New Delhi, Dec. 25 -- The founder and CEO of Capitalmind, Deepak Shenoy, believes that every fall in the market is an opportunity to buy. However, he remains wary of the highly overvalued FMCG companies. Shenoy believes that a company should grow at 20% on average to command good valuations. Meanwhile, he remains bullish on AI, semiconductor and defence themes for 2026. Edited excerpts:

There have been a lot of periods of big growth and then small. To give an example, in 2022 and 2016, returns were less than 5%. There has been a steady performance this year. So, unless you have an event that takes liquidity away, markets don't go down. And we've had very good liquidity in the last uh 10 years. We have not been seriously affected by a lot...