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Analyses and commentary on investments, pensions and insurance. Grounded in data, not impressions.

Investments6 Oct 2026

The anatomy of US small caps: how Wall Street exploits blind passive capital

US companies with a small market capitalisation (small caps) do not form a homogeneous market. A deep gap in balance-sheet quality separates the individual indices as well as actively managed funds. Real data clearly show that the investor's final result is not determined solely by an attractively marketed TER.

Aleš Hradil · 5 min readRead →