Foreign Institutional Investors (FIIs) have pulled out nearly $20 billion from Indian markets within the first four months of 2023. This trend has been attributed to several factors, including high capital gains taxes introduced in 2018, which have made India less appealing compared to other countries with lower or no such taxes. During a recent event in South Mumbai, a macro investor noted that the lack of significant listed AI companies in India has contributed to this exodus, as capital flows are increasingly directed towards markets benefiting from the AI boom, particularly in Korea and Taiwan. However, data shows that FIIs have also withdrawn significantly from Korea, indicating that the situation is not unique to India. Bertie, a Mumbai-based fund manager, reflects on these insights and draws a parallel between the performance of a young cricketer and market evaluations, suggesting that investors are assessing relative growth and long-term valuations rather than solely focusing on immediate earnings. This nuanced understanding could shed light on the broader dynamics affecting foreign investment in India and beyond.