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Coming across posts where people are comparing Smallcap index levels from 4 years back and complaining about the lack of returns..My limited understanding here is that this is a classic case of missing the forest for the trees..(1/n)
th fact is that the small cap index is still 25% above Demon levels and still more than 2.5x the low made pre-Modi in 2013..thats still around 13-14% CAGR Cross cycle.. 
Coming down to specific stocks..case in point DHFL..After a >90% drawdown from peak, the stock is only now coming back to its 2013 levels (after the community at large now discarding it as bankrupt..)
Maruti..amidst all this hoophala of a slowdown in sales etc etc is still 4.5x higher than what it was in 2013.
I can keep going on and on about such cases but the long short of this is that even though sentiment levels are near 2013 lows, stock prices clearly arent...END
