Planet MicroCap Podcast | MicroCap Investing Strategies

Game Selection, Repeated Exposure from Multiple Stakeholder Angles + Case Studies with Tristan Waine @hurdle_rate

Nov 14, 2024

Tristan Waine, known as @hurdle_rate on Twitter, is an editor and author specializing in microcap investing, particularly in accounting and document management software. In their conversation, he shares insights on the importance of investing within one's circle of competence. Tristan discusses his shift from bookkeeper to full-time investor, and the strategies for creating competitive advantages in the SaaS sector. He also delves into case studies that highlight successful investment approaches and offers valuable advice for newcomers to the Australian microcap market.

53:16

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Episode guests

Tristan Waine

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Quick takeaways

Tristan Waine emphasizes the importance of investing within one's circle of competence to minimize risks and make informed decisions.

He illustrates his investment philosophy through successful case studies in accounting and brokerage sectors, highlighting the significance of market position and competition.

Deep dives

Investment Philosophy and Background

Tristan Wayne shares his journey into investing, which began through his father's experience with a generous employee stock scheme during the spin-off of Blue Scope Steel. Initially exposed to individual stocks during a mining boom in Australia, he honed his investment acumen over the years through self-education, reading influential books, and active engagement in stock market pitches. His formal education in accounting and financial planning has further shaped his investment philosophy, emphasizing the importance of understanding the businesses he invests in. This foundation informs his current practice of focusing on companies that produce goods or services he consumes, fostering a deeper connection with his investments.

Intro

3min

From Steelworker to Shareholder

11min

Navigating the Tight Accounting Job Market and Career Moves

2min

Investment Philosophy and Global Strategies

20min

Building Competitive Moats in Financial SaaS

5min

Investment Insights: Navigating Analysis and Trust

11min

Final Insights on Investing in Australian Microcaps

2min

My guest on the show today is Tristan Waine, better known as @hurdle_rate on Twitter/X and Editor, Author of the Hurdle Rate newsletter on Substack. We've talked many times here about the circle of competence, investing in what you know, looking at companies that produce goods or services that you actually consume, a style of investing, or more specifically, idea generation that Peter Lynch made famous. In our conversation today, Tristan and I talk extensively about this concept as it pertains to his investing style and philosophy. Specifically, we thought we could up the boring business ante, by talking about the sexiest businesses alive: accounting and document management software. In all seriousness, we have a great time, and Tristan provides some valuable insight on the topic of investing in what you know. Tristan mentioned a number of names during the interview today and for full disclosure, I am not a shareholder in any of them.

For more information about the Hurdle Rate newsletter on Substack, please visit: https://hurdlerate.substack.com/

You can Follow Tristan on Twitter/X @hurlde_rate: https://x.com/hurdle_rate

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We couldn't be more thrilled to leverage our expertise in curating and hosting large scale MicroCap conferences, and teaming up with MicroCapClub to put together world class conferences for the MicroCap community.

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