Agree on valuation but not on peanuts … There is nothing like peanut or cover … Cost of Capital for everyone remains same.
I am sure people who invested in the business would have their own logic and rationale and so do premji.
NBFC due to IL&FS and AMC due to SEBI TER reduction would be under shadow and would linger for a while.
CURRENTLY … on Valuation at PE level its expensive but SOTP is fair.
The business has a runway and 10 year from now would be bigger and better where it is now and that assumption so far holds true. (Obviously subject to timely monitoring of business)
Rest market is there to serve us and not to instruct us 
… (Graham)