Lately our interest has been piqued by market commentators’ divergent opinions.

For instance: "It is darkest before dawn"; "Small caps are on sale"; "It’s time to ditch SA equity"; "The market is cheap by historical standards" — to name but four. As readers probably know by now, IM has a bias toward small caps — for several reasons. Mainly they are under-researched and have broad appeal among readers (particularly the DIY investor).

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