Ari Levy
speaker
238 appearances
1 recordings
1 series
first heard Feb 2026
last heard 12 Feb
Ari Levy’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
And,
You got to be really careful about that.
Yes, so you have to cap the size of the exposure you have to any one individual thing.
Yes, if they all or multiple of your spreads or trades or investments, whatever you want to call it, have some similar idiosyncratic risk that hits them all at the same time or multiple of them, then if you lose 2% on multiple different 10% trades, obviously it adds up to more than 2%.
So I don't know how many small cap stocks exactly there are.
I know there's thousands and it depends if you look globally or in the US.
They tend to be less efficiently priced than large cap stocks because there's informational inefficiency there.
In the large cap stock world, you see a lot more analyst coverage.
So many more people have read Apple's filings, however many multiples versus...
Some little niche company in an industry you didn't even know existed or weren't thinking about, that's a $100 or $500 million market cap versus a trillion dollar market cap.
And over time, we've seen that kind of spread diverge.
We've had a decade, for example, where large cap, decade and a half, where large cap has just crushed small cap.
There are different reasons for that.
There's been much more of a regulatory burden on small cap companies where...
a public company typically needs to spend five plus million dollars to be public.
It's obviously more for the larger companies, but as a percentage of their size and their profit and cashflow for the small companies, it hurts a lot more.
And so the Sarbanes-Oxley and other costs make it just difficult.
There are companies that we own that do 20 million in free cashflow a year.
Well, if they were private, they would do 25 million because they didn't have to spend that $5 million to do that.
I can tell you from being on the board of a public company, which was Del Taco, a small cap stock,
Showing 61–80 of 238 · page 4 of 12
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