PT  - JOURNAL ARTICLE
AU  - Frank J. Travers
TI  - Are Micro-Cap Stocks a Valid Asset Allocation Alternative?
DP  - 2003 Mar 20
TA  - Special Issues
PG  - 39--50
VI  - 2003
IP  - 1
4099  - https://pm-research.com/content/2003/1/39.short
4100  - https://pm-research.com/content/2003/1/39.full
AB  - It is a well-known maxim in the investment business that inefficiency breeds opportunity. While the U.S. equity market is the most efficient in the world, micro-caps represent perhaps the only realistic exception to that rule. In many respects, the micro-cap portion of the U.S. equity market is the Wild West of the investment landscape. This universe is by far the largest and arguably the most dynamic component of the U.S. equity market, yet it receives very little attention from institutional investors. This lack of attention is key to the sector's attractiveness. Highly illiquid and volatile, however, micro-caps are not for the fainthearted.