Adding to my last comment, Dave. Unfortunately in India, except for the top 20 reputed families with decades of track record of successfully running diverse businesses, the "other" family businesses have been run practically like personal fiefdoms. I have come across $200 million revenue companies being run practically by a single individual, with his family members occupying key positions in management. There is zero corporate governance, siphoning off of funds, transactions being entered into with promoter-owned entities, which are detrimental to the interests of the listed entity, you name it. In the last couple of years, a number of such businesses have been facing crises of investor confidence, and have seen huge erosion in market capitalization. Small/mid caps, which enjoyed an aura once upon a time, have suddenly fallen out of favor with most investors. Which is why, valuations of the remaining (good) companies have gone through the roof.