Clay is joined by Ian Cassel to discuss multibagger first principles, what he’s learned from investor Tony Deden and biases he has had to overcome to continue improving as an investor.

Ian is a fulltime microcap investor and CIO of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and cofounder of the IntelligentFanatics.com.

IN THIS EPISODE YOU’LL LEARN:
0:00:00 Intro
0:00:50 A 2023 overview of Ian’s fund.
0:04:10 Ian’s investment journaling and reflection process.
0:09:07 What Ian has learned from managing a fund for over 5 years.
0:17:00 How we can discover who we are as an investor.
0:24:27 What Ian learned from Anthony Deden.
0:28:36 The multibagger first principles.
0:36:19 A few case studies on multibaggers.
0:53:11 Why high insider ownership doesn’t correlate with stocks that outperform.
How attribution bias influences investor behavior.
0:59:04 Ian’s experience on the saying, “Risk is what you don’t see.”
1:02:08 How Ian decides whether he should average down in a position or not.

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▶ RELATED EPISODES:
How to Find 'Lightning in a Bottle' Businesses | Microcap Investing w/ Ian Cassel:    • How to Find 'Lightning in a Bottle' B...  
Why Microcaps Are Outperforming w/ Ian Cassel:    • Why Microcaps Are Outperforming w/ Ia...  
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  BOOKS MENTIONED:
Intelligent Fanatics by Sean Iddings & Ian Cassel: https://amzn.to/4897Jlr
100 Baggers by Chris Mayer: https://amzn.to/3upQrTf
Same as Ever by Morgan Housel: https://amzn.to/3S4ceYu

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