Research & Commentary

Small Cap Commentary

Press Releases

2011-02-03 Punch Press Release — MERS of MI

2010-07-01 Emerging Manager Focus Interview

White Papers

The Blind Spot – Part II: The Distortive Impact of Analyst Coverage

The Blind Spot in Institutional Small Cap Money Management

Behavioral Finance in Practice



RSS The Behavioral Investor

  • The Value of Turning Over More Rocks November 30, 2016
    Authored by John Carraux, CFA“The person that turns over the most rocks wins the game.  And that’s always been my philosophy”- Peter LynchNot long ago, several members of our research team took a scenic road trip down the Mississippi River to visit a small-cap company in Iowa.  The company is a good-sized furniture manufacturer with […]
    Punch and Associates
  • "Swing Thoughts" for this Market April 28, 2015
                With apologies to the non-golfing readers, I am going to go with a golf analogy this quarter. We have, after all, just emerged from Masters week which is the equivalent of Holy Week for the avid golf fan. Years ago, I picked up a book by legendary golf teacher […]
    John Carraux
  • A Behavioral Margin of Safety January 24, 2013
                    In 1991, one of the least-known, best investors of our time wrote a book called Margin of Safety. Seth Klarman, the author and Chairman of the highly-respected hedge fund, Baupost Group, did not take long to figure out that publishing was not going to be where his bread was buttered. He published only 5,000 […]
    John Carraux