given what we have seen this year what does 2023 bring in terms of opportunities and industry groups in the like praveen like anywhere else in the world 2022 has been a year of value stocks and in india we have seen the rotation from growth to value plus the outlier and impact of high commodity prices and oil prices as a result of the ukraine invasion this has not been a year for quality stocks we think going into 2023 there is going to be a mean reversion and highquality businesses which are consistent cash flow generating which demonstrate growth they will come at the top in the next year that is our outlook rishaad that brings me to what has been happening this year we have seen things that would otherwise go into chinese equities and assets find themselves going towards india is that trend continue in your view given that valuations seem pretty rich with regards to indian companies that is something historic where is the value than in doing that and are you inspecting more foreign flows praveen money that was originally destined for china which has been diverted to india is largely in the private markets so that is foreign direct investment in the public markets this year 2022 india has actually had a net negative flow from foreign investors foreign investors which are prone to market timing and risk aversion on account of global factors have stayed away from indian equity markets it is primarily on account of domestic investors where the indian market has reached this stratospheric level foreign investors really  haslinda i want to highlight what the regulator said buybacks will be phased out from 2025 why do you think that is so and how will that impact market sentiment praveen so just like we have seen the tech stocks in the us and elsewhere do massive buybacks support of stock price we had a spate of buybacks in india and particularly in the open market for which is against the other format there have instances where the regulator believes that there has been some misuse of that window because there is no clarity on the amount in the price the amount of buyback and the price that promoters will use which somehow puts it  it marginalizes smaller investors who do not participate to remove that propensity for misuse of the regular has taken the decision to make a more level playing field which i think is a great thing in the long run haslinda how about the debt or get is it looking  debt market is it looking good at all praveen gradually we have seen historically when any country has adopted insolvency bankruptcy room bonds we have seen brazil and mexico and the uk the next five to 10 years after such a refund the domestic market takes off historically you are a promoter in india the only options for seeking capital where the banking system or equity markets  but now increasingly we are seeing a lot more promoters coming to the fixed income or gets but of course rates are right now at a high it will be cyclical but on the average we find that markets are looking a lot more lucrative haslinda have you been buying and if not yet what would make you do that praveen indian bonds are a very sick of can portion of pension fund holding in fact come of all the pension funds in india most about 90 is held in government bonds and only 10 in passive equities so there is a large domestic natural demand for indian bonds which is perhaps one of the reasons why is a government india is not that eager for inclusion in global bond indices for diversifying its sources of capital because it  s a mess to market has such a high demand for bonds rishaad what are the sectors you are looking at next year the reason i ask is do you look at some of those that have been performing badly thus far this year and do they come back praveen so we believe in businesses that have very strong pricing power high cash flow generation equity like 20 or 25 this kind of company you don  t have to time the market it is not so much a function of trying to identify the market bottom in order to enter again these are the kind of businesses that over a full business cycle will generate shareholder wealth and compounding businesses you could call it the charlie munger way of investing such businesses are evergreen rishaad certainly evergreen but are you looking at all of these how can i say it services companies that have been pummeled with 45 this year like tcs down along with infosys here are these presented now a value proposition praveen a time there has been a crisis globally a sentiment has been that it companies which largely derive their income from global clients these will do poorly but coming out of the crisis the recognition is that global companies and you could take any industry literally they need to contain their margins and they resort to off shoring increasing the business of it services companies in india in order to improve their own bounds sheets and also  their own balance sheets and their own stock prices you can take the tech sector in the us or manufacturing off shoring that increase after the financial crisis after the paper tantrum after the eu crisis it is always at these companies tend to do much better  which is counterintuitive at the time when valuations are being hit yes we do think these companies will come back strongly next year