Ralph Wanger's Survival Guide to Investing in Small-Cap Stocks

by Wayne A. Thorp

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Ralph Wanger, the founder of Wanger Asset Management and the former manager of the Acorn Fund (now the Columbia Acorn Fund), is a consistent promoter of small-stock investing.

His investing style of holding small companies with financial strength, entrepreneurial managers, and understandable businesses allowed him to generate annualized returns of 16.3% with the Acorn Fund between 1970 and 2003, while the S&P 500 index gained 12.1% a year over that period.

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Wanger outlined his approach in his 1997 book “A Zebra in Lion Country: Ralph Wanger’s Investment Survival Guide.” This article focuses on AAII’s “revised” Wanger stock screen, which is an adaptation of the principles outlined in Wanger’s book.

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