James Kieffer

You can usually only pay an undemanding price when there’s fear or uncertainty associated with a name. That can result from a variety of things: when companies are restructuring, acquiring or divesting; when a turnaround is necessary, either company-specific or in the industry; or when there’s been a big operating disappointment of some kind. The [...]

James Kieffer

The information-inefficiency tale commonly told about the small-cap universe is over-hyped. In a diversified institutional portfolio, with 50-plus names, you’re deluding yourself if you think you can have some unique inside scoop on more than a handful of the names you own. That’s all the more true in recent years, with all the concentrated hedge [...]