George Soros placed great faith in feedback loops. In particular, Soros believes that markets are never correctly priced because emotions breed more intense emotions. According to Soros, markets either get too optimistic and over-priced. Or they get too pessimistic and cheaper than their profitability deserves.
India has gone from deep pessimism and a three-year slowdown into a bull run. Since September 21, 2001, the Sensex has gained nearly 25 per cent. Several sectors, in particular auto stocks, and PSUs, have more than doubled in valuations since that historic low.
Speaking purely technically, this rally could still rise another 1,000 Sensex points over the next year or so. The current profit levels don
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