What podcasts say about Ian Cassel
Every statement, with the speaker, the exact quote and the moment it was said.
What Ian Cassel has said on podcasts
28 statements · 17 positive · 7 negative · 4 neutral
Equal-weighted 20-stock portfolios typically concentrate in four to six dominant stocks within one to two years.
“in fact, probably in one to two years, that 20 stock equal weighted portfolio, four to six stocks would dominate the portfolio, representing more than 50% of the portfolio combined.”
Open the episode · From Speculation to Investment by Ian CasselListen at 2:10
Four to six stocks in such portfolios will become effectively dead positions with under 10% combined allocation.
“Another four to six stocks would be dead. probably represented by sub-10% combined allocation”
Open the episode · From Speculation to Investment by Ian CasselListen at 2:22
Microcap businesses are generally more fragile and lower quality than larger businesses.
“small businesses or micro caps on average more fragile and of lower quality than larger businesses”
Open the episode · From Speculation to Investment by Ian CasselListen at 3:18
Larger companies are worth more because they are higher quality and less fragile, not merely because they have greater revenue.
“The larger peers on average are worth more, not just because they produce more revenue, but because they are higher quality, less fragile businesses.”
Open the episode · From Speculation to Investment by Ian CasselListen at 4:43
Larger companies deserve valuation multiples two to three times those of smaller companies.
“They are deserving of a valuation multiple 2 to 3x that of the smaller company.”
Open the episode · From Speculation to Investment by Ian CasselListen at 4:53
The best microcap investments become larger and more robust businesses over time.
“The best micro-cap investments grow like the dominant trees. Not just taller, but thicker.”
Open the episode · From Speculation to Investment by Ian CasselListen at 5:06
A growing company may deserve a higher valuation because its business quality improves.
“The company you own may deserve a higher valuation, not simply because it is larger, but because it is better.”
Open the episode · From Speculation to Investment by Ian CasselListen at 5:33
Investors should evaluate a company’s current business rather than anchor to its purchase price or past state.
“you should evaluate the business it has become, not anchor to the stock price you once paid or the business it once was.”
Open the episode · From Speculation to Investment by Ian CasselListen at 5:43
Investors can succeed through many different approaches, so prescriptive microcap manuals are unnecessary.
“I don't think the world needs another Invest Like Me book or, you know, instruction manual book on how to invest in microcaps or whatever it is, because we're all different.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 6:13
Concentrated portfolios enable investors to understand companies’ qualitative and quantitative details deeply.
“when they have a portfolio of 15 or less stocks, you have the time to dive in and know every little detail about the culture or what have you”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 9:38
U.S. microcap companies outnumber companies listed on NYSE and Nasdaq combined.
“the number of microcap companies still surpasses the amount of companies on the New York Stock Exchange and NASDAQ combined.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 12:31
The average microcap holding period is approximately one year, even for experienced investors.
“the shelf life of probably the average hold of a microcap company, even somebody that I think like I know what I'm doing, it's around a year”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 13:10
Small businesses face greater fragility and concentration risks than larger companies.
“small businesses are fragile when compared to a larger company. They have key person risk, they have customer concentration, product concentration, jurisdictional concentration”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 13:24
Microcap investment situations can change materially within weeks or months.
“you just have to stay on top of these things because it could change from week to week or month to month, quarter to quarter.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 15:34
Most microcap companies eventually deserve to be sold.
“most of these companies will deserve to be sold”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 15:45
Repeated management meetings eventually turn the investor’s inexperience from liability into an asset.
“it probably takes a good 10 or 20 or 30 reps for that liability to turn into an asset”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 19:14
Ian usually considers buying a company before committing to an in-person management visit.
“I'm usually at least mentally more than halfway to a buy decision.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 22:07
Ian avoided trading when consulting work might expose him to material nonpublic information.
“I just had a rule, like I just wouldn't, I didn't want to cross that bridge.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 25:33
Themes with few investable companies can attract sustained future buying pressure.
“it's especially a great theme if there's only a few of them. You know that there's going to be this just tailwind of buying into it eventually.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 31:22
Ian seeks undervalued growth companies capable of becoming substantially overvalued.
“I'm trying to find things that are undervalued that can get very overvalued”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 32:40
Ian prefers high-organic-growth companies that self-fund and reinvest cash into expansion.
“I'm trying to find like really high organic growth rate companies that can self-fund their growth and they're going to just plow it all back into that growth.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 32:57
Great investors expand their competence gradually by testing small positions before major strategy changes.
“they evolve and continue to grow and push that out, and they do so by doing so in small ways, shooting bullets before cannonballs”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 36:09
Unrecorded interpersonal skills and conversations can provide investors with an information edge.
“the only place to get an edge is the interpersonal skills that aren't recorded, transcribed, or whatever.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 41:12
Investors should average up only when business fundamentals improve faster than the stock price.
“you're really only trying to average up into things where their fundamentals are accelerating faster than their stock price”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 44:36
Revenue doubling can improve a microcap’s quality and justify a higher valuation multiple.
“once the revenue doubles from where it is, it's also a higher quality business than it was before. You know, it's deserving of a higher multiple.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 45:07
Losing streaks can cause investors to overreach and apply strategies outside their competence.
“when we go through a low streak, we feel like we know nothing. And then we reach for answers everywhere and stretch our strategies in places we shouldn't.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 49:03
Selling losing positions reduces psychological burden and frees attention for better opportunities.
“Selling losers is so freeing.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 51:15
Excessive focus on future returns can undermine the present actions needed to achieve them.
“thinking too much about the future is going to prevent you from getting those returns because you're probably not doing something today that you should be doing to get the returns tomorrow.”
Open the episode · Ian Cassel on Stock Picker, the book that blew me away | MicroCapClubListen at 53:26
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.