researcher, "it's always tough to outperform the broader market with microcaps in a down market ...." Not 'always' :) I bet there are many on the VMC board doing much better than the major avgs and large caps. Some of them consistently. The main premise/meaning of the message though rings true and the VMI and VMIR are reinforcing that with underperformance so far this year. Good luck out there in the choppy waters.