The Financial Outlook For Personal Investors: What is the underperformance of small caps telling us?

Russ Mould of A J Bell points out that while stocks in tech, the US and Latin America have been doing well, markets everywhere have shunned small cap companies. He wonders why they aren't doing well in what is said to be a risk-on period. Having been trained in a bear market, it's making him feel cautious, even though the markets may think they're back in Goldilocks territory. However, he suggests some indicators worth keeping an eye on.