During bull-run any investor can do well, but what separates the intelligent investors from the rest is the ability to minimize loss during market meltdown. Retail investors tend to go for “loan against shares” during bull-run. After 1-2 years of good return, you start believing that you have mastered the game and then market will teach you a lesson. Leveraged position can even create bankrupt situation during market fall. So it is always better for retail investors to avoid the same.
