TIP606: Multi-Bagger First Principles w/ Ian Cassel

[We Study Billionaires - The Investor’s Podcast]

On today’s episode, 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:



00:00 - Intro.

01:36 - Ian’s investment journaling and reflection process.

06:19 - What Ian has learned from managing a fund for over 5 years.

08:56 - A 2023 overview for Ian’s fund.

23:58 - What Ian learned from Anthony Deden.

27:43 - The multi-bagger first principles.

35:53 - A few case studies on multi-baggers.

53:26 - Why high insider ownership doesn’t correlate with stocks that outperform.

54:02 - How attribution bias influences investor behavior.

58:08 - Ian’s experience on the saying, “Risk is what you don’t see.”

61:03 - How Ian decides whether he should average down in a position or not.



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, Kyle, and the other community members.
• Learn more about the Berkshire Summit by clicking here or emailing Clay at clay@theinvestorspodcast.com.
• Ian’s presentation on Multi-bagger First Principles.
• Ian’s community, MicrocapClub.
• Ian’s book, Intelligent Fanatics.
• Ryan Pape’s interview at the MicroCap Leadership Summit.
• Related Episode: TIP563: Lightning in a Bottle & Microcap Investing w/ Ian Cassel | YouTube Video.
• Follow Ian on Twitter.
• Follow Clay on Twitter.
• Check out all the books mentioned and discussed in our podcast episodes here.

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