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The financial markets have had to deal with a close succession of extraordinary events in recent years. We want to give our view on central questions investors are asking us frequently.

It is often said that expansionary phases never die of natural causes, but are always gunned down by the central bank. Indeed, there comes a point in any recovery where signs of overheating multiply.

It is well established by financial theory (Fama & French) and empirical observations that, over a long period, European small caps have consistently outperformed large ones.