Strategy: Spring is in the multiples, not earnings (as yet) - Kotak

Spring is in the multiples, not earnings (as yet). We are unable to fathom the rapid changes in the prices of stocks without any major changes in their fundamentals. It seems to us that the sole investment thesis in some cases is 'liquidity', which is quite bizarre since 'active' investors should be deciding on the fundamental value of stocks rather than leaving it to a nebulous issue such as 'liquidity'. We can only hope that fundamentals improve sufficiently to support the valuations of stocks.

Source : Equity Bulls

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