Exactly a year back, when we had just a few hundred cases, we were in midst of a panic – not knowing what the future held in store, we witnessed capitulation with hardly anybody having the courage to buy stocks which were on ‘fire sale’. A year later, in midst of the second wave, Covid-19 numbers continue to soar beyond 60,000 per day, but the same stocks are getting lapped up at multiple times the panic valuation and yet the buyers expect a decent return from current levels.
Empirical data suggests that economy is bouncing back, corporate earnings have been