“When you get a big macro dislocation, small caps tend to get thrown out with the bathwater… as contrarian investors we’re trying to buy assets at 60 cents on the dollar, which is easier said than done, but we are finding a lot of fantastic, nichey little franchise businesses out there at the moment, with great management, assymetric risk through having little financial leverage, and attractive valuations,” Beck said. Each member of the US team will spend two weeks in Denver followed by two weeks travelling, with Beck singling out Japanese and US mid-small caps as currently being cheap, and even mentioning there were a couple of good Greek companies being unfairly punished by that country’s macroeconomic travails.