I’ve been covering small-to mid-cap stocks for nearly 40 years. They say the market is efficient and the market knows everything. But even in 2020, as it was when I started analysing stock in the 1980s, the market does not know everything. It misses much, which is why an analyst has to be much more of a detective with smaller stocks.The market is also impatient. Here are some insights to these comments and how private investors with some basic investigative work and patience can often outgun the big boys.Popular private client micro-cap stock Ascendis is one such stock. This R295m heavily indebted health-care and pharmaceutical stock is barely followed. Whenever I comment on my Twitter page on it I get hordes of queries.In year-end results to September the year-on-year losses fell from 99.9c a share to a loss of 6c a share. It will move back into positive earnings in financial 2021.The market wanted more despite the sharp reduction in normalised losses. The share price declined 20% ...

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