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Tristan is a tax accountant in Australia and a member of MicroCap Club. He is a long-time shareholder of Kelly Partners Group ($KPG.AX), the accounting firm rolling up small practices in Australia and now overseas, and of AF Legal Group ($AFL.AX), the listed family law firm expanding into criminal law and contested wills. He also spent part of his career working inside a Kelly Partners firm. This discussion took place live on September 3rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, Tristan explains why he sees AI as another tool rather than a threat to accounting, how Kelly Partners structures its 51% partnership stakes and ten-year partner lock-ins, why the special purpose vehicle around each deal matters, and where the margin improvement in an acquired firm actually comes from. He then walks through AF Legal, the turnaround since the 2022 management change, the software implementation and one-off costs that weighed on the second half, the receivables build in the contested wills business, and what he thinks it takes to hit the AUD $50 million revenue target. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to the episode and Tristan's background 02:08 What is Kelly Partners and its focus on business advisory 05:02 Workflow changes and automation at Kelly Partners 08:40 Partnership structure and stakeholder management 12:14 Client selection and due diligence in acquisitions 15:53 Entry multiples and value creation in acquisitions 17:09 Margins, productivity, and cost management 18:38 Valuation multiples and future outlook 20:24 Acquisition of Hello AI and strategic hires 21:08 Why Kelly Partners succeeds and others fail 23:22 Managing debt, enterprise value, and financial structure 24:38 Overview of AFL and recent performance 26:03 Project Titan and software implementation 29:03 Receivables buildup and future cash flow 30:04 Growth targets and margin improvement opportunities 31:47 Outlook, catalysts, and risk factors 33:29 AI's impact on pricing and competitive dynamics 35:06 The importance of human relationships in professional services 36:27 The role of the commercial team and client acquisition 37:36 Summary and closing thoughts on the future of firms Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with WidePoint Corporation’s (WYY) CEO Jin Kang and COO Todd Dzyak. The company was originally profiled by Sergio Heiber on April 13, 2025, at $2.82 USD per share. This discussion took place live on August 26th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Jin Kang is CEO of WidePoint Corporation (WYY), a mobility-as-a-service company that secures, manages, and monitors mobile technology assets for federal agencies and large enterprises, delivered under a SaaS model. He joined WidePoint in 2008 when it acquired the company he founded, and took over as CEO in 2017. He is joined by COO Todd Dzyak. In this business breakdown, Jin and Todd walk through the company's near-term catalysts: a roughly $50 million five-year SaaS contract with one of the three major U.S. wireless carriers, the 10-year $3.1 billion DHS CWMS 3.0 award currently sitting in a GAO protest, and prime positions on NASA SEWP VI and Navy Spiral 4. They explain how the protest process works and what happens in each outcome, why FedRAMP authorization on the ITMS platform matters competitively, and how WidePoint's PKI-based credential on a smartphone differs from Okta and standard app-based two-factor authentication. The conversation also covers federal contract pricing and margins, what actually decides a competitive award, the sales cycle for both government and commercial customers, and why the company is holding a net cash position while self-funding growth. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction 01:49 Jin Kang and Todd Dzyak backgrounds 04:17 Presentation begins 05:10 What WidePoint does: mobility as a service 06:10 Financial snapshot and valuation 07:05 Catalyst 1: the ATV carrier contract 07:35 Catalyst 2: the $3.1B DHS contract and protest 08:10 Catalyst 3: device as a service with CDW 09:00 NASA SEWP and addressable market 09:50 Core competencies and differentiators 11:15 FedRAMP authorization and why it matters 12:40 Mobile Anchor and the 365 Analyzer 14:05 Identity and access management: DoD-grade MFA on smartphones 15:30 Contract vehicles and strategic partners 17:50 Financial results and trends 18:45 Growth strategy 20:41 Q&A: moving into the commercial market, and how they differ from Okta 24:18 DHS 3.0: revenue mix, headcount, and economics 28:35 Pass-through revenue assumptions 29:46 The GAO protest timeline and the 100-day clock 31:34 Replacing the CRO and building the commercial sales team 35:04 International presence, Ireland, and the CSG relationship 37:01 What happens if the protest is upheld 40:30 What DHS is and how protests are decided 43:01 Sales cycles: government vs. commercial 46:27 How their authentication differs from Google and Microsoft 48:42 On-device key generation vs. keys sent over the air 51:30 The biggest bottlenecks to faster growth 54:02 Pricing, margins, and annual increases 56:16 What wins a competitive contract 57:56 Opportunities in other federal departments 59:48 Net cash position and capital allocation Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing.

Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund. Since 2023, he's compounded client capital at close to 40% a year, holding ten positions or fewer, filtered for low valuation, low debt, and a strong position in a niche market. This discussion took place live on July 17th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, Joe explains why he moved away from special situations investing toward high-quality, low-leverage businesses, and walks through two case studies: a semiconductor-testing microcap on the Tel Aviv Stock Exchange that became his best trade, and Atento, a Brazilian BPO company whose currency hedge and a cyber attack turned it into his worst. He also talks about how he manages FOMO and confirmation bias in his process. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction and Joe's background 02:26 Transition from actuary to investing 05:21 Evolving investment strategies 08:39 Shift towards high-quality, low-leverage businesses 14:01 Managing client funds and fund structures in the UK 18:20 Concentrated portfolio and risk management 20:34 Investment philosophy and key criteria 29:28 Finding the 'Holy Grail' investments 43:03 Case study: Semiconductor business in Israel 52:36 A significant failure and lessons learned 01:05:55 The role of spirituality and yoga in investing Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Joel Kirkpatrick sit down with LibertyStream Infrastructure’s (LIB.V/VLTLF) CEO Alex Wylie. The company was originally profiled by John LaGourgue on October 14, 2025, at $0.40 CAD per share. This discussion took place live on August 20, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex Wylie is the CEO of LibertyStream Infrastructure (LIB.V/VLTLF), which extracts lithium from oilfield brine in the Permian Basin. He spent 25 years in oil and gas before starting the company in 2021 and has taken it from lab work through six generations of field equipment to a signed offtake agreement with a U.S. industrial customer. Alex walks through the three steps behind the business, pretreatment, extraction, and refining, and why the Permian's existing water infrastructure, roughly 20 million barrels a day, makes low-grade brine a workable feedstock. He discusses the Freedom One facility being built with Select Water Solutions and the plan to reach commercial production in 2027, why he frames the build-out as multiplication rather than scaling, and the company's S-1 filing and move to a U.S. exchange. He also addresses dilution, how the build-out gets financed, and what shareholders should watch for over the next six to twelve months. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 01:53 Beaker to Field 14:15 The S-1 Filing 17:14 IPO, Capital & Dilution 19:05 Freedom One Timeline 20:50 Scaling vs. Multiplying 23:10 24-Hour Runs 24:35 Select's New Mexico Push 27:32 Other Water Partners 29:09 Unit Cadence & Demand 31:49 Building in Parallel 32:53 How Offtakes Get Done 35:35 Funding the Build-Out 38:10 Next 6-12 Months 41:47 The Extra 400 Tons 44:33 Existing Shareholders 45:43 Customer Prepayments 47:02 Returns & Leverage 48:52 Hiring in West Texas 49:55 Why Not Build Bigger 51:34 Green-Lighting Units 2, 3, 4 53:48 North Dakota 54:46 Staying the Leader 56:20 Board Changes Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato sits down with Kelly Partners Group’s (KPG.AX/KPGHF) CEO Brett Kelly. The company was originally profiled by Adrián Hernández on April 7, 2021, at $2.01 AUD per share. This discussion took place live on August 12th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Brett Kelly is the founder and CEO of Kelly+Partners Group Holdings (KPG.AX/KPGHF), the accounting group he started in 2006 and listed in 2017. It now runs 42 businesses with around 100 partners under its partner-owner-driver model, and has grown revenue from $30 million at IPO to a run rate of roughly $165 million. In this episode, Brett explains why he sees AI as an enabler for accounting firms rather than a threat, and why he has stopped publishing the group's playbook. He walks through how a list of everything he and three partners disliked about the firms they had worked in became a 204-point implementation checklist, and why leadership quality decides whether it ever gets used. He also addresses the margin loan he took during a family emergency this year and the 50% share price fall that cost him 14% of his shareholding, along with what comes next: acquiring multi-office firms, a listing outside Australia, and a Constellation-style long-dated debt structure. Share your feedback - david@microcapclub.com David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 – Intro 01:37 – Twenty years in 02:11 – AI as part of the ecosystem, not the whole ecosystem 05:05 – Why they won't publish the playbook 06:42 – The 30–50% of accounting work nobody ever paid for 09:41 – Leadership is the X factor, not cost cutting 12:44 – Humility as the trait that lets people keep learning 14:25 – The 204-point checklist and the "shit list" that built it 21:25 – Why professional services firms can't keep people 22:46 – Being a doctor for numbers 23:53 – What makes a partnership work: progress 27:03 – Win-win, lose-lose 28:53 – Incentives, disincentives, and personal values 30:39 – The margin call: what actually happened 39:17 – Valuation, shareholders, and why there's no buyback 42:18 – The case for staying public 43:33 – The next move: acquiring whole groups 44:26 – The US listing and a Constellation-style debenture 46:29 – The ten-year vision: Berkshire, LVMH, Constellation 51:48 – How you build a brand in a "boring" industry 53:48 – Select people who like people 55:18 – Taking the model into other professions 57:51 – Why he became an accountant

This discussion took place live on July 22nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Leland Roach writes The Value Road on Substack, where he covers nano and micro-cap value stocks he finds by screening OTC Markets for hidden asset value and near-term catalysts. He walks through his process for working down a list of OTC filings, a real estate play in J.W. Mays' Brooklyn office building, and the turnaround underway at broadcaster-turned-digital-advertiser Entravision as it grows its Smadex platform. He also covers Butler National's unusual mix of aerospace manufacturing and casino gaming, and lessons learned from past mistakes at CarParts.com and RCI Hospitality's Rick's Cabaret chain. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 01:30 From the factory floor to full-time investing 04:54 Screening OTC markets from A to Z 08:01 Why catalysts decide which stock he buys 09:26 Spotting a catalyst before the market does 11:41 What writing a Substack does to your investing 14:25 Readers, feedback, and expectations 16:38 JW Mays (MAYS): a Brooklyn building worth more than the company 18:31 The risks in an asset-sale thesis 20:46 When he sells 21:55 Taxes versus taking the profit 25:36 Butler National (BUKS): miniguns, Cessna doors, and a casino 29:45 RCI Hospitality (RICK): a cash-rich melting ice cube 31:22 Entravision (EVC): broadcasting deregulation and Smadex 34:27 The one customer that could break the EVC thesis 37:20 Mistakes: RCI and CarParts.com (PRTS) 38:52 Advice for new investors: read, then be patient Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato sits down with Teqnion's (TEQ.ST) CXO, Daniel Zhang. Daniel Zhang is CXO at Teqnion, a Swedish serial acquirer of niche industrial businesses. He joined in 2020 after five years at Bain and now runs the company's M&A, speaking with three to five business owners a week. In this episode, Daniel explains why Teqnion buys physical product companies rather than service businesses, how it pays around five times EBIT when the market pays closer to eight, and what the China sourcing office he set up has done to costs across the group. He also covers the operational problems that hit roughly ten subsidiaries, where that turnaround stands now, and how Teqnion's bonus structure penalizes managers when earnings fall. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction 01:55 What makes Daniel tick 04:56 Finding Teqnion as a shareholder and joining Johan Steene 06:57 From a placeholder title to running M&A 10:30 Bain vs. Teqnion: strategy versus implementation 12:44 Why niche physical products over services 15:11 The ideal company: mission-critical components with service attached 17:53 Building the China sourcing office 21:38 What Teqnion actually sources from China 23:15 Winning over subsidiary CEOs and the savings realized so far 26:19 Could Teqnion acquire in China? 28:52 Buying from owners who are ready to retire 30:31 Why sellers accept less than the highest bid 33:47 Walking away on price 35:06 Funding acquisitions and the leverage target 37:01 Why subsidiaries carry no debt, unlike private equity 40:02 Deal sourcing: cold calls, brokers, and direct outreach 42:54 Where Teqnion's returns have come from 45:33 How serial acquirers fail 50:13 Where the turnaround stands now 53:18 Rising margins and what Teqnion buys next 55:40 The board's role and the mandate that unlocked M&A 58:09 Inside the incentive structure, including negative bonuses 1:01:47 CEO days, clusters, and sharing best practices Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

This discussion took place live on July 1st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Deiya Pernas, CFA, and Dean Pernas are co-founders of Pernas Research, an independent equity research firm whose audited returns have compounded at more than 30% annually since 2017. Deiya previously served as Deputy CIO at The Bahnsen Group, while Dean left a career in chemical engineering in 2020 to invest full-time. In this episode, they discuss why they built an audited, buy-side research model instead of following the sell-side approach, how they structure a concentrated portfolio using core, starter, and speculative position sizing, and how they think about holding cash in an expensive market. They also walk through two case studies: a contrarian long in Xometry that returned 764%, and a failed investment in sim-racing company Endor, which went bankrupt despite a pandemic-driven demand surge. The conversation closes with the rule they use to manage the risk of averaging down. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction and guest background 01:31 How the firm was founded and the Pernas brothers' backgrounds 03:14 The buy-side research model and its advantages 04:28 Why they chose to audit their track record 05:35 Dean's background in chemical engineering and investing 07:05 Sources of investment ideas and workflow 10:06 Team collaboration and decision-making process 12:08 Ownership and decision autonomy in trading 13:26 Portfolio structure and risk management 16:01 Communication, transparency, and performance impact 18:01 Market overreactions, AI opportunities, and sector insights 25:03 Favorite themes and recent successes 46:08 Lessons from failures and risk management 54:03 Position sizing, averaging down, and exit strategies 01:01:00 Managing ground-level research and expert calls 01:05:06 Final thoughts on market opportunities and risk Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about how even companies that check all the boxes can still go wrong. You can also read it as an article here: ⁠https://microcapclub.com/newsletter/⁠ MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit ⁠https://microcapclub.com/⁠ Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

This discussion took place live on June 29th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Clare Flynn Levy is CEO and founder of Essentia Analytics and co-author, with Lee Freeman-Shor, of "Stock Market Maestros." She spent a decade as a fund manager, including running long/short European tech strategies, before founding Essentia to help other managers improve using behavioral data. In this episode, she explains how Essentia analyzes fund managers' historical trades by building "investment episodes" to measure hit rate and payoff ratio, and how its "nudges" system has been shown to add 160 basis points of alpha per year for clients who use it. She discusses the structural disadvantages professional fund managers face against individual investors, from benchmark mandates to fund inflows and outflows, and breaks down the "repurchase bias," where managers refuse to revisit a stock after losing money on it. She also talks about how AI is changing both her clients' processes and Essentia's own analysis. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction & Guest Background 01:57 Analyzing Investment Decisions vs. Outcomes 05:00 The Importance of Payoff Ratios over Hit Rates 07:30 Using Behavioral "Nudges" to Improve Performance 12:11 Professional Fund Managers vs. Retail Investors 17:32 The Onboarding and Data Analysis Process 23:06 The Danger of "Averaging Down" 28:15 Assessing Manager Personality and Engagement 31:41 Turning Data into Behavioral Change 35:25 The Most Common Weaknesses in Investing 41:24 Differentiating True Skill from Bull Market Luck 43:46 Overcoming "Repurchase Bias" 48:40 AI's Impact on the Investment Industry 53:29 Building a Culture of Continuous Improvement 58:06 Career Advice for Young Finance Professionals 01:03:51 Conclusion Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about how high expectations are a killer of future returns. can also read it as an article here: ⁠https://microcapclub.com/newsletter/⁠ MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit ⁠https://microcapclub.com/⁠ Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with Paragon Advanced Labs (PALS.V) CEO Peter Shippen. This discussion took place live on July 9th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Peter Shippen is founder and CEO of Paragon Advanced Labs (PALS.V), which operates a hub-and-spoke network of mining assay labs using photon assay, a rapid gold, silver, and copper testing technology from Australia's Chrysos. Co-hosts Sergio Heiber and Lindsay Leeds sit down with Peter for a follow-up conversation covering capacity utilization economics, the McEwen Inc. partnership and shareholder base, pricing versus traditional fire assay, the buildout of sample prep sites in Timmins, Thunder Bay, and Coeur d'Alene, and Paragon's path to cash flow and a U.S. listing. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction and Participant Welcome 00:36 CEO Peter Shippen's Background and Company Overview 02:08 Paragon's Technology and Market Positioning 04:04 Photon Assay: Benefits and Industry Impact 06:58 Industry Bottlenecks and Paragon's Solutions 09:16 Operational Setup and Current Capacity 12:33 Market Expansion and Supply Constraints 15:22 Financial Outlook and Cash Flow Potential 17:14 Team Expansion and Leadership 19:21 Next 12 Months: Capacity and Growth Milestones 21:43 Geographic Strategy and Hub Model 25:29 Pricing Strategy and Customer Negotiations 29:07 Financial Structure and Capital Deployment 31:43 Sales and Marketing and Operational Efficiency 33:43 Growth Strategy: Slow vs. Fast Deployment 36:17 Fire Assay Business and Future Outlook 38:03 Utilization Rates and Profitability 41:07 Expansion Plans and Customer Demand 44:16 Partnerships, Contracts, and Mexico Operations 46:34 OTC Listing and Market Visibility 47:07 Key Talent and Leadership Recruitment 50:22 Global Lab Wait Times and Industry Trends 52:08 Geochem Services and Revenue Contribution 53:46 CapEx, Capital Raising, and Shareholder Dilution 55:32 Shareholder Float and Industry Market Size 56:32 Industry Spending and Market Opportunity 57:46 Balance Sheet Liabilities and IFRS Impact 59:05 ISO Certification and Industry Standards 1:00:54 Path to Positive Cash Flow and Future Outlook Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and “uzocapital” sit down with Playboy’s (PLBY) CEO Ben Kohn. This discussion took place live on July 8th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Ben Kohn is CEO of Playboy, Inc. (PLBY), a role he's held since 2018 after two decades in private equity, including as a managing partner at Rizvi Traverse, the firm that took Playboy private in 2011. In this conversation, Kohn breaks down Playboy's shift to an asset-light licensing model and the economics behind its two largest deals: the partnership with Byborg Enterprises, which turned a $2 million adult-content business into $20 million a year in guaranteed royalties, and the agreement with UTG to sell up to 50% of Playboy's China IP for $122 million over eight years. He details the company's debt paydown from $220 million to $108 million, the new paid-voting Playmate franchise and subscription business, plans for a Playboy Club in Miami Beach, and the future of Honey Birdette within the portfolio. Kohn also discusses lessons from Playboy's SPAC-era overexpansion and how that's shaped the company's current strategy. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Playboy's Transformation 04:40 Ben Kohn's Background and Playboy's Legacy 07:36 Monetizing the Playboy Brand 10:19 Financial Strategies and Debt Management 13:33 Content as a Revenue Driver 16:27 The Playmate Franchise and New Business Ventures 19:38 Licensing and Strategic Partnerships 22:17 Hospitality and Future Plans 26:08 Honey Birdette and Brand Integration 29:04 Audience Engagement and Voting Contests 31:52 Future Growth and Market Positioning 43:29 Navigating Business Complexity and Debt Management 47:14 Strategic Growth and Store Expansion 48:26 Shareholder Returns and Buyback Strategies 51:56 Licensing Deals and Brand Partnerships 57:55 Innovative Revenue Streams and the Playmate Initiative 01:02:45 Learning from Mistakes and Future Strategies 01:13:03 The Future of the Playboy Brand Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about the cruel reality of stock picking where the same process produces different outcomes. You can also read it as an article here: https://microcapclub.com/newsletter/ MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/ Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Joshua Cohen sit down with Renoworks Software’s (RW.V / ROWKF) CEO Doug Vickerson. This discussion took place live on July 6th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Doug Vickerson is CEO of Renoworks Software (RW.V / ROWKF), a role he's held for two decades at the company, which builds visualization software for the building products industry, serving manufacturers, distributors, contractors, and homeowners. In this conversation, Vickerson discusses Renoworks' shift to an AI-powered platform and its push to convert one-time revenue into recurring revenue, which grew 36% year-over-year in the first quarter of 2026 on roughly 80% gross margins. He covers the new platform launching to customers in August, the pricing shift toward licensing and usage-based tokens, and new growth areas opened up by AI, including measurements, estimating, interior design, and decking, categories the company had previously avoided. Vickerson also addresses the company's capital structure and insider ownership, its relationship with Google around Street View data, and why he believes 20 years of manufacturer relationships and product data make the business difficult to replicate. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Renoworks and Leadership Background 04:21 AI-Powered Home Remodeling: Renoworks' Vision 08:10 The Role of AI in the Building Products Industry 11:31 Challenges and Opportunities with AI Integration 16:20 Customer Engagement and Market Opportunities 20:59 Expanding Total Addressable Market through AI 25:42 Financial Performance and Future Growth Strategies 27:04 Q&A: Insights on Market Dynamics and Product Offerings 38:25 The Importance of Leads in Home Design 41:57 Enhancing Offerings and Customer Engagement 46:07 Revenue Growth and Business Model Evolution 51:35 AI's Role in Competitive Advantage 55:23 Exploring Partnerships and Market Potential 01:03:56 Understanding the Competitive Landscape 01:10:08 The Unique Value Proposition of Renoworks Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Sean Westropp is the CIO of Deep Sail Capital, a long/short fund focused on growth, with most of the long book in microcaps and the balance in established mid-cap growth. He launched the fund to outside investors in 2022, after running a predecessor vehicle that began as a value strategy and pivoted to growth in 2017. This discussion took place live on May 7th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, Sean walks through the four-pillar framework he uses to evaluate microcap management teams, the weekly forward-IRR ranking he runs across his ~500-name investable universe, and why he thinks shorting industry bubbles works better than shorting individual names. He also breaks down three names on his radar, Westell Technologies, AmpliTech Group, and SuperCom, and uses Kraken Robotics as a case study for riding a microcap winner from a $150 million market cap to mid-cap scale. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Sean Westropp and Deep Sail Capital 02:39 Sean's Journey into Investing 06:28 Investment Strategy: Growth vs. Value 10:30 The Importance of Management in Micro Cap Investing 14:15 Navigating Growth Phases in Micro Caps 18:41 Managing a Diverse Investment Universe 24:48 Short Selling: Strategies and Challenges 31:24 Technical Analysis in Short Selling 35:32 Exploring Westell Technologies 44:12 Diving into AmpliTech Group 57:11 Understanding SuperCom's Growth Potential Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and co-host Sébastien Charland, President of Agave Capital, sit down with ADF Group’s (DRX.TO) CFO Jean-François Boursier. The company was originally profiled by "Flipper" on February 16, 2021, at $1.72 CAD per share, representing a gain of 735% since then. This discussion took place live on June 18th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Jean-François Boursier is the CFO of ADF Group, a Quebec-based fabricator of complex steel structures with plants in Terrebonne, Great Falls, Montana, and the Lac-Saint-Jean region. After nearly 16 years at ADF, he's set to retire at the end of 2026, and this Business Breakdown covers where the company stands heading into that transition. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to ADF Group and Leadership 03:31 Overview of ADF Group's History and Operations 14:01 Financial Highlights and Market Positioning 22:33 Future Growth and Strategic Acquisitions 28:32 Q&A Session: Backlog and Tariff Impacts 40:40 Understanding the Family Buyback Dynamics 51:39 Leadership Transition and Future Outlook 57:17 Market Demand and Strategic Positioning 01:07:57 Consolidation Opportunities in the Industry Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Ian Cassel gives the opening keynote at Planet MicroCap Las Vegas 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Dylan Marello is CIO of Marello Capital, a fund he launched after a career as a corporate litigator. He runs a concentrated, long-only portfolio of roughly 12 to 15 names, market-cap agnostic, but skewed toward asymmetric setups in hated or overlooked sectors. This discussion took place live on May 6th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, Dylan discusses how his legal background shapes the way he writes and structures investment theses, why he sizes his ideas between 5 and 10 percent, and how he thinks about capital cycles in industries like offshore drilling, cinemas, and cannabis. He also walks through two of his largest positions: Entravision Communications, which moved sharply during the recording on a strong print from its Smadex ad-tech segment, and MIAX, the options exchange he frames as a royalty on growing derivatives volumes, including its stake in Robinhood's prediction markets venture. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Dylan Marello and His Investment Philosophy 04:24 The Journey of Starting Marello Capital 07:56 Investment Strategy and Management Fees 10:47 The Impact of Legal Background on Investment Analysis 13:46 Writing Investment Theses and the Role of AI 17:01 Case Study: EVC and Its Growth Potential 25:57 Understanding Hated Industries and Investment Opportunities 35:59 Market Sentiment and Its Impact 37:06 Capital Cycles and Industry Restructuring 38:51 Opportunities Amidst Market Negativity 40:42 The Resurgence of Movie Theaters 42:06 Supply and Demand Dynamics in Offshore Drilling 44:31 Patience in Investing: The Waiting Game 47:38 MIAX: A High-Quality Business Overview 48:41 The Growth of Derivatives and Options Trading 53:25 MIAX's Unique Market Position 58:14 Future Prospects and Strategic Partnerships 01:02:59 Valuation and Market Potential of MIAX 01:08:46 Legal Considerations and Insider Confidence Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

This discussion took place live on April 23rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Pedro Sousa is a partner at Oxy Capital, a Portuguese investment firm based in Lisbon, where he leads the public markets strategy. He joined Oxy as an intern during his economics degree at Nova, spent two years at Bain in Spain, and returned to help build out the public book, which has grown from €20M of partner capital in December 2018 to over €100M today, compounding at roughly 20% net annualized. In this episode, Pedro explains how Oxy applies a private-equity approach to European small caps, five-year underwriting horizons, six-to-ten position concentration, and a sleeve of special situations covering spin-offs, asset-heavy liquidations, and partial M&A RemainCos. He walks through two current positions: The Gym Group, the UK's number two low-cost fitness chain, where he breaks down the local-monopoly unit economics of a single club; and Relais Group, the leading independent aftermarket player for commercial vehicles in the Nordics. He and David also discuss why European management teams get less inbound than US peers, how the team re-underwrites when a company misses expectations, and why Oxy hires undergraduates straight out of Portuguese universities ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Pedro Sousa and Oxy Capital 04:15 Pedro's Journey into Investing 07:07 Growth and Performance at Oxy Capital 10:01 Investment Strategy: Private Equity Meets Public Markets 12:58 Special Situations in Investing 15:32 Team Dynamics and Investment Sourcing 19:09 Market Dynamics: Public vs. Private Equity 22:03 Case Studies: Successful Investments and Lessons Learned 33:31 Understanding Gym Economics and Market Dynamics 36:45 In-Depth Analysis of Relays Group 46:54 Investment Re-Underwriting and Portfolio Management 49:55 Recruitment Strategies and Talent Development 54:09 Long-Term Investment Philosophy and Capital Management 59:21 Future Aspirations and Closing Thoughts Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.