Last few months have seen the worst declines in Indian Markets since the last 5 years bull run. The indices are down more than 30% from their life high. Worst hit stocks are midcaps which have come down 50% from their peak in January, 2008.

I had built a portfolio of midcap stocks based on value investment criterion, but even it could not save the portfolio from diminishing to half its value.

After watching for 2 months for my portfolio to move up, my patience finally weared off. The entire portfolio moved maximum of 2% to 5% and then swinging back while the markets recovered 10%.