
Hosted by Planet MicroCap · EN

In this episode of the Planet MicroCap Podcast, I spoke with Lee Roach, Editor/Founder of The Value Road Newsletter on Substack, to dive into his deep value approach in the micro-cap space, focusing on uncovering massive disconnects between price and underlying asset value. Lee breaks down why writing is central to maintaining discipline, how management quality is often the biggest risk in these setups, and why he prioritizes tangible assets and “stupid low” enterprise values over traditional metrics. We also explore what actually unlocks value - from asset sales to M&A - and how to avoid common pitfalls like dilution, empire building, and thesis drift when investing in the market's most ignored corners. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about The Value Road Newsletter, please visit: https://thevalueroad.substack.com/ Chapters: 00:00 Introduction to Microcap Investing 04:20 Leland Roach's Journey into Investing 07:38 Transitioning to Full-Time Investing 10:22 Investing Philosophy and Strategy 13:37 Evaluating Investment Opportunities 16:26 Research Process and Due Diligence 19:35 Understanding Management and Investor Relations 21:38 Identifying Risks in Microcap Investments 22:17 Exploring Investment Missteps 26:34 Identifying Successful Investment Opportunities 31:56 Catalysts for Value Unlocking 33:21 Navigating Patience and Thesis Drift 39:35 The Importance of Writing in Investing 43:44 Lessons Beyond Books and Screens Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with David Bastian, CIO of Kingdom Capital Advisors, to explore how he uncovers “quirky” opportunities in the microcap market where investor interest has disappeared but internal catalysts remain. David walks through why he focuses on self-help stories - businesses that can unlock value through asset sales, operational improvements, or debt reduction - rather than waiting on macro tailwinds, and shares real-world examples of turnarounds, restructurings, and special situations where narrative disconnects created compelling setups. We also dive into the risks of leverage, the importance of management incentives, and why finding value in microcaps often means getting comfortable where the market is not. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Kingdom Capital Advisors, please visit: https://www.kingdomcapitaladvisors.com/ Chapters: 00:00 Introduction and Context 00:11 Market Opportunities and Quirky Investments 04:38 Identifying Inflection Points 14:06 Management Quality and Value Traps 18:09 Narrative Dislocations in the Market 20:59 Market Confidence and Strategic Investments 24:31 Understanding Turnarounds and Management Impact 28:51 Identifying Key Performance Indicators 34:15 Navigating Risks in Micro Cap Investing 41:09 Evaluating Non-Financial Metrics for Investment Decisions Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with Tim Travis, Founder and CIO of T&T Capital Management, to discuss where today’s biggest market disconnects may be creating opportunity - from REITs and BDCs trading at distressed valuations to overlooked microcaps priced for far worse outcomes than fundamentals suggest. Tim shares how his value investing approach has evolved beyond traditional “cigar butt” investing toward a more dynamic, sum-of-the-parts framework, why options strategies can create an edge in volatile markets, and how he’s thinking about management quality, survivability, and AI’s growing impact on both investing and entrepreneurship. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about T&T Capital Management, please visit: https://ttvalueinvesting.com/ Chapters: 00:00 Introduction and Market Reflections 02:01 Identifying Opportunities in Real Estate and Private Credit 05:22 Margin of Safety in Today's Market 07:49 The Importance of Patience in Investing 10:31 Understanding Market Sentiment and Investment Conviction 12:39 Catalysts vs. Buying Cheap Assets 18:17 Investing in Microcaps and Overlooked Characteristics 21:34 Thematic Investing and Long-Term Strategies 23:40 The Importance of Process in Investing 24:14 Timing Risk and Deep Value Investing 26:24 The Unique Advantage of Options in Portfolio Management 27:58 Micro Caps: Opportunities and Challenges 29:54 Identifying Promising Micro Cap Investments 32:56 The Current State of Value Investing 35:24 The Impact of AI on Investing and Business 37:50 Common Misconceptions in Value Investing 39:31 Investing Without Valuation Multiples 41:50 Long-Term Perspectives in Investing Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with Sebastian Krog, Founder & Editor of Treasure Hunting Newsletter on Substack, to unpack the evolution of his process from stock picker to true portfolio manager. We dive into the hard lessons from recent portfolio companies, how “thesis drift” and position sizing can make or break returns, and why he’s shifted toward more predictable, profitable businesses over speculative turnarounds. Sebastian also shares how industry dynamics often matter more than management, how he’s using AI to uncover themes, and why in microcaps, what you do after you buy the stock is often the difference between winning and losing. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Treasure Hunting Newsletter on Substack, please visit: https://treasure-hunting.co/ Chapters: 00:00 Introduction and Background 02:03 Investment Philosophy Evolution 05:28 Case Study: Innovative Food Holdings 11:16 Lessons Learned from Investment Mistakes 17:15 Navigating Management Conversations 22:27 Evaluating Turnaround Situations 25:49 Market Dynamics and Company Performance 27:40 Portfolio Construction and Position Management 30:23 Identifying Compounders and Investment Styles 33:18 Idea Generation and Industry Analysis 36:49 Holding Periods and Investment Expectations 41:20 Managing Behavioral Biases in Investing 46:10 Future Insights on Microcap Opportunities Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with Michael Fritzell, Editor of Asian Century Stocks Newsletter. We break down the evolving opportunity set across Asia - from China’s state-driven economic shift and ongoing property fallout to the corporate governance unlocks happening in Japan and South Korea. We also dig into why Southeast Asia may be one of the most overlooked pockets of value globally, with “old economy” businesses trading at compelling valuations while capital chases AI elsewhere. The conversation highlights where inefficiencies exist today, how to think about insider alignment and currency tailwinds, and the key risks - from VIE structures to related-party transactions - that investors need to navigate when hunting for microcap alpha across the region. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Asian Century Stocks, please visit: https://www.asiancenturystocks.com/ Chapters: 00:00 Introduction and Context of the Conversation 01:10 China's Economic Landscape: Opportunities and Risks 11:58 Shifts in Investment Focus: Southeast Asia and Beyond 18:21 Japan's Market Dynamics and Corporate Governance Reforms 24:21 South Korea: Emerging Opportunities and Corporate Changes 27:47 Market Sentiment: The Shift Towards US Stocks 31:56 Inefficiencies in Asian Microcaps vs. US Microcaps 36:02 Red Flags in Asian Investments 38:52 The Concept of Asian Companies Listing Abroad 44:43 Final Thoughts: Finding Value in Overlooked Markets Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with Travis Prentice, CIO of Informed Momentum Company, to break down what he’s seeing beneath the surface of today’s market—and where capital is actually flowing next. We dive into the concept of “Informed Momentum,” where price meets fundamentals, and why a faster, more disciplined approach is critical in a market increasingly driven by AI, infrastructure, and a shift back to the physical economy. Travis shares why breadth matters more than ever in capturing outsized winners, how to spot high-quality momentum versus noise, and why microcaps—after a long stretch of underperformance—may be setting up for a meaningful turn. This is a conversation focused on process, discipline, and staying aligned with what the market is doing—not what you think it should do. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Informed Momentum Company, please visit: https://www.informedmomentum.com/ Chapters: 00:00 Welcome to Planet Micro Cap 02:33 Evolving Momentum Strategies 05:31 The Importance of Breadth in Momentum 07:21 Current Momentum Trends in Micro Caps 09:27 Understanding Momentum vs. Narrative 13:56 Challenges of Momentum in Micro Caps 16:22 AI and Structural Shifts in the Market 20:21 Comparing Current Changes to Past Disruptions 23:02 The Changing Landscape of Private Equity and Credit 28:18 Momentum Strategies in Micro Cap Investing 38:31 Navigating Trends and Exits in Momentum Investing Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, we dive into the Diamond Hill Micro Cap Strategy with Aaron Monroe, Tyler Ventura, and John Loesch to break down how they’re finding alpha in one of the most underfollowed parts of the market. With a concentrated, long-term approach and a “three heads are better than one” framework, they focus on simple, durable businesses with strong balance sheets and aligned management. We dig into why illiquidity and lack of coverage are features—not bugs—in microcaps, how they build positions through their “graduation model,” and why “boring but beautiful” companies can quietly compound capital over time. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Diamond Hill MicroCap Strategy, please visit: https://www.diamond-hill.com/investment-strategies/us-equity/micro-cap/separate-account/ Chapters: 00:00 Introduction to the Diamond Hill Microcap Team 02:31 Investor Origin Stories 07:59 Investment Philosophy in Micro Cap 12:01 Exploiting Market Inefficiencies 16:23 Identifying Misunderstood Micro Caps 22:35 Ideal Investment Setup 27:04 Managing Group Think in Investment Decisions 28:28 Understanding Conviction in Investment Strategies 31:08 Evaluating Management in Micro Cap Companies 34:03 Identifying Change Agents in Management 38:12 Structural Market Insights and Opportunities 42:27 Behavioral Changes in Investing 46:51 Position Sizing and Risk Management 51:47 Lessons Learned from Micro Cap Investing 57:11 Building a Sustainable Edge in Micro Cap Investing Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I’m joined by Andrew Pogue, Founder of the Underlying Value Substack, to break down his differentiated approach to microcap investing that blends deep fundamental work with an operator’s mindset and the use of AI. Andrew walks us through how he evaluates businesses with a sharp focus on management quality and capital allocation, why he sees massive opportunity outside the U.S. in the Nordics, South Africa, Canada and Australia, and how he leverages AI as a high-powered research assistant to uncover overlooked ideas globally. We also dive into his disciplined approach to position sizing, identifying real catalysts, spotting red flags like “consulting-speak,” and why the ability to talk yourself out of an investment may be one of the most important skills for long-term success in microcaps. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about the Underlying Value Substack, please visit: https://underlyingvalue.substack.com/ Chapters: 00:00 Diving into Micro Cap Investments 02:50 Understanding the Micro Cap Ecosystem 05:35 Investment Discovery Process 08:44 Catalysts for Investment Opportunities 11:37 Exploring International Markets: Focus on South Africa 16:45 Exploring South Africa's Investment Landscape 17:58 Navigating Investor Psychology and Promotional Cycles 20:28 Understanding Value and Catalysts in Investing 23:28 Lessons from Microcap Investing Experiences 26:41 Evaluating Management and Company Insights 30:41 Strategies for Selling and Position Management 35:14 Key Lessons from Business Ownership 37:58 Advice for New Investors in Microcaps Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

In this episode of the Planet MicroCap Podcast, I spoke with John Petrides, Portfolio Manager at Tocqueville Asset Management. We take a step back and examine the broader market landscape—from record concentration in mega-cap tech to the evolving AI investment thesis and the growing geopolitical and fiscal risks shaping today’s capital markets. We discuss why the S&P 500’s historic concentration may be creating hidden risks for passive investors, how the AI story is shifting from infrastructure providers to real-world adopters across industries, and why geopolitical flashpoints like Taiwan could represent the market’s most significant systemic risk. We also explore the implications of rising U.S. deficits and higher interest rates for fixed income investors, and why the growing valuation gap between large-cap tech and the rest of the market may be setting the stage for renewed opportunity in small and micro-cap stocks—particularly those with strong balance sheets and exposure to hard assets like energy and critical minerals. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Tocqueville Asset Management, please visit: https://tocqueville.com/ Chapters: 00:00 Introduction and Market Landscape Overview 01:00 Market Surprises Since Spring 2023 02:09 Impact of AI Spending and Geopolitical Risks 03:10 Market Concentration and Sector Valuations 04:07 Opportunities in Healthcare and Small Caps 05:08 Portfolio Construction Amid Macro Uncertainty 06:05 International Diversification and Valuation Dispersion 07:02 Market Narrative Cycles and Signal Filtering 07:59 Long-Term Investing Principles and Market History 09:03 Market Structure and Price Discovery Risks 10:07 Key Market Mispricings and Sector Disconnects 11:06 Government Involvement and Sector Evaluation 12:04 Opportunities in Undervalued Sectors and Small Caps 13:02 Discipline and Focus in Rapid Information Environments 13:56 Fundamental Signals for Microcap Investment 15:07 Institutional Ownership and Market Movements 16:05 Impact of Government Actions on Market Sectors 17:04 Risks in Geopolitics and Long-Term Bonds 18:00 Microcap Market Inefficiencies and Opportunities 18:59 Market Disconnects and Investor Attention 19:57 AI Spending and Geopolitical Risks Revisited 20:53 Valuation Opportunities in Low-Margin Businesses 21:54 Underappreciated Risks: Taiwan and Capital Flows 23:06 Macro Trends and CapEx Quality Concerns 24:04 Microchip Supply Chain and Geopolitical Tensions 25:02 Interest Rates, Deficits, and Fiscal Risks 26:03 Active Bond Strategies and Long-Term Risks 26:59 Underestimated Geopolitical and Market Risks 27:46 AI CapEx and Cost Structure Risks 29:05 Microcap Liquidity and Institutional Flows 30:06 Signals of Institutional Interest in Microcaps 31:03 Fundamental Analysis for Microcap Selection 31:59 Emerging Themes in Microcap Space 32:49 Building Resilient Portfolios in Volatile Markets 34:10 Sector Opportunities in Rare Earths and Energy 34:52 Market Discipline and Investor Focus 35:52 Staying True to Investment Principles 37:04 Lessons from Market Crises and Capital Preservation 38:04 Aligning Portfolio with Investor Goals 39:00 Key Principles for Navigating Market Uncertainty 40:05 Final Thoughts and Contact Information Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. 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.

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 Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events. 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.