Small cap value continues to be an asset class that Paul recommends for all investors. Of course, for retired investors it may be a very small part as their position in equities is low. For first-time investors following Paul and Chris’ target date fund recommendations, the super-charged asset class may take up the entire portfolio. Most investors will be surprised to learn that small cap value is low risk compared to the conservative S&P 500. In this discussion Paul references this study by Chris Pedersen, Resilency: How Fast Do Different Asset Classes Recover?