Small-cap stocks could explode higher in 2024 for two reasons. First, small-cap stocks are cheap overall and could move higher to more normal valuations. Second, market conditions in 2024 could actually help make such a move happen.

Let's break this down to fully appreciate what's going on here.

A small-cap stock is generally defined as a company with a market capitalization below $2 billion. These can be businesses from any industry, they're just smaller than many of the household names most investors are familiar with.

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Source Fool.com