About the FPA Queens Road Small Cap Value Fund

What criterial he looks for when investing in a business

Portfolio management philosophy and cash position

Being a generalist

Avoiding making macro predictions

The research process and industries he tends to avoid

His four-pillar investing framework and research process

Valuation and DCF modeling

What he looks for in management and corporate culture

The concept of Mittelstand and how he incorporates it into his process

His thoughts on current small-cap valuations and free cash flow yields

Discussion on MSC Industrial Direct (NYSE: MSM)

What he’s reading

The investors he admires 

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