"So, if you apply a 25 multiple, 7,000 for an S&P looks feasible unless something goes seriously wrong somewhere. So, that is the big picture," says Anurag Singh, Managing Partner, Ansid Capital.What explains this kind of sell-off that one has seen for US equities because many are even questioning whether the bull market is at risk or not?Anurag Singh: Let me just throw some light on US market. The current selling is broadly on account of 10-year yield rising to 4.7 and it has done so while Federal Reserve has cut 100 basis points. So, it is kind of a counterplay, but there are two major concerns and we should wait for Jan 20th to see how it unfolds. But broadly, there is a concern around what are the tariffs going to be. If the tariffs are imposed across the board or even selectively, it is inflationary. Second is what is the immigration policy of the administration, even that is inflationary in some sense. So, the judgment market is taking is that why not take some money on the side because we have had back-to-back 25% two years consecutive, so that is all that is going around, but I think the 10-year yield eventually should cool down because the last thing the Trump administration wants to do is to rake up inflation again and hold Federal Reserve's hand to forget cutting rates but to even raise rates. So, I do not think that is happening, but yes, it is some bit of profit-taking, but we should have a clearer picture after Jan 20th. But aside of that the big picture on US is earnings are expected to grow 15% on entire S&P and this time it will be very broad-based, the 493 versus the seven-story. The earning growth in both of these buckets is going to be between 15% to 18% based on what you believe. So, if you apply a 25 multiple, 7,000 for an S&P looks feasible unless something goes seriously wrong somewhere. So, that is the big picture. It is all clear. US economy and exceptionalism continues. It continues to attract flows, which is, of course, a worry for the rest of the globe, but not so much for US.Also, how do you see the flows coming in into the emerging markets because definitely, yes, all these investors were pinning hopes on the Trump rally, let us see that very near to that 20th January date, whether we get to see that or not, but amidst this, the emerging markets are definitely feeling the heat of it. Going ahead, are you expecting some respite into that?Anurag Singh: So, I will give you two answers. One is the usual answer. Everybody knows this. If 10-year yield gives you close to 4.7% to 5% and then add to that the currency depreciation, you get 8-9%. Why would somebody stay in emerging markets, that is the short-term story, everybody knows this. It is done and dusted. But eventually 10-year yield should cool down to somewhere around four levels sooner as soon as this anxiety about the new administration policy come into place, that is one thing. But I really want to add something for India here which is great market, great fundamentals, everything is good. I understand valuation. They will correct in some pockets, but Nifty is all good. But here is the larger concern. People and some of the notable investors, notable economists like Arvind Subramanian have called this out. RBI has been holding rupee in a range for the last 18 months. Now, if the investors anticipate a severe depreciation in rupee, then they are going to pull out the capital first and that seems to be happening. In a very competitive global capital market flows, you cannot really hold currencies. You can peg them for a while, but eventually investors get a whiff of that and that seems to be the worry. So, RBI eventually, aside of the domestic worries, will have to take a call whether they want to keep the rupee floating or what is the range that they are comfortable with, otherwise rupee continues to be a little overvalued, at least for now, so that is a major concern for India. Are you saying rupee is overvalued? I mean, if I look at the fiscal deficit of other countries versus now, I mean, we are in the best place.Anurag Singh: So, one is again everything is relative, but when the dollar index moved from 100-102 to 108-109, the point is the rupee did not float as much as the other currencies did. So, the point is well somebody is holding it there. So, I understand either you follow completely the flow story and the current account deficit story but if the dollar index gains, the currencies should kind of equally float on a relative basis, so that was my limited sense. But outside of that we got to trust some of these major economists. We got to respect their opinion. Ultimately, third point also is how much does your dollar go in the Indian economy, I think it does not go that far at 85, the range should be, I think the consensus is at least around 90 or 90 plus. So, RBI has to take a call either it let it float or they can peg it but then the foreign investors will kind of get edgy on the side. I do not have too strong logic to talk about it on either side, but except the fact that the range has been held for the last 18 months and that is not an ideal scenario.