"In Europe if you are an institution or a wealthy individual, your choice is to put money in the banking system. It is not very safe either and you will get zero interest rate."
ET Now: What happens to the equity markets? Do they still stand out on a relative basis as opposed to other emerging markets or do you think they can pick up strength on their own in another quarter or two?
Marc Faber : First of all I would like to say that the Indian markets started to perform well long before Mr Modi was elected. At the end of 2013 the markets already started to rise considerably and this increase in prices has continued. Last year the market was up.
There is difference between various asset classes. In the US we have essentially high valuations by any measurement. In Europe, we have lower valuations and in emerging economies we have the lowest valuations. So from a longer-