Estimating Future Profits Is Not Easy At All
One of the research reports I had read, pointed out that the return on equity (RoE) of Indian companies has been at a new low in the past 10 years (http://tinyurl.com/zmzsgtx).   
 
The piece went on to argue that the RoE has ‘bottomed out’, that a rising RoE will temper valuations and, hence, a buy at this juncture is justified.
 
Thus, if our markets are at, say, a...
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