Valuations pose short-term risk despite strong long-term outlook: Sandip Sabharwal

​If the overall stock market growth moderates or there is some correction, etc, or the AUM growth for let us AMCs slows down somewhat, the leverage works actually inversely also. So, at this point of time, most of the market-linked sort of ancillary companies, like you said, seem to have factored in a great amount of positivity and the valuations also reflect that.