Jonathan Schiessl sold L&T and took the money out of India. Here's why

economictimes.indiatimes.com:

Jonathan Schiessl, Deputy CIO, Westminster Asset Management, says “China looks very cheap compared to India. And some of the other markets in the region, be they developed markets like Japan, look quite attractive as well. I think India will continue to do well. We still very much like India, particularly on the medium to longer term basis. But, yes, in the short term, it has obviously recovered, had a good run, and looks a little bit expensive compared to some other markets.”

PSUs were not the most favoured stocks till about three-odd years back, but in the last three years, the game has completely changed. Some of these stocks are even looking overheated at these levels. Within the PSU pack, do you have any favourites? What do you make of the rally that one is seeing in the government-owned entities?
It is not surprising. Clearly the indices have done pretty well and they were looking fairly good value and under-owned. Personally, we tend to steer away from most of the PSU stocks. We tend to focus on other segments of the market. So it is not a part of the market that we chase. But yes, there are some pretty decent ones out there. Some of the oil and gas ones look quite interesting. But generally speaking, we tend to focus on the private sector rather than public sector stocks.

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I do not know how closely you have been mapping the Indian insurance sector. Not many players are sitting on top. What are your thoughts here?
It is a great sector. Clearly, there is a very