The world remains in a low growth environment. Revenue growth is difficult to come by, the bulk of the heavy lifting on cost out appears to be behind us and levels of investment (which would drive medium-term growth) remain at benign levels. Against this backdrop, we have the continued emergence of competition, who are often leveraging technology to compete more aggressively with large incumbents. This environment highlights the attractiveness of a diversified portfolio of microcap stocks for investors seeking long-term capital growth. In the full post below, we look at some of the winners and losers from this sector.