The cliché of a ‘foolish’ retail investor is one who gets excited by bull markets and buy stocks at higher and higher prices. He then regrets his actions when markets start falling, often selling shares at losses or exiting the stock market completely. The reality of retail investors in India is different. Retail investors get attracted to falling stocks rather than rising ones and accumulate more of these as their prices fall. This can cause them to do badly, even in a bull market.