Planet MicroCap Podcast | MicroCap Investing Strategies

On the Road: Why Site Visits Matter - MicroCap Fieldwork in Canada with Anthony Perala and James Hannack, Research Analysts at Punch & Associates

Jul 8, 2025

Anthony Perala and James Hannack, research analysts at Punch & Associates, share insights from their recent due diligence trip across Western Canada. They discuss the immense value of in-person research in microcap investing, noting how personal interactions reveal company culture and operational truths that data can't convey. Highlights include experiences from an optical company visit in Vancouver, the importance of cultivating relationships with management teams, and amusing anecdotes tying hockey to investment networking.

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Value of In-Person Research

In-person meetings reveal management authenticity beyond polished IR presentations.
Canadian companies often offer better valuations and candid management compared to U.S. peers.

ADVICE

Ensure Objective Site Visits

Bring multiple analysts on site visits to balance excitement with objective evaluation.
Benchmark observed facilities against other visits to assess efficiency and organization.

ADVICE

Extract Real Insights from Management

Use one person to ask questions and another to observe for follow-ups and body language.
Prepare thoroughly so management cannot easily deflect or “BS” their way through questions.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

My guests on the show today are Anthony Perala and James Hannack, research analysts at Punch & Associates. Anthony and James recently returned from a multi-city due diligence trip across Western Canada, and in this episode, they walk us through what they learned — not just about specific companies, but about the power of seeing businesses up close.

We talk about why in-person research still matters, especially in microcaps where management access, company culture, and operational visibility aren’t always obvious on paper or a Zoom screen. They share how walking factory floors, reading body language, and noticing office details can shape conviction and surface red flags in ways spreadsheets simply can’t.

Anthony and James also explain why Calgary and Vancouver are becoming regular stops on their research itinerary, how they prepare for and structure field visits, and how they filter insights once they’re back at the desk. We also cover common pitfalls, lessons learned, and what separates candid management teams from those just giving the “IR version” of the story.

If you’ve ever questioned whether boots-on-the-ground research still adds value in today’s data-rich environment — this episode makes a compelling case that it does.

For more information about Punch & Associates, please visit: https://punchinvest.com/

Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Planet MicroCap YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast.

Subscribe here: http://bit.ly/1Q5Yfym

Click here to rate and review the Planet MicroCap Podcast

The Planet MicroCap Podcast is brought to you by SNN Incorporated, The Official MicroCap News Source, and the Planet MicroCap Review Magazine, the leading magazine in the MicroCap market.

You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft