What is the long-term track record of the account you managed for Bechtel?
From Dec. 31, 1986, through Mar. 31 of this year, we earned a compound annual rate of return of 18%. Q: When did you and your son David form Kern Capital Management? A: In 1997. Prior to that, David was the small-cap manager for the Discovery fund of Founder’s Asset Management. I was with Morgan Grenfell Capital Management [heading up the Smaller Capitalization Equities Group]. David and I had become competitors, so we figured it was time that we got on the same team and built something significant based on small- and micro-cap investing. Q: Why micro-caps? A: Very few firms are focused on the most inefficient sector of the equity market. If you like to do research, as we do, the best opportunity to add value is in the small- and micro-cap arenas, where there is very little knowledge and coverage of the companies. It’s really not the asset class that is the attraction, it’s the stock-selection opportunities. Only 130 companies account for [the top] 60% of the market value of all equiti
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