The highs of 2008 is history now and current market level has surpassed previous high by margins. At time, when the overall market is at all time high all attention is heeded to the winners of the current bull run we also looked the other aspects. We looked at the companies which were large cap companies in the high of 2008 but now have turned into a small cap despite the highest market level.
Not surprisingly all the companies are infrastructure companies which shows how mad the market went about this sector in 2008. Looking at the current and 2008 valuation level in terms of price to earnings and price to book one can easily quantify this level of madness.
At Value Research we have a dynamic process to determine the capitalisation rank of a company. The companies which represents top 70 per cent of the total market capitalisation are large cap, the next 20 per cent are mid cap and the bottom 10 per cent are labelled as small cap. The cut-off changes as per overall market and therefore to moving from large cap to small cap or vice versa means an extra ordinary movement defying the market direction.
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