TIP606: Multi-Bagger First Principles w/ Ian Cassel
We Study Billionaires - The Investor’s Podcast Network
Year-End Investment Reflections
This chapter explores the speaker's year-end review of investment performance, emphasizing the differentiation between losses and mistakes. It highlights the significance of inertia analysis and self-reflection in developing effective investment strategies while discussing the journey of managing Intelligent Fanatics Capital Management.
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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