What are the right questions to ask management teams?

The beauty of the US small- to mid-cap (SMID) space, which ranges from budding IPOs to more well-established firms, is many companies are still under the radar.

This inefficient universe is ripe for stockpicking given the limited research coverage - there may be fewer than six analysts looking at a small cap versus 20 sell-side (and hundreds of buy-side) researchers for a large cap.  Companies in transition are often overlooked by investors who fail to see beyond the next quarter. If you are willing to look ahead two or more years, you may uncover an opportunity the consensus is missing, such as a fall in capital expenditures following a valuable investment project that leads to a free cashflow inflection point.  Finding quality stocks tha...