Legg Mason's Hench: Is there still value in US small caps?
GDP growth has been sluggish, so there has been a premium for companies that have improved margins in the US, expanded their business, spun off non-performing assets or segments, cut costs, etc, while still operating at a high level.
These kinds of moves have captured a lot of attention from investors because of the current slow-growth environment. Based on this, we have moved away from a few of the industries that were a major...
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