In the April 2022-September 2024 bull market, every management appeared capable. Margins expanded, working capital looked manageable, capital was available, and the street was more than eager to pay. But such phases hide many weaknesses. And it is only in a difficult market (we are not using the word bearish), that the difference between a promoter who has seen cycles and one who has only seen liquidity becomes visible. A company that has been listed for long, has survived slowdowns, has managed input-cost spikes, and has not destroyed its balance sheet in good times deserves to be looked at differently from a company whose only talking point is recent growth.