It’s pouring returns in the small-cap space. What next?

We were recently dwelling on this very interesting dichotomy that we have witnessed in the Indian stock market in the last 15 months or so. The conventional wisdom prevailing last year, in the first quarter, was that the GST was going to drive out the unorganised sectors and all the business would flow into the arms of the organised sectors. And then the pandemic came. And this oversimplified opinion turned into a snowball with everybody saying