What second-tier football clubs and small-cap stocks have in common
Not every small cap is a giant in waiting — some have a limited total addressable market
Not every small cap is a giant in waiting — some have a limited total addressable market

The record suggests such stocks outperform over the long term

Firms that got in early enough made some quick gains, new arrivals will need to play for longer

Flood of money into evergreen vehicles has meant 7.5% share carved out in fund terms no longer sufficient

Technology-heavy exchange has grappled with rise in volatile trading related to US-listed Chinese companies

Durability of corporate growth and profit margins might outweigh metrics showing the cheapness of a stock

A multitude of choice might not necessarily be a good thing for investors