Ian Cassel on Microcap Investing, Dealing with Self-Doubt, and the Secret of Happiness

I talk to Ian Cassel, a professional microcap investor and chief investment officer of Intelligent Fanatics Capital Management. In this episode, we talk about microcap investing, judging management quality, process vs outcome, empathy, secrets of Ian's happiness, and much more.
To know more about this initiative, check out www.vishalkhandelwal.com/
To know more about my book - The Sketchbook of Wisdom - which Morgan Housel calls "a masterpiece," please visit - book.safalniveshak.com/
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00:37 Introduction
01:52 Secrets of Ian’s happiness
06:30 How to connect with people
09:45 Good parenting and investing are long term games
11:38 Asking a very important question - What’s chasing you?
16:05 Lessons from early life as a microcap investor
22:53 Biggest lessons from Ian’s microcap mentors
40:47 Most important filters in selecting great microcap stocks
48:53 Is microcap investing only about riding undiscovered stories?
54:01 Process vs outcome: Ian’s biggest driver for microcap investing
55:52 How to deal with self-doubt and drawdowns
1:00:49 How Ian judges management quality
1:04:26 Microcap investors vs venture capitalists
1:06:28 Building your circle of competence
1:09:58 If you’re not evolving you’re not growing
1:11:55 Thinking about risk, losses, and expected value
1:18:33 Lessons from Ian’s biggest investment mistake
1:23:56 How to deal well with behavioral biases
1:28:52 Advice to new investors
1:31:10 How to think independently as an investor
1:34:28 Advice to new microcap investors
1:36:52 Lesson from Covid pandemic
1:38:22 Commonly accepted investment wisdom Ian disagrees with
1:39:27 Rules for selling stocks
1:40:19 Ian’s money lessons for his kids
1:43:29 Favourite books
1:48:28 How much is enough?
1:51:01 Single best and worst piece of advice ever got
1:52:00 Ian’s definition of a life well-lived
Books Recommended by Ian -
1. Free Capital by Guy Thomas - amzn.to/3wS3w6m
2. The Emotionally Intelligent Investor by Ravee Mehta - amzn.to/3t1b9Fk
3. Golf is Not a Game of Perfect by Bob Rottela - amzn.to/3N0mBZC
4. The Great Beanie Baby Bubble by Zac Bissonnette - amzn.to/3wRpp4l
5. Lessons From Century Club Companies by Vicki Tenhaken - amzn.to/3lOSF6X
6. What Girls Need: How to Raise Bold, Courageous and Resilient Girls by Marisa Porges - amzn.to/3LWDFyl
7. Open: An Autobiography by Andre Agassi - amzn.to/3GpOsjx
8. Piranesi by Susanna Clark - amzn.to/3wQFfNY
9. Soul in the Game by Vitaliy Katsenelson - amzn.to/3wTG1Zt

[@shikharganjoo]

So happy to receive your video notifications first thing in the morning Vishal🙏🏻

[@sandeepayachit]

These are all geniuses on your shows! Thank you so much for bringing to us such deep life and investment lessons. Your questions are insightful. I just hope more and more people develop an apetite for such deep and long interactions rather than the recent fad of 20-30 sec shorts.

[@Value_Pilgrim]

I ❤ Ian.
His ideas helped me snag the first microcap multi-bagger about 5 years back. Thanks Ian for generously sharing your ideas.
🙏

[@kunal_KB]

Thanks for making such legendary conversations public!

[@vssprakashchilamkuri2348]

I find him standing all the two hours of interview shows his physical fitness. Kudos to his physical endurance. Correct me, if I am wrong.

[@Creeyetive]

Superb interview, excellent insights..I think this and the one with Kuntal Shah easily the best ones..Thanks Ian

[@nileshshah31]

As always. Vishal this too was a beautiful & insightful conversation with Ian. Lots too learn and grow. Thank you for bringing such legends on the One Percent Show. Kudos & hats off to you for sharing these valuable learning’s.

[@siddarthmohta8504]

Excellent conversation. I find them to be more realistic/ aligned and process driven.

[@akshayanjana5415]

Thanks, for sharing such an insightful talk…

[@pratyush8763]

Wonderful interview. Absolutely loved it. Always so much to learn from Ian Cassell.

[@chromeyoutube505]

Glad I watched it.

[@nitinparashar9532]

Amazing insights..full of wisdom. I feel I need to see this few more times to grab more out of it . Vishal sir I am grateful to you as we all are getting benifits of your and your guests knowledge often. May God continue to bless you !

[@pallavinanda1484]

Boom💥💥Another learning bomb !!Thanks Vishal for the effort ,preparation to put it together 🙏

[@srinivassikha3287]

Thanks for sharing Vishal. All your shows have been outstanding, deep and insightful. Continue to do this.

[@srinikartik]

One of Ians best interviews IMO.. so many amazing nuggets

[@hetpatel1790]

Please bring sanjoy Bhattacharya!

[@adarshkumar37]

We all have a karmic debt towards Safal Niveshak, a debt that is difficult to discharge

[@rampml]

Thank you 🙏

[@isanthosh91]

Thank you , as always wonderful interview.

[@viratrana]

Amazing to get this kind of knowledge and listen to real life experinces of these giants.... a privlege thank you vishal

[@deepak2012able]

Thanks Boss

[@abhipatil4844]

good one

[@Brajendu]

Mr Vishal, one observation if you don't mind please avoid that word "RIGHT?" .. every now and then. I know it has become a pandemic, however it doesn't sound mature.

[@anurajpandey9898]

Wisdom!! 💌

[@vikas_atri]

👌