Unpopular opinion: buying companies with $1tn+ valuation is not value investing

Yes, a trillion-dollar company can trade below intrinsic value. Buffett bought AAPL around 10x earnings. Size doesn’t make something expensive.

But that’s not where our edge is. A $1tn company has 40 analysts, every fund modeling it, and a million retail eyes on each print. The odds you spot something they all missed are basically zero. Buying the megacap consensus isn’t the original notion of value investing.

Good businesses at fair prices is not where most of the value lives for small retail investors.

Mispricing lives in neglect. Spinoffs nobody’s repriced, $200m names with two analysts, foreign listings most US investors won’t open, NCAV situations. That’s where the work actually pays.

This community is one of the few places online where people still do that work. Discussions here are priceless. The one thing I wish I saw more of is small caps.

What’s your take?
For those of you who do hunt small caps: where do you find them, and what’s on your list?