After a strong period of market leadership following the internet bubble low of 2002, small cap stocks have been a great disappointment since 2016. Despite favorable economic conditions and a generally bullish market tone since the pandemic, small caps have failed to deliver on the hope of outperformance in a risk-on environment.  As tactical investors interested in owning smaller asset classes when conditions are favorable, we are taking a fresh look at small caps, attempting to diagnose what has been ailing this market segment and what might be coming next.