Value Microcaps Motherboard

[John Bates]

Researcher, I've spent two considerable periods on margin. The first was in '97-'98 with mostly oil service stocks (near disaster), and the second with crazy techs in '99-early '00. Learning from the first experience helped me wise up enough to deleverage in '00. These days, I don't need a huge return and don't see a need for margin. Microcaps have a high enough beta for me.