After numerous recent small cap explosions, investors are now treading fearfully in the sector. But as Buffett famously said: “…be greedy when others are fearful”. So is it now a good time to take a look? This sector can usually provide outstanding opportunities – if you know how to navigate the minefield. With this in mind, we approached four nimble small cap managers to ask them what ‘red flags’ they use to identify, and avoid, the potential dusters when assessing an opportunity.