Let me stay a while on the asymmetry of risk and reward. India is a country where the regulatory assumptions and environment changes very dramatically. This can fundamentally change the valuation or earnings power of the business. If you go back five years ago, we were buying private sector banks. It was very clear that there was going to be a fundamental shift in market share from public sector to private sector banks. You had an economy where nominal GDP was growing at 13-14%. You had the banking system growing at 16-17%. There was no rocket science, it was clearly going to happen and the market eventually valued in the assumption.

And sometimes it is a simple normalisation trade. We bought a co