Some of the consumer staple companies hold good promise as raw material price benefits continue. We are bullish on cement, road EPC and BOT, power T&D and defense-related companies, as well. Retail financiers should also outperform their peers, who primarily lend to corporates as the stress level of corporates is not abating yet. Certain pharmaceutical companies are also looking good with the US product pipeline launch perspective over next 3-4 years and price correction related to FDA related issues mostly behind. We live in a world of ever-changing realties, which are impossible to predict, (who could have predicted $35 oil at the start of 2015), but a few companies will be able to continuously create value despite the environment. While the new year is sure to bring surprises, we continue to believe that in 2016 as well, value will be created by paying more attention to strengthening of business models and avoiding companies with history of misallocating capital.