Buy the story? Surely not

Some days ago, small-cap equity investing suffered one of its periodic hiccups. Small-caps fell sharply and then regained most of the ground over a couple of days. Why? No one knows but as is the norm nowadays, there were plenty of people who pretended to know. There were theories about a statement that Minister Gadkari made about the de-dieselisation of the auto industry and some others about someone in a foreign brokerage being caught out for large-scale front-running. Basically, any news that was there was connected as the cause of the small-cap crash. A day or so later it was all forgotten as normal programming was resumed. In fact, the entire episode was normal programming. For those complaining about small-cap volatility, this is normal. We can go into the reasons later, but this is actually desirable. Let's take an unbiased view of what's going on here. Small-cap investing epitomises the essence of stock investing. While this sounds like a provocati