Ian Cassel – Micro Machine

Hosted by
Bill Brewster

Bill Brewster is a private investor. He cohosts the podcast Value: After Hours with Tobias Carlisle and Jake Taylor. Tobias, Jake and Bill met at a Berkshire Hathaway meeting and formed a lasting friendship. And, as it turns out, people really like the podcast.

While Bill tries to replicate Warren Buffett and Charlie Munger’s thought processes, he is heavily influenced by Bill Miller III, Stan Druckenmiller, and others. This podcast is his attempt to dig deeper into other investing/business philosophies and share the knowledge with the world.

Ian Cassel is the CIO at Intelligent Fanatics Capital Management
(“IFCM”).  IFCM invests in the smallest public companies in the world.
They focus on businesses that are run by management teams who are
capable of growing those businesses while benefiting stakeholders. Ian also founded MicroCapClub.

In this episode Ian discusses how he became a microcap investor. One
of his first successes was XM Satellite Radio. He discovered the
company when it was a microcap trading for $2/sh and didn’t have any
contracts with car manufacturers yet. Ian saw they were presenting at
a conference in NY, got in a car, and met with the CEO. After that
meeting Ian became obsessed with turning into a full time private
investor.

Ian stresses the importance of doing deep due diligence, remaining
rational, and keeping personal expenses “variable.” He invests in a
concentrated manner (only a few stocks at a time), which is very
Buffett like. Unlike Buffett, however, Ian discusses the importance of
remaining open to selling winners. This is because Ian is “fishing in
a pond” of smaller companies and execution risk must always be
monitored.

Ian is a refreshing voice in the investment community and we are happy to have him join the show!

Note: We reference Connor Haley’s presentation in this discussion.
That presentation can be found here.


Disclaimer: Bill manages a portfolio under the name of Sullimar Capital Group. This podcast is for informational and educational purposes only. Nothing in this podcast or on SullimarCapital.Group is investment advice. All information in this is opinion based, potentially biased, and requires verification.

Bill and his guests make no representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in these podcasts. Any assumptions, opinions and estimates expressed constitute the participant’s judgment as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions as to market conditions and there can be no guarantee that any projected outcomes will be achieved. This podcast does not accept any liability for any direct, consequential or other loss arising from reliance on the contents of this presentation.

This podcast series DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICIATION OF AN OFFER TO BUY ANY SECURITIES MENTIONED OR DISCUSSED. Seek the your financial, tax, legal, accounting, or other advisor’s advice before making any investment decisions. We are not your fiduciary or advisor.

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