Five charts that should worry Indian equity investors in 2018

1. India among three most expensive markets in the world Souce: “Between 1979 and 2015 we observed an average Shiller-CAPE of 18.3 and an average price-to-book (PB) of 1.8 in 17 MSCI country indices. Based on the assumption that these average valuation levels approximately represent a fair valuation level, Southern Europe, and Emerging Markets are attractive whereas the US stock market significantly trades above its fair value.” The United States, Switzerland, and India stand out as the most expensive markets in the world at the moment when considered on Shiller CAPE (Cyclically Adjusted Price-Earnings) and Price-Book metrics. However, my

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