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Is There an Edge in Small Cap Stocks?
For much of the last century, there was this well-established finding that small cap stocks earned a premium called the small cap premium over the market. That ended around 1981. Since 1981, small cap stocks have earned roughly the same return as large cap stocks in the market. It's gone away. And I think what happened was now you got institutional investment kind of permeating the process. Any potential advantage you thought you might have investing in a small company and now gone,. You got to look elsewhere.