Some of the biggest names on Wall Street all love the same emerging stock market

Since Donald Trump’s victory in November, the US stock market has reached new highs.

But many Wall Streeters think American equities have reached their ceiling.

During the
March meeting of the Federal Open Market Committee, for example, a number of Fed leaders expressed concern about the high-price tag of US equities. Meanwhile, Larry Fink, the head of BlackRock, said in April he thought the markets are “probably higher than they should be.”

The high cost of US stocks has many Wall Streeters looking for more affordable markets with better opportunities for growth. One such market is India.

Indian markets have rallied 17.5% since hitting a low in late November amid concerns about demonetization of the rupee. It is the best-performing major market so far this year, despite analysts warning about lofty valuations.

Taking a longer view, the benchmark Sensex index has rallied over 240% since the 2008 financial crisis. But unlike US markets, which have also climbed, investors think the best is yet to come for Indian markets.

In a recent interview with Indian news channel ET Now, billionaire investor Warren Buffett described India as a “huge, enormous market.” He also said “the potential for India is incredible.”

The Oracle of Omaha added he would “hop on a plane” to India in a moment’s notice for the right investment opportunity. “If you tell me a wonderful company in India that might be available for sale, I’ll be there tomorrow,” he said.

In a recent interview with Business Insider, Martin Gilbert, the head of the UK-based Aberdeen Wealth Management, said India is the best market out of all emerging markets. He told Business Insider, “India quietly grows at 6%, 7%, a year.”

“There’s great companies to invest in, whether that’s HDFC, Unilever Hindustan, ICICI, and then in the bond markets, the dollar-denominated government bonds compare very favourably with developed market bonds,” he added.

Jeff Gundlach, founder and chief executive officer of DoubleLine Capital, named India as his “favourite stock market,” urging investors to look for opportunities in emerging markets and Europe.

“My favourite stock market — India — that I’ve been touting now for years is doing great this year,” Gundlach told CNBC’s Scott Wapner on Fast Money’s Half-Time Report in March.

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