Clues and commentaries on the global prospects for stocks, bonds and alternatives.
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Positioning for a Normalizing Economy
Royce & Associates | January 5,2015

Chuck Royce shares his thoughts on the small-cap equity market

  • Small caps underperformed large caps in 2014
  • We will continue to look for what our analyses tell us are high-quality companies that are temporarily out of favor and attractively discounted
  • Valuations seem pretty reasonable, if not attractive in certain areas, if you believe, as we do, that the economy is going to keep growing, that credit spreads will continue to expand, and that a more robust CAPEX cycle is in the offing
  • The ripple effects of falling oil prices run wide, but we remain bullish on the long-term prospects for Energy
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