Comment on Great Indian Valuation Party continues. But… by Artha Shastra

P/B ratios seem to be just acceptable as being quoted by the proponents of “This time it is different” argument. An analysis taking P/E as well as P/B trends would probably throw more insights.

Political situation, liquidity in global markets, comparison to an emerging market (China?) at a similar stage of ‘transformation’ might be able to validate / invalidate “This time it is different” argument.