New Delhi, Oct. 20 -- While investors appear baffled by the record-setting rally in the US stock market, Shankar Sharma, ace investor and the founder of GQuant, an AI-tech company, points out what most people are missing - the underperformance of US equities compared to global markets when measured in euro terms.

In an exclusive interview with Mint's Nishant Kumar, Shankar Sharma decodes the so-called rally in the US stock market. He also shares his outlook on the Indian stock market for Samvat 2082, Trump's tariffs, and gold. Here are edited excerpts from the interview:

The beauty of the market is that it hides more than it reveals.

The US market is making highs, but is it actually making these highs in another major currency, for exa...