Thanks for the interesting read @Remorhaz.

My take is that it's a funds manager talking their book, as an independent investor I don't have the issues a funds manager has investing in small caps (relative liquidity). Also his definition of small caps at ASX300 excluding ASX100 creates issues around index adjustments for those holding long term companies from when they are small (this issue is flagged but dismissed - unreasonably I believe). As an independent investor I can also look at what he would define as "Micro cap" being under ASX300, something he can't due to portfolio size relative to the companies.

Totally agree with the assertion that small caps are more volatile, but even his only cited data on small cap managers has them performing better than the small cap index. Note he does not mention that most managers in Mid-Large cap indexes underperform!

Dam lies and statistics :)

Have a good weekend all.