CFA Institute Take 15 Series: 10-15 minute interviews with leading practitioners on timely topics in market and credit risk as well as ethics. CFA Institute is a global membership organization that awards the Chartered Financial Analyst® (CFA®) designation. CFA Institute leads the investment industry by setting the highest standards of ethics and professional excellence and vigorously advocating fair and transparent capital markets.

In this brief interview, Elizabeth M. Lilly, CFA, founder of a long-only investment firm focused on small-cap and micro-cap equities, explains how her investing style was shaped, in part, by Warren Buffett. She also discusses how she finds investment opportunities, the importance of a strong governance structure in firms, and how she avoids value traps and other pitfalls facing small cap value-oriented fund managers.   

Direct download: Lessons_from_a_Small-Cap_Value_Manager__-_v2.mp3
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