1992 to —
1) Market won’t let you survive. If it does, the fellow investors will ensure that you wrap up everything for safety. No one has every archived anything worthwhile playing safe.

2) Everyone would wait for clarity but once clarity emerges bhaav bhi clarity ke honge. https://twitter.com/nigel__dsouza/status/1245579208056647682

3) Someone who’s lost 40% will be happy because someone else is down 41%. Someone who couldn’t anything will be pleased just because his neighbour is down 40% on. 50x. That’s still 30x from the bottom. The public finds great satisfaction in seeing everyone else lose.

4) The research houses, brokerages, fund managers & the public will either buy stocks that won’t go up at all on recovery or they will remain in cash.Just as stocks don’t get converted into cash at the top cash doesn’t get converted into stocks - at the bottom. That’s a classic.

5) No one remembers the crash as much as the ones who are forced to leave the market. And there will be many. The market just won’t let you survive. It’s like catching a 8.00 am Mumbai local fast from Andheri to Church-Gate. You will have to hang around but it won’t be easy.

6) New set of investors replace the old and the game continues. Most will substitute their lack of holding power by talking discussing conspiracy theories, blaming the broker, friend, media or fund manger. Anyone - just to relive the pain of losing. It feels better that way :-)

7) The common cliche is every bull market finds its own leader but just because a stock is down doesn’t mean it will remain that way. Growth decides leadership and if the growth is a one or two quarter phenomenon the market will shrug off the event and move ahead.

The fall and the rise will both be swift. Markets discounts decades not quarters.The prices will never come back - depending on what stocks you are looking at. Every retailer wouid like to own a piece of the pie & unless the retailer gets sucked in the stock ‘wouldn’t’ hit a top.

8) How many bought Infy and Wipro before 2000? How many bought Pantaloon, Bharti and Unitech before 2008; how many bought Page; Gruh, Eicher and Sun before 2015? Most buy after a top is made and the top will not be made till most of the participants buy it or get positive on it.

The leadership doesn’t change till there is a permanent destruction to growth. And most wont know if the destruction is permanent or transient. It will be answered only in time.

It’s isn’t easy and maybe that’s why everyone cannot get rich at the same time.