This Veteran Investor Is 'Embarrassed' To Have Missed India Stocks Rally
Stock markets around the world are starting to see excessive exuberance but still it's not the time to go short, Jim Rogers said.
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India is now a very exciting market to watch out for from a global investor's lens, according to Jim Rogers. He is "embarrassed" to have missed out on the South Asian country's ongoing market rally.
For the first time, the veteran investor is "ecstatic" towards viewing the India market, he told NDTV Profit. "Delhi wants to be successful and wants people to make money."
For most of his life, Delhi was "anti-capitalist and anti-success" but over the last two years India wants to make others successful, he said. "It has been a very exciting time for me watching India, cause I have never seen this kind of attitude."
While warning about excessive exuberance in the global markets, Rogers highlighted that he is not long on India and is embarrassed to say that. "I missed this whole move. I have invested in India several times in my career but missed this move. I see what is happening and wished I were there." Having missed other opportunities in his career, he said there will be more investments avenues going ahead.
India's benchmark indices—the NSE Nifty 50 and the S&P BSE Sensex—have risen 15% and 13.2% respectively so far this year, making them the fifth and seventh best-performing Asian indices.
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It's too late to enter Asia's third-largest stock market as the rally has already played out, the veteran said quoting a moving bus analogy. "I don't like to jump on a moving bus. If you jump on a moving bus you might get hurt."
The mid-cap benchmark is valued over Nifty 50 and the small-cap stocks, continue to gain more despite froth concerns. The price-to-equity ratio of the Nifty is valued at 24.4, while that of the small-cap and the mid-cap index is at 33.6 and 45.8, respectively.
Stock markets around the world are starting to see excessive exuberance but still it's not the time to go short, he said. "I am not invested in most stock markets around the world because I can see so much exuberance and I don't see excess yet. I don't see any reason to start selling short yet, but it's starting to happen."
"India could be, and has been in the past, one of the world's most successful countries and hope it happens again."
