In this episode of the Planet MicroCap Podcast, I’m joined by Artem Fokin, Founder and Portfolio Manager of Caro-Kann Capital, to reflect on more than a decade of running a concentrated small- and micro-cap strategy focused on finding multibagger opportunities. Artem shares how his bottoms-up approach centers on deeply understanding a handful of businesses, engaging thoughtfully with management teams while maintaining the discipline to stay objective—what he calls being “friendly, but not friends.”

We also discuss why due diligence should extend beyond the CEO to the entire leadership bench, why microcaps remain one of the best training grounds for investors despite structural market changes, and how avoiding intellectual rigidity—while embracing tools like AI for research—can help investors continuously adapt and improve their decision-making. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Caro-Kann Capital, please visit: https://caro-kann-capital.com/

Chapters:

00:00 Introduction and Background
03:06 Investment Philosophy and Strategy
06:19 Engaging with Management Teams
09:06 Reflections on 2025
12:09 Building Relationships with Management
14:04 Best Practices for Engaging Management
16:58 Evaluating Management Teams
17:59 Diligence and Fair Game Questions
24:26 Leveraging LinkedIn for Management Insights
25:43 Understanding Investment Edge
31:11 The Importance of Execution in Investing
32:31 The Value of Microcaps in Investment Training
40:07 Fears of Intellectual Rigidity in Investing
46:53 Lessons Learned Over 11 Years
48:45 Looking Ahead: The Future of Investing

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The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.