Monetary Matters with Jack Farley Concentrated Investing in Small Caps at the Intersection of Change, Crisis, & Controversy | Stoic Point Capital Management
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Sep 9, 2025 Join Cullen Rose and Raj Shah, co-founders of Stoic Point Capital Management, as they dive into the world of concentrated small-cap investing. They explore the potential for a new issuance cycle reminiscent of 2020-2021 and shine a light on orphaned securities from that era. The duo discusses the intriguing dynamics of investing in small caps facing crises and controversies, emphasizes the rise of AI in investment research, and reveals their unique approach to navigating the complexities of short selling and expert networks.
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Market Could Be Early Repeat Of 2020
- The current market may be early innings of a 2020-like cycle driven by liquidity and thematic enthusiasm.
- Themes differ (crypto, AI, politics) but investor behavior and excess can mirror 2020–2021.
Change Events Drive Opportunity
- Stoic Point centers investing on change events, with new issuance as a key change catalyst.
- Capital cycle floods and shareholder-base shifts create outsized mispricings they hunt for.
Orphaned 2021 Issuances Still Trade Cheap
- Many 2021-era new issuances remain orphaned and mispriced years later, creating ongoing opportunities.
- Two de-SPACs and a broken IPO illustrate persistent chances from the last capital cycle.