The catalysts we look for can be company-specific or more macro. It could be any number of things new management, a reorganization, buying back stock, a new product launch, the resolution of litigation. It could also be a call on a specific sector turning up. We're just trying to push back against the natural propensity [...]

The most important change in the business over the past 40 years is probably investors’ time horizons. Today the majority of investors Ben Graham would call them speculators are focused so closely on this week, this month and this quarter. Did this company meet the estimates or did that one meet its guidance? Stocks are [...]

Maybe the biggest reason small companies outperform is just their entrepreneurial nature. We're almost always more comfortable investing behind management with significant ownership in the business than in big companies where that's rarely the case.