Alok Agarwal, Head of Quant and Fund Manager at Alchemy Capital Management, argues that India's underperformance over the past year has already priced in most of the bad news — and that the risk-reward is now firmly in favour of long-term investors. With Brent crude hitting $125 and foreign institutional investors having offloaded over $20 billion worth of Indian equities this year alone, the mood on Dalal Street is cautious. But Agarwal sees the pessimism itself as the opportunity — and has a clear playbook for where to deploy capital right now.