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Ram Sir, one thing, but the correction that is going on in the market right now, many people initially blamed it on the China factor, then on Jio politics, but now the panic that has come in the last one week is being clearly blamed on the earnings and in a way, the earnings have become a mirage, in every quarter it seems that this quarter there will be an upgrade, this quarter there will be an upgrade, it then shifts to the next quarter and then it seems that no, only one quarter's pain is left, so there is a mismatch somewhere in the earnings and in the market, right now you talked to the analysts and started talking about 26, 27, 28, he said brother, tell me from September 2024, in fact, who does not even know what the TTM number is, you give too much value to TTM, I am only a devotee of TTM, everything else is just a myth, it will happen next year, it will happen next year, friend, can much change next year, I do not say this, I don't want to listen about 26 and 27, but I have today Tell me what is the valuation, then we will understand tomorrow, so this vision means what the analyst is doing, to say bye, he needs a little reasonable price of 25-30, but right now it is 50, so extend it by 25-30 two- three years or no, so this is because of the scarcity of earnings, but see, because of the sustained flow, the retail boom is not stopping, this is a decadal view, brother, this flow will definitely happen, the flow will definitely happen and what is the reason for that, the market has become related to one, the fundamental change in the market scenario, it sells one lakh, yes sorry sorry yes, you sell Rs 1 lakh crore in a month, then the market will fall three-four times, peace be upon you, this cannot happen, they would have cracked the market big time, just one single factor, but money is not being made in the market, so you have to appreciate the relation of the market, which means the width of the market from here to there Till now the retail coming is continuous, is it still just flow or retail flow, I see the data every day, it is all perfect, there is no such crack, in fact, in the lower price, it is possible that more flow may come, those who are waiting outside can also come, so this time the biggest change in the Indian capital market is the relation, rest ups and downs, whatever will happen, everything will change in future, but the real thing is that the market has become very hot, that is what is observed till now, don't know the fact, this industry has become very big and there will be a lot of expansion in future also, that is, like your mutual fund, right now, I think, equity mutual fund of 35-40 lakh crore is growing at 25-30, but think in 10 years, how big it will become, it will become 300-350 lakh crore, there is no competition, how much can Sunil manage, how much can Madhu manage, how much can we manage, it is above our competition, there is such a huge opportunity, but what is it, that is Only the longer run is ours, when we become blinkered about the next 12 months, then there is a little bit of discomfort, so the resistance is the main thing of the market, so you should be more afraid, the downside is limited, the upside is dependent on what happens to the earnings, my problem is absolutely and Sunil Sir, if I extend what Ramdev Sir said, Ramdev Sir's own stock has run so tremendously in the last one year and the entire space, look at the stock of ADAC MC, you look at the stock of BSE, look at the stock of CDSL, this is a space where the kind of compounding that has happened, there is visibility of the same kind in the future as well, I think that is one of the best spaces asset and wealth management and we see it in business, as Bhaiya said that if there is 25% growth, then it will become 10 times in 10 years, this business is like this, so in this you obviously need compensation, you will have to give returns, but this is a space where you don't Need capital, whatever profit you make is all free cash.
Secondly, it is the best way to play the wealth effect in India. Look, people in India still save. If you have earned Rs 100, then you will spend Rs 30 and save Rs 70. A white man came to me and said, I want to play the luxury sector in India. So I said, you should buy a watch company. The valuation, we are saying that there will be decent returns made, you will know, a lot of money will come from this because ultimately financial savings and financial assets are now getting incorporated into the overall wealth pool.
Earlier, no one used to plan to invest Rs 1000 in equity. No one used to plan like this. Those two-four rupees were invested here and there in tip-ups. So I think this asset and wealth management are a great way to play. Secondly, you get a fee on appreciation as well. I think there is a double impact in the markets.
Keep on going up, you get good flows as well. Well, as appreciation, if your asset market grows at 15, then asset growth at 25 is not something which is very difficult I think this is a great space obviously the beneficiary of exchange or as this will happen and secondly what happened, look at fund now you should divide financials into two parts, one fund based financials and one non fund based financials, in fund based financials every year you need capital in that there is so much regulatory pressure, but you also have this, you have to do something, but it is a better way to play if you can find a good company, I think one of the best places is some plan to take advantage of yours, we are very happy with what you are doing, but life is like this, there is never a yes or no for anything, but it will still be very small, it will definitely not happen, I am saying this because Madhu Sir, many times you feel that you had managed so much money earlier, now well you can manage your own wealth Are you doing this, do you ever feel that some public money should be managed back, some company should be listed, some wealth of our own should be created, nothing else Sunil is doing it, not you will give it to Madhu, I am more than a brother, I know that and I am saying this so that the wealth that Madhu has should also be mine, but I think it is about passion, the thrill is in going right, the thrill is in investing in good companies, you know everything is easy, so in what ever feed you are, if you perform well, do it passionately, do it honestly, then you will, actually I wanted to ask all three of you a question because we are on the occasion of the festival, by the grace of God, all three of you have so much wealth that beyond that wealth, what more can you do than what you are already doing, right, Madhu sir, is it true that now you are investing more in the stock market for that purpose or for that thing, that let's say a call is going well or going forward, do some more charity We can do it, we are thinking accordingly in the market, must at least, Ramdev Bhaiya Moti Bhaiya is really leading the pack, you know, they have just announced that in 10 percent of their equity they are going to pledge for charity, Anuj, I too am doing as much as I can in my individual way, to measure the market, you said, if we are after money, trust me, we will not be there, we are always there for the thrill, yes, it is the excitement of being right and I don't think any of us are able to use even 1 percent of our wealth and habits have changed and clothes have changed and cars, nothing, no, we are still the same people, but we were 10 years, 20 years back, it is first, we are so passionate about it that just like a fish cannot live without water, similarly I can speak about myself, I cannot live without the market, every day going and reading the market Going right in the market, it is an excitement in life, a tabla player enjoys playing the tabla, a cricket player enjoys playing cricket, we enjoy the market, it is just the right way and secondly, you can use or misuse money, the age of misuse is over, now it is going to be put to good use, Ram is saying no, my time is not over yet, talk about yourself, I am just saying no, I can only be actually leading the money, we have grown up in the company, whether it is Radha Krishna Damani or Rakesh Jhanwala, you know what they have done, how much money they made and the simplicity with which they live the life, so because of God, that company has such an impact that I don't think we can go into a situation of misuse, it has to be put to good use going forward or backward, Ra Sahar, you agree that the equation that you three had 20 years ago is the same even today and will remain the same in the future, in the same way and the same means market Regarding this, we talk in the same way as we used to talk earlier, the only change is that I don't do so much stock picking because now a little bit, I mean AMC has become a little bigger, so all the funds are in their hands, my corporate a little bit, I mean evolution has increased, so just to remain out of conflict, also that has reduced a little bit, but still I love to meet any company, whether I am investing or not, I love to listen to their story because every company has its own story, I mean even in the same industry the story is different, so seeing that entrepreneur is a wonder, you know, actually entrepreneurship is a wonder, like brother, you create billions out of nothing, the entrepreneur, what did we bring, some Babuji sent me a crore rupees, I mean, I did n't even have a lakh rupees, we started with zero, super zero, some leap of faith, you know, it was passion, one, how the story starts and how, I mean, slowly, slowly, success builds, success and becomes big, it is very fun to watch that And to extrapolate it, brother, this guy is a horse for the long race, he still has the same excitement in doing all this, that is why we are in the unlisted space in private equity, because in the listed space there is a cuff and MC does it, so I do not go there at all, but you guys remember, so in the unlisted space there is a little opportunity to listen to the story and may be put little money, but the fun of that is Madhu says, fun of going right buying the right stock, right entrepreneur.
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