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Jensen: Inventory More Interesting in Small Caps

Third Avenue Small Cap Value manager Curtis Jensen on opportunities in the recent pullback, hedging currency exposure, and downside protection.

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Bridget Hughes: Hi, this is Bridget Hughes with Morningstar. I'm here in New York at Third Avenue Management talking with Curtis Jensen, who runs the Third Avenue Small Cap Value Fund.

Curtis, I've read your recent shareholder letter, and you said that you were wary and cautious of the rapid and relentless appreciation of small caps. Since we've had this recent pullback of the last couple of weeks, how are you feeling now?

Bridget B. Hughes does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.