MicroCapClub

A Conversation with Jason Hirschman

Sep 24, 2024
In this engaging talk, Jason Hirschman, a seasoned private investor at Hudson 215 Capital, shares his journey from small business owner to managing a nine-figure portfolio. He dives into the intricacies of microcap investing, emphasizing the significance of management relationships and qualitative research. Hirschman contrasts European and American management styles, shedding light on cultural influences in corporate governance. He also discusses the emotional challenges of investing and the crucial balance between holding and selling stocks.
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ANECDOTE

Unconventional Upbringing

  • Jason Hirschman's childhood was unconventional, marked by speech delays and fistfights.
  • His parents, who met in the Peace Corps, instilled resilience and a distrust of authority.
ANECDOTE

Early Business and Investing

  • Hirschman joined his family's eyewear business at a young age, gaining early business experience.
  • He later realized the industry's decline and turned to public equities to secure his family's future.
ANECDOTE

Diamond Hill Lesson

  • Hirschman's biggest investment lesson came from Diamond Hill (DHIL), an early win but a long-term loss.
  • He sold DHIL after a year for a mortgage refinance, missing out on substantial gains.
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