Co-CIO Francis Gannon discusses key topics for small-cap investors, including earnings strength, valuations, and the prospects for increased volatility. What is the current state of small-cap stocks? So it’s been a very interesting, I think, first half year in the small-cap market. We’ve seen various highs in the market. We’ve seen pullbacks in the market. The biggest […]
Third Avenue has been busy re-balancing its portfolio of small-cap stocks Marty Whitman’s value philosophy prevails at Third Avenue’s Small-Cap Value Fund Investor Class (MUTF:TVSVX). The three pillars of which are creditworthiness (strong balance sheet), potential to compound book value and growth and opportunity to purchase at a significant discount to net asset value. Although it may […]
Investor appetite for big cap stocks over microcaps has never been greater than I can recall since I began investing over two decades ago. But, I find that some investors too often make the mistake of associating the market cap of a company with the size of its revenue. This stereotype along with others, such […]
You can own several dividend-yielding shares for less than the cost of your phone bill I have a well-deserved reputation as a cheapskate. I brown bag my lunches most days, keep my thermostat at 79 degrees, and — if my wife doesn’t intervene — I’ll generally wear my clothes until they’re moth-eaten and threadbare. I’m […]
Key Takeaways We believe small caps are becoming an increasingly attractive tactical opportunity amid policy skepticism in Washington, D.C. Loss of confidence in policymakers’ ability to achieve tax reform has created an opportunity in small caps, in our view, should a tax deal be reached in Washington, D.C. The potential for the U.S. dollar to […]
While the market takes a summer break, small caps are prepping for fall Accelerating growth is usually the sign that small-cap stocks will take the lead in the markets. While we’re seeing some growth in the economy — recent numbers show the economy grew 2.6% in the last quarter — the growth I’m talking about […]
These 10 stocks don’t just look cheap, they are cheap — and worth a look As we wrote two weeks ago, one of the hardest aspects of value investing is determining which stocks look cheap — and which stocks are actually cheap enough to be worthwhile stocks to buy. Cheap stocks aren’t hard to find, even in […]
Portfolio Manager Chuck Royce (CR) and Co-CIO Francis Gannon (FG) look at both 2Q17 and the year’s first half and see a consolidating asset class ready to make its next move up. What is your take on small-caps in the first half of 2017? Were you surprised that growth outpaced value? CR Coming into this year, we absolutely […]
There are so many game-changers on the horizon that sometimes it’s difficult to keep up. Artificial intelligence. Self-driving cars. Virtual reality. Breakthroughs in energy storage. All of these can upend the status quo and change our daily lives for the better. But cannabis, the plant from which marijuana is derived, is in a class by […]
Companies may be able to survive a bad CEO, but rarely do they thrive under one. It’s crucial, therefore, that before you invest your money in a company, you take a long look at the person who is running it. Outlined below are the various ways in which a bad CEO could end up costing you […]
President Trump’s relationship with the Kremlin makes Russian stocks uneasy On Nov. 9, 2016, Russian stocks became no-brainer investments. Throughout the campaign trail, then-real estate mogul and reality TV star Donald Trump promised a friendly posture to Russia. On more than one occasion, Trump praised Russian President Vladimir Putin for being strong and smart. For […]
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