We Study Billionaires - The Investor’s Podcast Network
TIP606: Multi-Bagger First Principles w/ Ian Cassel
Feb 9, 2024
Ian Cassel, a microcap investor and CIO of Intelligent Fanatics Capital Management, shares valuable insights into investment strategies. He discusses his investment journaling process and lessons learned managing a fund. Key topics include the significance of high insider ownership, biases like attribution bias, and the concept of 'active patience' in investing. Cassel also delves into identifying multi-bagger stocks and the importance of unique business models, supported by fascinating case studies of companies that have achieved exponential growth.
01:00:11
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Quick takeaways
- Developing one's temperament and principles is key to finding an investing strategy that aligns with one's natural temperament.
- The ultimate goal for successful investors is 'active patience,' which means knowing what you are looking for and exercising restraint until you find it.
Deep dives
Developing Your Temperament and Principles
When reflecting on his investing process, Ian Castle emphasizes the importance of developing one's temperament and principles. He believes that understanding one's risk tolerance, time horizon, volatility preferences, and position sizing is key to finding an investing strategy that aligns with one's natural temperament. Castle highlights that it can take years or even decades to fully understand who you are as an investor and to define the characteristics of companies and leaders that are mandatory for making investment decisions. He emphasizes the value of making mistakes, learning from them, and refining one's investing approach over time.
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