TIP606: Multi-Bagger First Principles w/ Ian Cassel
We Study Billionaires - The Investor’s Podcast Network
Embracing Active Patience in Investing
This chapter delves into the concept of 'active patience' in investing, focusing on the necessity for investors to understand their own strategy and identity. It outlines the critical stages of investor development, emphasizing the significance of self-reflection and patience in discovering the right opportunities.
On today’s episode, Clay is joined by Ian Cassel to discuss multi-bagger first principles, what he’s learned from investor Tony Deden, and biases he has had to overcome to continue improving as an investor.
Ian is a full-time microcap investor and CIO of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and co-founder of the IntelligentFanatics.com.
IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro.
01:36 - Ian’s investment journaling and reflection process.
06:19 - What Ian has learned from managing a fund for over 5 years.
08:56 - A 2023 overview for Ian’s fund.
23:58 - What Ian learned from Anthony Deden.
27:43 - The multi-bagger first principles.
35:53 - A few case studies on multi-baggers.
53:26 - Why high insider ownership doesn’t correlate with stocks that outperform.
54:02 - How attribution bias influences investor behavior.
58:08 - Ian’s experience on the saying, “Risk is what you don’t see.”
61:03 - How Ian decides whether he should average down in a position or not.
Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.
BOOKS AND RESOURCES
- Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.
- Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
- Ian’s presentation on Multi-bagger First Principles.
- Ian’s community, MicrocapClub.
- Ian’s book, Intelligent Fanatics.
- Ryan Pape’s interview at the MicroCap Leadership Summit.
- Related Episode: TIP563: Lightning in a Bottle & Microcap Investing w/ Ian Cassel | YouTube Video.
- Follow Ian on Twitter.
- Follow Clay on Twitter.
- Check out all the books mentioned and discussed in our podcast episodes here.
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