Sensex has returned over 75 per cent since the precipitating fall in March last year. This period of abnormal volatility and a devastating pandemic has witnessed opening of over 10 million new demat accounts, spawned fresh millionaires and has created an irrational breed of investors, typical of all bullish periods. The economies that have already witnessed widespread adoption of equity investments have an important lesson for us – it is that stock market is an abode of excesses and anybody who falls prey to it loses money.