People are telling you that oh, look, midcaps have fallen - this is why you should buy quality. But it's not apparent why quality means paying 50+ p/e ratios for FMCG companies growing at 11%.
If you're in the game for the next few days, sure, buy whatever people call as quality. But real quality lies is sustainable growth, and many of these "quality" names will fall by the wayside when it comes to that.
It is true, however, that midcaps and smallcaps have been overvalued. And in the process of a fall, even the good ones will take a beating. The idea of overpaying for growth will not always hold, but at the same time, there is the idea of underpaying because of fear.
