Ian Cassel — All Great Things Start Small (EP.113)

Ian Cassel is the founder of MicroCapClub, a community where hundreds of investors have discussions on US and Canadian microcap companies. They also help you become better investors with educational content covering investing strategies, intelligent fanatic CEOs, great investors, and more. Ian is also Founder and CIO at Intelligent Fanatics Capital Management, whose goal is to own the smallest, most illiquid, least institutionally owned, misunderstood businesses that are run by intelligent fanatics. Ian’s Twitter: https://twitter.com/iancassel MicroCapClub: https://microcapclub.com/ Intelligent Fanatics Capital Management: https://if.capital/ Show Notes: Microcaps are boons for quants How Ian fell in love with microcaps Managing other people’s money Advantages and risks of microcap investing Profitability, scarcity, and great stories The top-down and bottom-up investment framework Not being limited by minimum market caps Being a hands-on investor Turnovers in microcap portfolios PE taking over microcap firms Increasing the flywheel of serendipity Preparing to be effortless Not getting into arguments with people with made up minds Being honest about your investment approach The “mute” button hack Identifying bad management Importance of base rates Educating about microcaps Optimism beats pessimism Do macroeconomic factors really matter? What is chasing you? Books Mentioned: The Psychology of Money, by Morgan Housel The Tao Jones Averages, by Bennett Goodspeed

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Become a more nuanced thinker. In an era of uncertainty, the ability to think dynamically and avoid getting trapped in infinite loops of thought is more important than ever. Whether we’re discussing ancient Chinese philosophy, the history of finance, or cutting-edge advances in artificial intelligence, our host Jim O'Shaughnessy’s passion, experience, and eclectic range of interests, combined with our extensive research into our podcast guests, always result in surprising conversations which substantively engage with our guests’ ideas. Our aim: To equip you with the tools required to navigate through the Great Reshuffle that we are in. Let’s start exploring.