Prateek Agarwal discusses the period of mid 20s growth in index earnings and advises looking at that period for knowledge. He mentions the structural shift in the equity market due to increasing per capita income. He also talks about the potential improvement in valuations of PSU stocks. Regarding Paytm, he highlights the lesson of avoiding businesses with strong regulatory oversight. Prateek shares his thoughts on the private banking space and the impact of interest rates on bank NIMs. He suggests booking profits in overheated sectors like railways, defence, and real estate due to over-exuberance.