Multi-Bagger First Principles | Finding Stocks That 10x or More! w/ Ian Cassel (TIP606)

Clay is joined by Ian Cassel to discuss multi-bagger 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 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:
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 multi-bagger first principles.
0:36:19 - A few case studies on multi-baggers.
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...
- Why Microcaps Are Outperforming w/ Ian Cassel: • Why Microcaps Are Outp...
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- A Decade Study of Global Top-Performing Companies | Global Outperformers w/ Dede Eyesan: • A Decade Study of Glob...
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🖊️ Access the transcript and learn more about the guest here: www.theinvestorspodcast.com/e...
📖 BOOKS MENTIONED:
- Intelligent Fanatics by Sean Iddings & Ian Cassel: amzn.to/4897Jlr
- 100 Baggers by Chris Mayer: amzn.to/3upQrTf
- Same as Ever by Morgan Housel: amzn.to/3S4ceYu
Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀
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[@WeStudyBillionaires]

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[@reaganwitten2272]

The monopoly vs one of one question was perfect. I literally thought that while he was talking and you hit the nail on the head. We need more micro-mid cap discussions! Great interview as always!

[@WeStudyBillionaires]

Glad you enjoyed the episode! 🎉

[@brianbirnbaum9760]

Man if I could sell my business at the right price I would invest with Ian in a heartbeat.

[@coindrop]

Amazing episode, loved every minute!

[@WeStudyBillionaires]

Thank you so much! 🎉

[@ray-mc-l]

Great interview! Much prefer hearing from investors with more niche strategies. Would love to hear from some that specialise in particular sectors.

[@WeStudyBillionaires]

Glad you enjoyed the episode! 🎉

[@OrchidMacro]

What are his largest holdings?

[@yannc9266]

Fantastic interview, thanks guys !

[@WeStudyBillionaires]

Glad you enjoyed it! 🎉

[@annasillanpaa1111]

For the insider ownship, is there differences in for different company sizes and how the ownership is acquired, like stock options vs bullying them vs founder?

[@Sokrabiades]

1:02:30 averaging down rules of thumb

[@ReflectionOcean]

Does anyone know the net worth or the average annual investment returns of Mr Cassel?

[@_tyler-_-]

At that 10 year mark personally. Awesome interview Clay.

[@WeStudyBillionaires]

Much appreciated! 🙏

[@jlortega75]

I think it is all about good leaders but it is almost imposible to guess 15 years in advance that a niche company that sells computers will move into iphone or Amazon would create AWS or Neflix can go from renting VHS to streaming…

[@VasudevaNaidu]

very good

[@WeStudyBillionaires]

Thank you! Cheers!

[@valueinvesting6059]

China Yuchai for the win

[@Klorel123]

I am sure this approach can work. But you need to put a lot of effort into it, and be really thorough during you research. Usually these companies are unknown, you you don't encouter them in daily life. This makes things even harder.

[@WeStudyBillionaires]

Thanks for sharing your insights! 💡

[@KamilMauel]

The last 3 years SPDR S&P 500 ETF +32% vs iShares Micro-Cap ETF -24%.That 10 years-study ending before the recent bear and sectional rebound is not relevant anymore.

[@michaelsimpson5911]

First comment

[@WeStudyBillionaires]

Awesome! 😎