Jan 2001
We are neither small-cap managers nor large-cap managers. Rather, we have always aimed to be intelligent investors. We pursue investment bargains wherever we find them (to do otherwise would be truly foolish) and, like a veteran football quarterback, we aim to take advantage of whatever opportunities the environment presents. To date, we’ve found more opportunities among overlooked small and medium-sized companies, although we’ve managed to be extremely selective in choosing our investments. The fact that the Russell 2000 small-cap index was down in 2000, while we enjoyed 25+% gains speaks volumes in terms of not arbitrarily assigning J.V. Bruni and Company to the ‘small-cap’ box on some simplistic spreadsheet of investment managers.