The Making of a Great Stock Picker — Ian Cassel | The Long Game
In this episode of The Long Game, I sit down with Ian Cassel, founder of MicroCapClub, chief investment officer of Intelligent Fanatics Capital Management, and author of the new book Stock Picker, for a conversation that turned out to be far less about stocks than about the person doing the picking.We talk about why Ian believes no one starts investing with a blank slate, how to tell discipline apart from delusion, why most microcaps have to be sold within three years even when they're winning, what it actually costs to buy your own freedom, and the one trait he thinks separates good investors from great ones.
This one is for anyone who has ever understood a company perfectly and still lost money on it. Ian's answer to why that happens is the reason I wanted to make this episode.
In this conversation:
[00:00] Introduction
[03:39] Life's best compounding investments
[05:05] Before studying companies, study yourself
[11:30] Role of luck in life and investing
[16:21] Separating discipline from delusion in investing
[20:53] Paradox of experience
[23:21] An investing mistake that's hard to eliminate for Ian
[28:09] Building rules around your flaws instead of curing them
[33:55] Ian's rules for selling stocks
[41:24] How to separate an intelligent fanatic from a charismatic operator
[47:43] Ian's order of priority for business and management quality
[49:19] Assessing microcaps with short or sketcy history
[55:52] Most misunderstood idea in stock market investing
[58:19] Don't just be a value investor but a value-adding investor
[1:06:30] Rare art of empathy in investing
[1:09:31] Real goal of investing is not to beat others
[1:18:55] Freedom is the idea, investing or not
[1:20:20] Find your swadharma - there are many ways to play the game of life and investing
[1:22:10] Dealing with the transition from individual investor to money manager
[1:29:26] How to fix your temperament
[1:32:58] Ian's rule of taking advice only from happy people
[1:39:02] We have taken the idea of delayed gratification too far
[1:40:58] One book every young investor should read
[1:41:58] Most overrated word in investing
[1:42:16] One biggest red flag in businesses
[1:42:34] Best place Ian finds ideas outside screens and company filings
[1:42:54] Best advice Ian got
[1:43:20] Trait that made Ian money early that he had to unlearn
[1:43:54] One investor Ian will hire to invest his money for 10 years
[1:44:41] One thing Ian hopes survives from his book Stock Picker
***
My previous conversations with Ian:
(2021) Ian Cassel on Microcap Investing, Dealing with Self-Doubt, and the Secret of Happiness: https://youtu.be/YGynCfzCxXo
(2015) Microcap Investing, the Ian Cassel Way: https://www.safalniveshak.com/ian-cassel-microcap-investing/
Ian Cassel's key links:
Stock Picker (new book): https://link.amazon/B0ivBrPPs
Website - Microcapclub - https://microcapclub.com/
Twitter - https://x.com/iancassel
Connect with me and Safal Niveshak:
The Long Game (new book): https://www.safalniveshak.com/books/
Twitter - https://x.com/safalniveshak
Subscribe to The Long Game for long-form conversations on investing, decision-making, and the art of thinking clearly over a lifetime.
Disclaimer: This conversation is for educational purposes only and is not investment advice. Please do your own research or consult a registered advisor before making any investment decision.
#IanCassel #StockPicker #Investing #MicrocapInvesting #MicroCapClub #ValueInvesting #StockMarket #TheLongGame #IntelligentFanatics #InvestingPodcast #StockPicking #VishalKhandelwal #SafalNiveshak Receive SMS online on sms24.me
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