QuestionLooking at the valuation compression across the market, are we entering a phase where largecaps are the place to bet on in a big way, given the significant valuation divergence?Answer:Yes, of course. That would be one place. The large-cap space itself has come down to around 17.5 times, which is historically among the lowest multiples we have seen. Nothing stops the market from going to those levels. Way back in 2003, 2004 and 2005, it used to be 12-13 times. If conditions are challenging, nothing stops the market from going there again. At that time, there were events such as…