The Acquirers Podcast

Intelligent Fanatic: Ian Cassell gives a masterclass in microcap investing to Tobias Carlisle on The Acquirers Podcast

Aug 23, 2019
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ANECDOTE

Ian's Microcap Origin Story

  • Ian Cassell started microcap investing by turning $20,000 into $120,000 during the tech bubble in 1997.
  • A fortuitous investment in XM Satellite Radio at $1.78 led to a huge short covering rally, teaching him the power of meeting management.
INSIGHT

Microcaps Are Listed Venture Capital

  • Microcap investing is like listed venture capital or private equity where standard financials don't reveal the true potential.
  • Access to management teams and understanding the story is the real edge in microcaps.
ADVICE

Three Buckets Portfolio Approach

  • Ian structures his strategy into three buckets: good-to-great businesses, turnarounds, and rocket ships with high upside.
  • He focuses most due diligence on rare rocket ships which generate most of the alpha despite smaller position sizes.
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