Price to book has been on downward march in last 10 years as well as last 5 years. In 2019 , PB was around 5 which is urrently at 2.75, I think…so after 5 years exit PE may be around 2 or so. This may give Index returns at best. Holding 1 stock vis a vis index for same returns will distort the risk-reward equation.
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