Wrote an article "Successful small cap investing: part - it pays to invert" that went to various Australian financial publications. The most common misconception of active small cap investors is that the best way to improve returns is to focus all their time and effort on identifying stocks that will increase in value. Although this does provide strong returns, avoiding investment disasters produce similar returns. The article outlined how Lennox identifies those stocks that are most likely to lead to capital destruction and how this is incorporated in its investment process. Lennox evaluates management, environmental and social consequences, governance from the board and likely regulatory impact, earnings quality and industry dynamics.