'At this point, there is very little margin of safety in any part of the market'

A one-sided run-up in the stock market has no doubt brought smiles on investors' faces, but it has also raised the chances of a deep correction. We speak with Dinesh Balachandran, Fund Manager, SBI Contra Fund, about the current valuations, the overheated pockets in the market, his investment strategy and his journey as a value/contra investor. The ongoing bull run doesn't seem to be losing breath. What are the reasons for this spectacular rise in markets post the March 2020 fall? While there is a multitude of factors behind the rise, the biggest reason appears to be the combination of monetary and fiscal stimulus at a global level which has led to a massive compression in risk premiums. This has led to a sharp increase in valuations and has also encouraged increased involvement in equity markets by households across the world. How do you see the ma