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I talk to Ian Cassel, a professional microcap investor and chief investment officer of Intelligent Fanatics Capital Management. In this episode, we talk about microcap investing, judging management quality, process vs outcome, empathy, secrets of Ian's happiness, and much more.
To know more about this initiative, check out www.vishalkhandelwal.com/
To know more about my book - The Sketchbook of Wisdom - which Morgan Housel calls "a masterpiece," please visit - book.safalniveshak.com/
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00:37 Introduction
01:52 Secrets of Ian’s happiness
06:30 How to connect with people
09:45 Good parenting and investing are long term games
11:38 Asking a very important question - What’s chasing you?
16:05 Lessons from early life as a microcap investor
22:53 Biggest lessons from Ian’s microcap mentors
40:47 Most important filters in selecting great microcap stocks
48:53 Is microcap investing only about riding undiscovered stories?
54:01 Process vs outcome: Ian’s biggest driver for microcap investing
55:52 How to deal with self-doubt and drawdowns
1:00:49 How Ian judges management quality
1:04:26 Microcap investors vs venture capitalists
1:06:28 Building your circle of competence
1:09:58 If you’re not evolving you’re not growing
1:11:55 Thinking about risk, losses, and expected value
1:18:33 Lessons from Ian’s biggest investment mistake
1:23:56 How to deal well with behavioral biases
1:28:52 Advice to new investors
1:31:10 How to think independently as an investor
1:34:28 Advice to new microcap investors
1:36:52 Lesson from Covid pandemic
1:38:22 Commonly accepted investment wisdom Ian disagrees with
1:39:27 Rules for selling stocks
1:40:19 Ian’s money lessons for his kids
1:43:29 Favourite books
1:48:28 How much is enough?
1:51:01 Single best and worst piece of advice ever got
1:52:00 Ian’s definition of a life well-lived
Books Recommended by Ian -
1. Free Capital by Guy Thomas - amzn.to/3wS3w6m
2. The Emotionally Intelligent Investor by Ravee Mehta - amzn.to/3t1b9Fk
3. Golf is Not a Game of Perfect by Bob Rottela - amzn.to/3N0mBZC
4. The Great Beanie Baby Bubble by Zac Bissonnette - amzn.to/3wRpp4l
5. Lessons From Century Club Companies by Vicki Tenhaken - amzn.to/3lOSF6X
6. What Girls Need: How to Raise Bold, Courageous and Resilient Girls by Marisa Porges - amzn.to/3LWDFyl
7. Open: An Autobiography by Andre Agassi - amzn.to/3GpOsjx
8. Piranesi by Susanna Clark - amzn.to/3wQFfNY
9. Soul in the Game by Vitaliy Katsenelson - amzn.to/3wTG1Zt