This podcast interviews Ian Cassel, a micro-cap investor, about his strategies. The discussion covers defining micro-caps (market capitalization under $500 million), identifying promising companies (profitable, with strong leadership, and dominating niche markets), and managing a micro-cap portfolio (average holding period of two years, focusing on execution after initial valuation-driven purchases). Cassel emphasizes the importance of focusing on profitable companies and avoiding "story stocks," illustrating this with the example of Armanino Foods, a pesto sauce maker that delivered a 28-bagger return. Listeners gain insights into identifying potential "intelligent fanatics" (strong leaders) and managing risk in this high-risk, high-reward investment area.
