

All cap investing with Kirk Spano
16 snips Oct 1, 2025
Kirk Spano, an all-cap investor and founder of the Margin of Safety Investing group, dives into the intricacies of managing a diverse portfolio. He discusses the nuances of using options like covered calls and cash-secured puts to enhance income. Kirk highlights AST SpaceMobile as a standout example, examines the transformative impact of AI on investment strategies, and urges investors to identify mid-caps with growth potential. He also explores the implications of quantitative easing and the current state of Bitcoin, gold, and other crypto assets.
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Follow The Money, Not Market Cap Labels
- All-cap investing lets you follow where the money and opportunity are, not a market-cap box.
- Large-cap winners (e.g., Facebook, Apple) provided Spano's biggest returns despite his small-cap focus.
Russell 2000 Is Very Inefficient
- Roughly 70% of Russell 2000 companies are unprofitable and many likely never will be.
- That makes the index a poor broad investment but fertile ground for selective stock picking.
Small Picks Turned Big Winners
- Spano cites buying AST Space Mobile and Rocket Lab under $5 and holding through large moves as examples of big winners.
- He regrets selling Palantir in the $40s after buying it under $10, illustrating holding cost of mistakes.