Investor focus is shifting from momentum to valuation and liquidity amid market volatility, according to Quant Mutual Fund CIO Sandeep Tandon. He advises avoiding overvalued quick-commerce stocks, suggesting pharmaceuticals as a strong, long-term 'no-brainer' investment due to limited downside and significant upside potential. Tandon notes that India's market has become more expensive than US or China tech companies due to extraordinary money flow into limited opportunities.