When mid-caps were rising, every concern on valuation was treated as unnecessary caution. Investors who advised patience were told they were missing the action. Now that the same mid-caps are falling, everything about them is seen as bad. Go back in history and you will realise that these are cycles that repeat every few years. The only difference: Every time, it is a new set of investors who learn their lesson. This time, it is the turn of those who entered the market post-Covid to realise that there is something called a bear market. And that it can be really painful.