In Omaha for Berkshire Meeting, McBoyle and Lipper Make the Case for Small-Caps
article 05-05-2016

In Omaha for Berkshire Meeting, McBoyle and Lipper Make the Case for Small-Caps

Portfolio Manager Steven McBoyle and Senior Investment Strategist Steve Lipper attended Berkshire Hathaway's shareholder meeting and shared their small-cap perspective with the CFA Society of Nebraska.


Royce Portfolio Manager Steven McBoyle and Senior Investment Strategist Steve Lipper attended Berkshire Hathaway's shareholder meeting in Omaha last week.

While in Omaha, they delivered the keynote presentation, "Small Cap Investing: Perspectives & Moat Analysis", at the CFA Society of Nebraska's seventh annual Value Investing Dinner, which was sponsored by Morningstar.

"We thoroughly enjoyed addressing this audience of experienced investment professionals as we went through our investment approach and specifically how we analyze the sustainability of moats," Steven said about the event.

Steve spoke with the Omaha World-Herald, (the newspaper covered the event) about investing in small companies and explaining why it is important for future investing, saying "spotting small companies with Berkshire-like futures is today's Holy Grail of investing."

On the Berkshire Hathaway Annual meeting, Steve said "Steven and I have both been regular attendees at the annual meeting. This event is the ultimate destination for finance professionals–geeky people like us get excited about it year after year. In addition, it was a great honor to be invited to speak at the CFA Society of Nebraska Dinner. It was a well-attended event with a history of prominent portfolio managers that have spoken in prior years."

Steven said, "The Berkshire weekend always imparts incremental, timeless wisdom and, certainly when it comes to investing, I seek to practice a similar strategy to Buffett and Munger in finding durable small-cap moats with the capacity to reinvest."

Read more about the event in the Omaha World Herald.

Important Disclosure Information

The thoughts and opinions expressed in the interview is solely that of the person speaking and may differ from those of other Royce investment professionals, or the firm as a whole. There can be no assurance with regard to future market movements.

This material is not authorized for distribution unless preceded or accompanied by a current prospectus. Please read the prospectus carefully before investing or sending money.Smaller-cap stocks may involve considerably more risk than larger-cap stocks. (Please see "Primary Risks for Fund Investors" in the prospectus.)



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