Aswath Damodaran On Current Market Value, Netflix, Indian Banks & Flipkart

for the stocks and help you pick the right stock at the right time [Music] [Music] thanks for tuning in to be Hugh conversations our guest today is widely regarded as the guru of valuation across the world and we have him in the Bloomberg twin studios in Mumbai to talk about valuations yes but also about what is view is on certain Indian models themes global issues that surround the investing climate today professor us what damodaran joins me in the studio on the show thank you so much professor thank you so much for joining in today how do you think the mark the investors the world over are valuing markets currently because everybody seems to believe that at certain levels the markets seem or value but everybody also seems to believe that this is probably the best time for earnings growth to pick up across the world with the GDP doing what it is doing markets always have spots that worry you and if you if I when I think about markets the best way I can think of taking your mark of God markets is to think in terms of a triangle there's earnings growth at one corner of the triangle this risk-free rates the second corner and a price for us can equity risk premia turn your best case scenarios you have high earnings growth and low risk-free rates and low risk premiums but you almost never get that so in every period there is this balance of what dominates over the last decade we've gotten used to low risk-free rates and low growth that's been the driving force for developed markets is the lowest free rate low growth scenario I think at least in the u.s. we're approaching a moment of transition and what's causing the transition is actually a good thing which is finally we're leaving that period of low growth low inflation that came out of the 2008 crisis and we're entering or what I think of as a more normal scenario inflation of 2% real growth not not high 2% markets have to get used to that which basically means risk-free rates are going to rise risk premiums are going to have to adjust learnings growth is gonna have to reflect it so what you saw at the start of February in the US was the start of that adjustment it showed up in their inflation announcement and then the markets gonna melt it down I think that's again natural when markets have to transition they don't do it easily so I think we're going to see the stringent transition in developed markets and that transition is going to spill over into merging markets whether you like it or not is it is going to be a you know I said strap on your seat but it's see path it's not going to be good it's not going to be bad it's going to be volatile and that's what we've seen since starter February's updates followed by down days much bigger moves and stocks and we have historically but the last ten years have spoiled us because I think stocks have been abnormally quiet for much of the last decade if you look at the percentage movements it dropped to historic lows and I think what you're seeing is a reversion back to more normal tax interesting since you brought up rates I thought that we will move straight to how do you value different models etc but let me sneak in one more question I was looking at a presentation that you made on YouTube it is a presentation that is available on YouTube wherein you're mentioning that interest rates and stock prices looking under the hood the video I don't know if you remember or no but you make a telling statement that interest rates moving up will not necessarily have the impact on equity valuations the way investors think it would yeah can you explain that point because it's fairly it comes from a very static view of the world which is if I hold everything else constant and let interest rates rise of course it's bad for me because it means I have a higher required return a higher discount rate a lower value but in the world in in the world that we live in interest rates never move without a reason when interest rates go up it's for one of three reasons one is that real that inflation is gonna which means interest rates are going up to reflect higher inflation where inflation goes up it's not just interest rates that go up or earnings also go up so the net effect drives that interest rates could also go up because real growth is picked up right so that's it's pushing up interest rates real growth increases but that also means that you now have more growth opportunities so in a sense that trade-off is what determines whether the interest rate effect is going to be positive or negative on the flip side of it for a decade central banks have operating to this delusion that if you lower interest rates economic growth will pick up I mean every central bank has pushed the MU now the way I describe it is it central banks and gone insane they've kept pushing rates lower and lower and they've kept know the definition of insanity is repeating the same thing expecting a different outcome that's exactly what they've done so I think that just looking at interest rates is only a piece of the puzzle you got to look at what causes rates to move and then trace out the effects of that on earnings growth and equity risk premiums and only then can you tell me where the stocks are gonna go up down or stay where they are but you also believe that the Fed in effect is following the market not really leading the market I think we've given the Fed these powers because it makes us feel more more secure it's good it's good to have somebody would think has power to move rates feds don't set interest rates they follow interest rates and what I mean by that is if you look at the only interest rate that at least in the US but if this is true across the world that central bank said it's the overnight banking rate in the Fed in the u.s. if the Fed Funds rate none of us ever borrows of the Fed Funds rate so the effect that the Fed has comes from the perception that it has power rather than its actual power in fact I've described the Fed as the wizard of oz if you remember the movie The Wizard of Oz the Wizard of Oz was viewed as having all these powers when in reality he had none of the powers the feds power comes from the perception that it has powers it's got to be very careful about how it nurtures that perception so it has to act like it sets interest rates even if it doesn't so I'm not saying the Fed doesn't have an effect on rate but we overestimate the impact it has on rates interesting I mean from an Indian perspective the common theory always has been what are the easy to breach the 3% mark and the Fed hikes more than what people anticipate on the impact on money flow etc so and so forth but you know a very interesting piece that I picked up from one of the things that you've done very recently professor is align that when you say that a good valuation is more about the story than the numbers now India very peculiarly has had some very good stories and had had some in the recent past some very poor stories as well how do you value stories which are looking doubtful right now I mean banks for example are a case in point Indian banks how would you if you have a thought here how would you go out and value some of these Indian banks let's start out with the reality that business stories don't always have happy attics which is some stories are not good and well I mean I mean um you know Butare talk might indeed max let's talk about a company like JCPenney there is no good story I can tell you about JCPenney no story with a happy ending this is a story that's gonna end badly same thing with G this is the Bataan Death March you're watching in slow motion so sometimes you have to accept the fact that when you look at a story the end game might not be a positive one it's not gonna hand with but there are a couple of ways this can play out the first is as that the worst of the bad news is out and that what you're going to see now is an adjustment phase and adjustment phases are never fun because we're a bank an adjustment phase basically means you've got to bring a regulatory capital up and you get get back to hell the key though is to make sure that all the bad news is up my fear with Indian banks is we don't know the full story yet and the problem with telling a story when you don't have all the facts is you go to keep getting hit with more negative surprises and this is exactly what happened across the world with bags after 2008 is people another in fact I wrote a paper in 2000 and on 2009 on valuing backs that I called it breach effect and the reason I said that is until the banking crisis in in the developed markets we entered into a Faustian bargain when it came to Bank we as investors and the Palestine bargain was banks didn't give us much information but we were okay with it because a we assumed that banks were run by sensible people and B we assumed that bank regulators actually did their job and 2008 told me that neither of those assumptions based in reality I found that banks were run among by some of the least sensible people on the face of the earth people driven by inertia and old habits and I also found that regulators were not doing their job job so I said in 2009 that the way I value banks has to change the way I historically valued back through that took ten dividends and I assumed that they were run by sensible people so I could value them based on dividends and I said I can't do that anymore because I don't know whether they're paying what they can afford to and I think Indian investors have to accept that same recognition with Indian banks they have to accept the fact that there's been a breach of faith that they have to therefore do their homework rather than take the numbers at face value you can't just buy a bank because it is a high dividend deal anymore that's an extraordinarily dangerous way to invest in banks if you don't know all the stuff that you need to so I think it just means that investors in Indian banks have to do their due diligence a lot more than they used to because we've had a breach of faith okay that's one end of India wherein there are spaces and things like banks which are eaten down to death there is this other extreme has will be the case in all markets but in India for example the consumption team where in there is a promise of growth almost price still perpetuating right maybe to a lot of people stocks are running ahead of themselves I mean what's at play here because I remember again a piece that you had spoken about in one of the lectures that you know a lot of people follow this theme of they must know something that we don't or that I don't or maybe there are lemmings that play here or something very very famously that you said as well I mean would that be happening in spaces like I I think there is what I call a big market delusion it's a it's it's always been around big market delusion arises when you have a big market drawing a lot of comparators into the market nears what tends to happen we take each player in isolation we think about the value of that player in a big market not surprising it with a consumer product company in India China so there's a huge market here and therefore the company must be worth a lot that's the logic and the logic makes sense the only promise we are telling the same story for 200 companies in the same market you have a problem which is all these companies cannot coexist so I think the problem in India is not that every company in this space is overvalued but collectively there's going to be an over valuation because the big market delusion is kind of kicking in it's a feature not about it's a nature of markets gonna get over optimistic and the people who complain about it my responses would you want to live in a world run by actuaries because we live in a world run by actuaries where everything was based on expectations we would never invest we've never come out of caves with actuaries around the work this is the way markets work they overshoot and then there will be a correction when that correction happens we've just got to pick up the pieces and move forward again so it is so you could predict that there will be a correction and you can predict it you know fairly safely because there's always a correction but in big markets like that that correction is almost built into the model it will happen and then we will learn and we will move on and that's part of the way markets mature it didn't quite happen during the fang stocks did it professor I mean people started pricing them much higher I believe and now a lot of people seem to be very very skeptical about the kind of feature that exists well the Frank stocks have a couple of things that had they had going for them that in hindsight you can look back and said those because remember these stocks became the fang stocks because it was so successful this is selection bias if I went back ten years and picked for companies and might not have been these flag stocks that I picked as the stars for the next decade here are the common characteristics of the Franks talk so first is they found a way to keep scaling up when scaling up seems difficult in fact the normal rule is as you get bigger it should get more difficult to grow these companies have found a way to keep growing even as they get bigger and part of the reason they've been able to do it is they they've not just disrupted the businesses they've gone into they actually increased the size of the businesses they've gone into and claimed the largest slice of that pie for themselves online advertising is about 25 percent bigger as a business because of what Facebook and Google have done in the business then it was before they entered they've actually increased the size of the advertising business but bringing in people into the business who never used to advertise smaller advertisers and at the same time they've changed the way the business is structured to actually get a bigger slice so increasing the size of business and getting a bigger slice is how they've been able to increase revenues as they've drawn and here's the final piece these companies are all run by CEOs founders who've let their who essentially had a vision about the company that they plan to push through so those are the common features that these fair and those are uncommon across companies so when I look at the bank stocks I'm looking at a phenomenon that is unlikely to get repeated going forward the next decade so I can't pick the next four bank stocks because that's a recipe for disaster I can look back at 20 28 at the at the stocks that will like the Franks talk between but I don't know what those four will be so I'm not sure the next decade is going to belong to the facts over the last decade clearly debt did okay but how would you change your valuation methods professor for these companies which as you said have grown large but have found a way to increase or enhance their growth prospects as they grew larger there are some parallels not in the same size but some parallels that we have I'm sure within all economics that within India as well and wherein we are seeing examples of companies which were large and Heathrow to were trading at expensive valuations but the last couple of years are trading at a premium to valuations which anyway is more expensive because they are finding a way to grow right how do you how do you as an individual shift your valuation methods and I'm just trying to use the Frank stocks there's an example here I think you don't have to shift them you just have to adapt to the world you're red so in a sense when I valued Facebook I did bring in the fact that they found a way to grow and the way they grow actually is by using data that you feed them and it's their business model this is not some data privacy scandal it's their business model you feed them data in return for so for a social media side that you can use for free to reconnect your friends your acquaintances to whoever you want to that's what allows them to grow the what data privacy scandalous created is the potential that that model could break anytime you have a big story driving a big valuation you have to worry about stories changing yes stories breaking and you're worried about in my view didn't break the story it shifted it it changed and it made it a lower margin story so in my valuation of Facebook I brought that all and I brought in lower revenue growth because that's what I think gonna happen much lower margins a 15% drop in module is pretty subtest because I think they're gonna be a higher cost and then I value the company with those assumptions built-in and the value that I got was higher than the price so I said I would buy Facebook at the prevailing price and the pushback I got from value investors is why would I ever buy a stock trading at X multiple of earnings which is the traditional old time value investing response to all these companies I think it's a very lazy response to me the essence of value investing is that I want to buy a company at a price lower than its value that's that's my definition if it's a high-growth company that might mean buying the company at 25 times earnings when I think it should be trading at 30 times onyx so my definition of value investing is both broader and more flexible then old-time value investing which says by only eight times earnings companies because the world is shrinking for those people they're increasingly being driven into companies that are actually not good investments that look cheap but actually deserve to be cheap Wow and and therefore not the counter really but the parallel question to that is professor that if there are companies which have been expensive but are growing but and the valuation is sky-high yeah would you be comfortable assigning a premium valuation to them or dueting the market would assign a premium valuation to them which could stay for an extended period because we're seeing examples of that in India I think it can happen I mean I think you know from a valuation perspective there's no reads unusual so if I saw that on company after company of the company I've got to ask questions about collectively is there a problem but in individual companies it can happen name and those are the companies we write about that cases get written about that end up with CEOs of u2 superstars so there are exceptions rather than rules but I don't want to value a company today to be the next exception so the way I see this is even though I've seen what the fang stocks can do I don't want to take a stock like Nvidia and say this is going to be the next bank stock let me build in the expectation it's going to be the next Facebook and pay for it on that basis because then where's your room for a positive surprise if you value a company to be an exception it if it delivers anything slightly less than exceptional numbers it's a negative got it now I don't know how closely you've looked at Indian companies and therefore I'll just ask two questions into one if you have looked at some Indian company wherein while the valuations may be okay but you just love the way the business is conducted than that and part two of my question is related to one of the Frank's talks because there are Indian derivatives out here which is Netflix you put out a valuation piece as recently as the last 12 or 18 on ours it was fairly intriguing if you can throw some light there I think I mean let me start with the Netflix but I did it after I got in I got into Mumbai at midnight I couldn't go to sleep because I was jet-lagged I'd done a valuation of Netflix on my flight over because there's a long flight and I said okay let me write the blog post and put up the YouTube video on itself Netflix is a fascinating company it's a company that and it's it's a company you know it's the smallest of the talks by far in terms of market gap but it's add as much of an effect on our lives as any of the other three companies because change the way we watch TV I know what binge TV watching was until I learned from Netflix I've been to watch some shows now which I would never have done a decade ago but it's a company that actually has managed to make the expectations game play the way it wants it though though one of the things that they did these companies all share is rather than let the market and analysts and investors set the game for them and they tried to beat that game they've actually set the game in a way that they know they could win the game and Netflix has set up the game in such a way that if it can deliver more users it's it's actually conditioned the market and treated as a web and in a sense it's not that people don't ask questions but it's almost like the user number becomes the dominant number so lost in fact I didn't look at the last earnings report for Netflix which came out of the close of trading yesterday but I looked at it this morning and it did delivered seven and a half million new users which was above expectations and the prices up when a stock was up about 6% but in a sense nobody was asking questions about content costs and churn rates and the kinds of things that are actually the troubling parts of the Netflix story and this is that company that spends nine billion dollars in content and if it keeps doing that it's going to go bankrupt but by changing the way the game is played it's made it more likely that can win the game of the market the danger though is in the process of winning the game of the market it might actually destroy itself as a business because you got learned when you play this expectations game that if you're playing the game and doing things that are bad for you as a company in the long term it's going to come back sooner or later to haunt you so I hope the Netflix management recognizes how important it is to bring content costs under control because to me that's the value driver for Netflix in fact there's a general proposition whenever I look at a company I think about the one number for that company I want to track that company with Facebook it's going to be it's all pretty much because of costs are going to go up at Google it's going to be revenue growth with Netflix it is going to be content costs how well they can control that content cause is going to determine for me whether Netflix is worth 250 dollars per share or Nothing per share because they don't keep content costs under control there was nothing but if they can keep it at growing at to 3% they were 250 dollars per share so the range of values you get that comes from the content cost issue so that's my so that's the storytelling component to me is what allows me to keep my inputs kind of hanging together rather than treat each input as a separate number and when I look at really successful Indian companies that's what I'm looking for I mean I rebellion britannia foods is one of the companies is as part of this expedition and i don't know if you look at britannia foods in 1993 and you can see how a management team can change the way a company's proceed how its write the results it delivers stories matter and the way you frame a story for a company can make a big difference in how that company's perceived and how it gets priced so which is actually which was the question that I was trying to ask you earlier Britannia is probably an example there are a couple of other examples are Hindustan Unilever which traditionally used to create at 40 45 times P loosely using the multiple the last one one and a half years they've been trading at 55 times and the market doesn't bat an eyelid before giving them their evaluations is it because of the perception of higher continuous growth I think it's a momentum effect which in pricing is is a really strong factor I think the fact that these companies have been able to deliver good results for a long period as meant that people are building and it's almost like an Excel spreadsheet where you take the growth rate for the last five years and you just project it out the danger here is I think for instance the Britannia story is kind of run its course it's been a great story but it's a story that's kind of reaching the end of its glory face for Britannia to be as good an investment over the next decade as it was over the last 20 years it's in a sense got to either come up with a new story or refine the existing one so if I'm watching Britannia I'm looking for what else is changing in the company because it's you can you can live off a story for only so long before the basics of the story start to change on you and my view the basics are starting to kind of know the story it's kind of it's not a bad story but it's not the kind of story good that's gonna deliver the returns for the next decade that it did for the last one okay part two of my question on the Netflix bit was do you think that other companies regional companies in this space I don't know if you have a view here I'm just right who cares and how would you value some of these because there is the behemoth like Netflix maybe Amazon Prime throw in a YouTube a couple of others maybe your hot star in India and battling all of them are some of the younger regional content plays which are trying to do the same thing which is live streaming and app and people connect out there I mean one is there up is that a futile fight to mattify necessarily if you're not a me-too kind of company if you take what Netflix doesn't just replicate an idiot would it fail yeah so you got to do what Alibaba death in 2003 Alibaba 2003 was a small player in the Chinese market it looked like it was gonna get drowned out by PayPal and Amazon that I just commit so what Alibaba did was it created it's an online advertising company but in a sense it created a business that was tailored the Chinese consumer in fact the best description I've ever heard of Alibaba was the Economist describing it as an online bazaar and if you think about the bazaar it's all chaos and in fact I tell people to first look at the Google search site and then look at an Alibaba site and you see the contracts Google you've got that one box it's simple so if you are a west designer in the west for a website you have to keep it simple don't distract people but the essence of shopping in Asia is you want chaos you used to chaos used to three shopkeepers yelling at you I think we do what taking a 10% list and Alibaba in a sense took that knowledge they had of China and they built it into the business model so if you're an Indian company trying to compete with an Amazon or a Netflix a way to do it is to take your superior knowledge of local you know the way things are done in India and build it into your business model and make it a deliberate part of your model and perhaps this way the problem with not with with Amazon being your competition is I've Karl or Amazon a Field of Dreams company which is hey if you build it they will come is they have incredible patience and lots of capital true and your problem it's not just Indian companies or your prom of you if you're competing with Amazon no matter where you are in the world is they will outlast you so if you go head-to-head against Amazon you are going to lose so what you got to figure out is rather than go to head-to-head you got to figure out those portions of the market where you can create a niche for yourself where you can go back to which is where you go back to your capital your profits because we don't have that you're exposed yeah and I think Flipkart is is clearly a company where the Walmart acquisition is going to give them a second life because head-to-head Flipkart had no chance against Amazon over time Amazon would've outlasted them yeah true the the last piece of that question would be Professor if indeed these companies will be able to get a slightly premium valuation and the reason again I'm asking this is I mean not really from a perspective of Flipkart versus Amazon because they were large players but there are small budding businesses in this streaming business for example you know why they get no they will get a premium is because P building in the expectations that somebody would buy them precisely so there's a knack because in a sense if you want to end to the the Indian market quickly it's easier to buy an existing player and I'll make a prediction the premium will be larger than the more regulated spaces of the market because then you're essentially buying a local players already figured out because the problem that that non-us companies have and I mean non-indian companies have been coming into India is they wonder whether they'll make it through the thicket of bureaucracy that you need to succeed here so they want a local player who can lead them through the process and they're willing to pay a premium for that and that effectively means that premium is gonna get transmitted into the stock prices see for these companies because investors are building in that premium ok the last couple of questions professor firstly a piece the gang in you wrote which is about capital allocation across the world and I believe that you mentioned that Indian companies over the last 12 to 18 odd months have now started catching up in in some way to buybacks or pay back of cash that they have it's a very small percentage of Indian companies which have that cash to give back right IT companies probably feature in that list as well but in the same breath I believe you have mentioned in the past that Indian IT seems to be aging yeah our dying whichever way you well I think aging is a nicer way to put because they're not dying there's still profitable companies they're not it's they're not JCPenney oh gee those are dying companies like companies where the days are in a sale you're marking time I mean Infosys is not going to go away but in a sense it's gotta learn to live with the new reality which is it's a mature company it's going to behave like a mature company it's got to be okay with the fact that growth might be single digits rather than double digits what gets companies like Infosys into trouble is they try to go back to being growth companies because then bang you're gonna find an ecosystem if people will help you on that path right bankers consultants because they're going to collect off your acquisitions from you I mean I I essentially in the analogy I offer is it's like a 65 we're all trying to look like a 35 year old you're going to find the plastic surgeon said I'll do some plastic surgery on you but then gravity works wonders so I think that big tech companies in India have had a good run so in a sense rather than complain about the fact that they've become mature companies you got to celebrate the run they've had to get to where they are but their business model is reaching again the end of its glory days sure outsourcing had its benefits because you had a significant cost advantage from operating in India one of the byproducts of Indian middle-class incomes going up is that cost advantages become smaller and the fact that we've mechanized so much of the process has also meant that that cost advantage is dissipating around the world and that effectively also means it's cutting at the heart of the business models for outsourcing companies so I'm not surprised that growth has dropped off could they reinvent themselves yes but to reinvent yourself it's not just entering a new business and giving yourself a new name you've got to rethink the culture of these companies the way they think through Prague the way they take projects and I'm not sure these companies will be able to do it easily some of them will some of them will not but large divide large it's really difficult to do in that vein then professor dude does the average multiple whichever multiple we look at do you think that steadily comes off over time it does but that doesn't mean the price has to come down right because of the earnings so you might actually have a period of only 6% price appreciation with 12% earnings growth and over time you're multiples will end but but but that should be expecting your multiples of earnings at which you've traded but and they've already come down if you look at the history of these companies you're on a relative basis you don't notice it as much because the market overall has gone up but on a relative basis these companies are much less highly priced than they used to be 10 years ago 20 years ago so markets not being unrealistic if you look at a net relative p/e basis okay my final question professor we've spoken about markets by and large one asset class wherein you've dwelled a lot now crypto India has its fair share of issues surrounding this space as well but you know again I'm just borrowing a line professor you've mentioned in the past that simplicity at the of valuation if there is one thing that the cryptocurrencies are they are not simple how are you valuing them they're simple if you think about what you use them for they become complex if you get too caught up in the mining and the blockchain I think if you think of them as currencies you have a much simpler mechanism for asking the question should bit going to be what 6,000 about what makes for a good currency a good currency has two features one is it's a medium of exchange you walk out today with the currency you should be able to buy your lunch and get your coffee and get a cab so basically it's a medium of mixing the other is it's the store about which is if you put the currency in your pocket and you forget about for a year at the end of the year when you put it out it shouldn't have lost half its that true the Swiss franc is a great currency if I put a hundred Swiss francs in my pocket not only can i buy stuff in switzerland but if i go and do not just the rest of europe all over the world it's easily convertible so swiss franc is a great cards if the US dollar is a great card see the indian rupee is a good currency but not a great one because if I leave Mumbai Airport with a thousand rupees in my pocket it stays in my father I can't use it as a medium of exchange true hey the swiss franc is also great currency because if i put 100 sua strikes in my pocket and i pull it out a year from now it by it's almost exact because there's almost no inflation right so when I look at a currency I ask is it a good medium of exchange is a good store of that and this is where I find the cryptocurrency started to break down if I put a hundred Bitcoin in a pocket a 10 Bitcoin a 1 Bitcoin or whatever bit cash into my pocket and I leave my house with just that in my pocket my guess is I'm gonna end up the day hungry and thirsty because I'm not going to be able to buy my lunch it's not like I could it's not a great medium of exchange true and it's not a great medium of exchange because what's made it so attractive to speculators makes it a very unattractive currency right think like a shopkeeper right sure do you want to put up prices in Bitcoin think of how many times during the course of the day left R&R to change those prices it's extraordinarily water which is not a great feature for a currency it's a great feature of a speculative investment but not for a currency and it's not a great store of value because I'm not sure that ten years from now if I put Bitcoin in my pocket and I take it out that anybody will take it so it's failing as a currency succeeding as a speculative investment that said I don't buy into the Jamie Dimon argument that this is nothing this is a fad there is something that there is something real happening I think there will be a digital currency ten year from now or ten years from now I'm not sure whether it's going to be any of the currencies you see out there and there's gonna be a digital currency that is going to pass the test of is it good is it good as a medium because it's going to be designed as a currency not as a speculative investment Hey the Pramod cryptocurrencies is they've become such peclet of investments that what makes them attractive a speculative investments is making them offer currencies so people who are Bitcoin proponents have to make at the mind do they want Bitcoin to be a currency or do they want to make a thousand percent return in Bitcoin because those two objectives can't coexist in the same world interesting thoughts professor thank you so much for taking the time out and speaking to us at Bloomberg Quinten why it's a pleasure having you thank you thanks much for joining giver and viewers thanks for tuning in to be cue conversations [Music]

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Keywords: Bloomberg, BloombergQuint, Business, India, News, Aswath Damodaran, BQ Conversations, NYU, Niraj Shah, Market Value, Netflix, Indian Banks, Flipkart, Bloomberg Quint, Busniess news, Financial news, Stock market, BQ, Economy News, Indian stock market, equity news

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Length: 34min 6sec (2046 seconds)

Published: Tue Apr 17 2018