@madamswerI thought as much.
Your particular selection of small cap stocks in the tech sector seems rather random however.
I can think of a number of:
(A) superior businesses on the quality spectrum in the same space that are moderately priced in tech
(B) better value propositions but more uncertainty on the quality in tech (unless you acquired TNY at the lows in which case it was definitely a much better proposition)
So I am questioning your quality control on both an absolute and relative basis for these particular companies.
Contrary to many of the other value investors around, I actually think the market is better priced right now than historically, most likely due to the recognition by most market participants of the value of compounding growth in premium companies
A grade companies with sustainable growth, high performing cultures, competitive advantage are priced as such and offer low returns
B grade companies that are struggling are VERY cheap both in the ASX and worldwide, accurately reflecting challenged business models (if you are interested have a look at the financials of Gamestop GME in the US, which is widely considered wildly overpriced- it is ridiculously cheap, even for a business that is only possibly in structural decline)
Companies that are priced like A grade companies that are actually B grade rapidly get repriced (eg RWC, BWX etc)
I am not sure that there will be a return to conventional valuation for the foreseeable future and new paradigms for investment are more likely to see higher returns (you certainly won't getting it betting on the A grade companies at this point given the relatively low returns on offer).
