Small Caps – Anchors aweigh

In hindsight it has been nirvana for the unsophisticated investor. Those that piled into IPOs and technology stocks in the last few years were unduly rewarded with spectacular returns. Those more discerning who avoided the speculative fervour, have been figuratively buried owning miners and unfashionable industrial companies. We feel the Australian share market is entering a treacherous period. Market participants are very complacent after a multi-year bull market for which it has been easy to ride themes and momentum with little rigour in the interpretation of financial statements. You can read further at "Small Talk: Anchors aweigh” (VIEW LINK)