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Most equity market aficionados appreciate that small-cap stocks are more locked into a local economy and the economic cycle than your average blue-chip stock. So, with economies recovering post-Covid and SA’s prospects improving from "bad" to "less bad", are small caps an opportunity?

The focus of many financial researchers over the past half-century has been to torture "factors" until they confess, so rendering the efficient market hypothesis invalid. I expect that in the long term they will render equity markets efficient as a result of their efforts, but for now markets remain profitably messy...

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