'll take a short break
on that note come back and take the
analysis forward and stock picking on
the other side of
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