Secrets of Small Cap Value Investing | Kyle Mowery

Forward Guidance

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Timestamps:

(00:00) Introduction

(00:57) The Small Cap Value Universe

(06:58) Why Did The Value Factor Used To Work, And Why Isn't It Working Now?

(11:27) How To Find Great Small Cap Value Stocks

(14:45) Finding Asymmetric Opportunities

(16:18) VanEck Ad

(17:51) Ferroglobe PLC

(20:50) ACV Auctions

(24:52) I Despise Price / Sales Ratio

(27:38) What Makes Some Investments Work, And Others Not Work?

(31:17) Look At Managements' Incentives

(40:54) Banking Stocks

(43:06) Last Time Small Cap Value Stocks Were "All The Rage": Early 2000s

(45:17) Has The Rise Of Passive Flows Distorted The Small Cap World?

(51:13) Markets Are "Broadly Efficient": Some Value Stocks Are Cheap For A Reason

(53:06) How to Avoid "Value Traps"

(58:42) How To Generate Short Ideas

(01:07:00) The Role of Macro

(01:08:37) U.S. Economy Is "Pretty Strong," European Economy Is "In Shambles"

(01:10:51) Calumet Specialty Products

(01:13:33) Inflation Reduction Act (IRA)

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.