growth_investing

Clay Finck chats with fan favorite Ian Cassel about a wide array of topics, including the role of mentors in his development as an investor, the three characteristics of a business that lead to “Lightning in a Bottle”, and unconventional methods he uses to understand a business better than nearly all other investors. Ian is a full-time microcap investor and CIO of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and co-founder of the IntelligentFanatics.com.  IN THIS EPISODE YOU’LL LEARN: 00:00 - Intro. 06:40 - The role networks and mentors have played in Ian’s development as an investor. 10:47 - How Ian recommends going about finding and developing a relationship with a mentor. 13:50 - How the microcap landscape has changed over the past 20 years. 18:09 - What countries Ian is finding his best microcap ideas. 19:33 - The three characteristics of a business that lead to “Lightning in a Bottle.” 37:47 - Unconventional ways that Ian analyzes and better understand a business. 48:15 - On-the-ground due diligence methods that Ian uses. 56:51 - How Ian performs maintenance due diligence after purchasing a stock. 59:29 - Why you shouldn’t “coffee can” microcaps. 64:03 - How Ian finds companies that are positioned to grow during any market environment. 68:00 - Why Ian prefers to be in the first wave of discovery in microcap land. 72:40 - How investors can source new investment ideas. 77:00 - The investment filter Ian has recently used to discover ideas before other microcap investors. 81:16 - What Ian’s daily journaling practice looks like. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Ian’s Beginner’s Guide to Researching Microcaps. Ian’s community, MicrocapClub. Ian’s book, Intelligent Fanatics. Check out of our review of Mastering the Market Cycle,  or watch the video here. Follow Ian on Twitter. Follow Clay on Twitter. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel Learn more about your ad choices. Visit megaphone.fm/adchoices

IN THIS EPISODE, YOU'LL LEARN: 04:31 - How Marks was shaped by his first experience of a stock market bubble and crash.   12:04 - How conversations with his son have led him to modify his investment principles. 18:20 - Why he came to believe that buying cheap assets is the key to successful investing.  26:01 - What is his view of the current investment environment? 36:37 - Why Marks regards emotion as the “greatest enemy” of superior investing. 48:40 - How to invest successfully in a period of high inflation. 54:48 - Why Marks now believes that his “knee-jerk skepticism” about Bitcoin was wrong. 58:43 - Why Marks is bullish on China at a time when most foreign investors are running scared. 01:04:03 - Why moral values like integrity, candor, and fairness are essential to a good life. 01:14:00 - How to succeed by playing to your own strengths and living life on your own terms.   *Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members. Howard Marks’ Memos. Howard Marks’ “Something of Value” Memo. Howard Marks’ book, The Most Important Thing Illuminated. Howard Marks’ book, Mastering the Market Cycle. Preston and Stig discuss The Most Important Thing book on We Study Billionaires Episode 073. Trey interviews Howard Marks on We Study Billionaires Episode 073. William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book. William Green interviews Ray Dalio on We Study Billionaires Episode 410. William Green’s Twitter. SPONSORS Support our free podcast by supporting our sponsors: River Toyota Linkedin Marketing Solutions Fidelity Efani Shopify NDTCO Fundrise Wise NetSuite TurboTax Vacasa NerdWallet Babbel HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week's FT Money show, presenter Claer Barrett is joined by Money columnist Merryn Somerset Webb and guests to discuss why Warren Buffett is not really a value investor, whether employee share schemes are ever a good idea and the reasons behind one wealth manager's recent interest in female clients.

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