Core Insights - The article emphasizes the potential for alpha generation in small-cap stocks, highlighting their inherent volatility as a natural characteristic of this investment category [1] Group 1: Investment Philosophy - The author advocates for a macro-oriented and data-driven investment approach, focusing on identifying narrative trends before they become mainstream [1] - The importance of position sizing is stressed, suggesting that it can be more critical than the selection of individual securities [1] Group 2: Market Perspective - The article references a quote from Howard Marks, indicating that successful investing often involves holding unconventional positions [1] - A historical perspective is provided, with a quote from Timothy Snyder suggesting that history serves as a guide rather than a repetitive cycle [1]