Consider the yearly demat addition for the last 20yrs. Stockbroking is as high beta as it can get. When someone asks for my view on the future, I usually ask them for their view on Nifty. The last boom & bust was in 2007-08, took 10 yrs to get back to those numbers. A high beta business is one that has a higher sensitivity to the market (Nifty). If Nifty does well, business outperforms the market by a fair bit, and if Nifty doesn’t, it underperforms the market by a fair bit.

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