Valuation dispersion, software pessimism, and shifting capital flows may be setting the stage for a new cycle in small-cap investing.

In this episode, Associate Client Portfolio Manager, Laura Baker speaks with CEO and Portfolio Manager, David Barr about small caps, the reset in software valuations, and how AI is reshaping both risk and opportunity. The conversation explores private market value, capital efficiency, and why today's uncertainty may present one of the more compelling entry points in years for active investors.