We are hopefully ending the year on a very-very sombre note given that Donald Trump tweets have gone all over the place, but I took his last tweet as the best precursor that US stocks are looking extremely cheap and very-very good for 2019.

2019 will be a brilliant year for equities and Indian equities outperforming, which is why we are pinching ourselves each time we go higher and the rest of the world is underperforming.

Before the general elections, new highs are on the card, maybe in the second week of April and for that reason buy the fear and sell the greed is the adage, which is more suitable for Indian markets going forward.

Credit is going to expand and for us the macros are extremely positive with the government now being more proactive and that is the reason why RBI governor stands out because he has his feet and ears on the road and he knows what is going on, what is the necessary steps and how he can instill confidence.

If you got back to the old days, it was not that the RBI came and took measures immediately. They talked up the rupee or they talked up the bond yields and so on. We previously had RBI governors who were silent and missing from conspicuous from the absence in the real scene. So that is very positive.

Both mutual fund and insurance businesses are extremely good long term views given that SIP and the retail investor have been the backbone behind this market and we see no let up for the next three, five, 10 years. Insurance is a very underpenetrated market and we think that the yields are giving us very good opportunity of the ULIPs going forward.

It would be ICICI Pru, SBI Life, HDFC Standard which we are very-very bullish. On the mutual funds, I would reserve my comments on anything but like I said we think the longer run these two industries are going to be huge wealth creators and huge, the subscription levels, volume levels will be very-very high going into the next few years.