Tom Maher on Small-Cap Investing, AI Infrastructure and Opportunities Beyond Big Tech
For wealth professionals thinking about diversification beyond the largest stocks, the episode lays out one manager's framework for small-cap selection and the risks around financing costs, index quality and ETF-driven price moves.
Summary
By the etfs deskTom Maher of Hilton Capital Management discusses small-cap investing as earnings improve and AI spending reaches beyond big tech. The episode covers business quality, financing needs, valuation, passive investing and ETF flows, reshoring, and lessons on research and profit-taking.
- Maher discusses why stronger earnings justified large-cap leadership and what could change that balance.
- AI construction and equipment spending can benefit smaller industrial companies, according to the episode.
- The conversation distinguishes self-funding businesses from companies that depend on outside capital and covers how rates affect financing and valuations.
- Maher also addresses ETF flows moving stocks independently of fundamentals and lessons on partial profit-taking and unexpected price reactions.
Chapters
From the publisher’s description| Time | Chapter | Length |
|---|---|---|
| Tom Maher's outlook: earnings, valuations and risk | 5 min | |
| Small-cap earnings and AI infrastructure spending | 6 min | |
| Defining small caps and why some companies stay small | 5 min | |
| Active management and business quality | 5 min | |
| Small-cap index quality and companies staying private | 5 min | |
| Combining stock selection with a macro view | 6 min | |
| Higher interest rates and portfolio decisions | 4 min | |
| Passive investing and ETF-driven stock moves | 4 min | |
| Finding stocks with improving fundamentals | 10 min | |
| Valuation, consistency and management quality | 5 min | |
| Reshoring and the industrial recovery | 5 min | |
| Research, profit-taking and investor expectations | 5 min |
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