Crossing state lines: small and mid-cap investing in the US

One of the joys of small- and mid-cap investing is that one can take advantage of a level of granularity denied to our large-cap peers. For instance, if you buy a large-cap US stock whose main market is the US, you are pretty much buying US Inc. Your US-wide stock gives you US-wide growth – the national average, in broad terms. By contrast, small- and mid-caps are often much more representative of – and conditioned by – the individual states within which they do business. It is as if you were offered the choice between a broad European index and the opportunity to move between, say, Germ...