In this episode of the Planet MicroCap Podcast, I spoke with Lucas Sacerdote, Founder and CIO of Valora Investment Group, for his first-ever podcast appearance.

We break down his focus on real, tangible assets trading at steep discounts to book value, why he believes the technology frontier is currently being bottlenecked by the physical frontier, and how he thinks about building concentrated positions in energy and infrastructure names. We get into his biggest current position, Canadian Solar, why he thinks the hate on solar is overblown, and how he differentiates between value traps and genuine opportunity.

We also touch on EOS Energy, LibertyStream, Comstock, Adecoagro, and his broader thesis on Argentina. We mention several companies during this conversation, and Lucas is a current shareholder in Canadian Solar, EOS Energy, LibertyStream, Comstock, and Adecoagro.

For more information about Valora Investment Group, please visit: https://www.valoraig.com/

Chapters

00:00 Introduction to Lucas Sacerdote and his background 01:58 Lucas's investment philosophy and focus on tangible assets 03:58 His journey from KIG Investment Management to founding Ballora 08:01 Argentina's capital markets ecosystem and opportunities 12:05 Filtering process from 53,000 companies to 50 stocks 19:00 Case study: Canadian Solar and due diligence process 23:01 Managing conviction and position sizing in microcap investing 29:53 Market run-ups, valuation, and behavioral biases 37:07 Lessons from 2022 and downside protection 39:58 Argentina’s macro outlook and investment thesis 44:09 Advice for young investors and where to follow Lucas

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Physical Infrastructure Tech Thesis with Lucas Sacerdote, Founder and CIO of Valora Investment Group

Planet MicroCap Podcast | MicroCap Investing Strategies

Physical Infrastructure Tech Thesis with Lucas Sacerdote, Founder and CIO of Valora Investment Group