Advertise on podcast: MicroCapClub

James Davolos is a portfolio manager at Horizon Kinetics, where he has spent nearly 21 years studying exchanges and what the firm calls croupier businesses. These are companies that earn fees on trading volume without putting their own capital at risk. One of his first projects at the firm was the New York Stock Exchange’s reverse merger into Archipelago, and his team later bought exchange seats ahead of demutualizations at the CBOE, the Minneapolis Grain Exchange and others. This discussion took place live on October 16th, 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, James explains why exchanges have outperformed their local markets over 20 years, why derivatives are the strongest moat in the industry and why inflation and volatility work in exchanges’ favor. He also breaks down MIAX: how it took close to 17% of the multi-listed options market, whether perpetual futures threaten the business and what the Bloomberg futures bet could be worth. The conversation closes with James’s reflections on Horizon Kinetics founder Murray Stahl. ✉️ Share your feedback - [email protected] ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 02:42 The croupier model 06:30 Why exchanges beat their local markets 08:28 How exchanges make money 13:34 What drives trading volume 17:20 Why inflation helps exchanges 18:29 The worst decade for exchanges 21:29 Buying exchange seats for equity 24:51 Why traders leased their seats 27:41 What MIAX does 31:43 Why traders pay for data 34:50 MIAX’s speed edge 39:59 Can competitors catch up? 43:57 Why MIAX fell from $57 50:32 Can MIAX keep taking share? 52:11 How to value MIAX 54:40 The Bloomberg futures bet 57:30 When we’ll know if it works 59:23 What would prove him wrong 1:02:10 Remembering Murray Stahl 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 Breakdowns, David Barbato sits down with Lindbergh’s (LDB.MI) CEO Michele Corradi and COO Andrea Allegrini. The company was originally profiled by MicroCapClub member "mavix" on October 2nd, 2023, at $2.09 EUR per share. This discussion took place live on October 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Michele and Andrea explain how they pay about 4 to 4.5 times EBITDA, mostly through vendor loans that the acquired company’s own cash pays off. They also talk about why they now prefer adding companies in regions where they already operate, and how they find each local manager inside the company they buy. Later they cover the end of Italy’s gas boiler incentives, getting acquired companies to collect cash on time, and the shift toward cooling work in the summer months. ✉️ Share your feedback - [email protected] ✉️ David’s X (Twitter) - https://x.com/Valuehunte Previous BB with Lindbergh: https://www.youtube.com/watch?v=lGxsSMCA9Ek Chapters 00:00 Intro 02:33 From waste pickups to an HVAC roll-up 08:52 First-half results 14:00 Spare parts delivered by 7 a.m. 24:19 How they buy HVAC companies 26:28 Paying with vendor loans 29:53 Q&A begins 32:15 Why deals have slowed down 36:33 Competing with private equity 41:55 What makes a good target 44:30 The case for B2B maintenance contracts 48:15 Raising Alpiclima’s margins 53:44 The job ends when the cash is in the bank 58:13 Italy ends gas boiler incentives 1:01:17 Hotter summers, less seasonality 1:04:37 The next 20 years 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 crossing the chasm of speculation to investment in microcap stocks. 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 1500+ microcap companies, 350+ 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.

Alejandro Yela is the founder of Hermit Ventures and the author of The Hermit, a Substack focused on nano- and microcap companies. He began as a debt investor in Latin American oil and gas bonds, later worked in restructuring, project finance, and M&A. This discussion took place live on October 2nd, 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, Alejandro explains how to value an oil producer on its proven (1P) reserves, and why a company's exposure to the oil price depends on whether it extracts, refines, or transports. He walks through his thesis on Computer Modelling Group, the reservoir simulation software company facing pressure from AI while it pursues acquisitions and buybacks. He also explains why he thinks Canadian oil stocks are fully priced after the run in oil, and why he sees more value in oilfield suppliers like OMS Energy. Share your feedback - [email protected] David’s X (Twitter) - https://x.com/Valuehunte Alejandro's Substack - https://substack.com/@ayela Chapters 00:00 Introduction 02:13 From Latin American Oil Bonds to Canadian Oil 04:50 Investing in Oil Without Exploration Risk 05:53 Why You Need to Be a Specialist to Build Conviction 07:45 How to Value an Oil Company: 1P, 2P and 3P Reserves 10:21 Are Oil Stocks Just a Bet on the Oil Price? 12:29 Why Refining Is Political: The California Example 14:18 Pipelines as Toll Booths 15:19 Canadian Companies With Assets Abroad and Expropriation Risk 17:16 How to Screen for Oil and Gas Ideas 19:55 The Computer Modelling Group Story 22:34 Is AI a Threat to CMG? 23:29 CMG's Organic Revenue Decline 25:04 Cash Flow, Buybacks and Capital Allocation at CMG 26:04 The 15% Free Cash Flow Yield Rule 29:56 What LNG Canada Phase 2 Means for Canadian Gas 34:56 Why He Wouldn't Buy Canadian Oil Right Now 36:53 What Cash-Rich Oilfield Suppliers Should Do With Their Money 37:27 Geopolitical Risk and Surviving the Oil Cycle 40:07 What If the War Lasts 10 Years? 43:10 His Fund, Mandate and Private Investments 46:19 Helping OMS Energy's CEO With Capital Allocation 47:24 Why Private Businesses Trade at a Premium 50:11 Open Questions: High-End Retail and Crocs 52:13 Information as a Moat: Red Violet and Pagaya 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 Adam Wilk sit down with Strata Critical Medical’s (SRTA) co-CEO and CFO Will Heyburn and VP of Finance and Investor Relations and CFO of Clinical Services, Mat Schneider. This discussion took place live on September 29th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Will Heyburn is co-CEO and CFO of Strata Critical Medical (SRTA), which provides air and ground logistics and clinical services to the US organ transplant industry and supports open heart surgeries at more than 250 hospitals. Before Strata, he worked in private equity at RedBird Capital Partners, and he has been part of the transplant business since it started in 2019. He is joined by Mat Schneider, VP of Finance and Investor Relations and CFO of Clinical Services, who spent twelve years on the buy side. ✉️ Share your feedback - [email protected] ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Introduction to Strata and its mission 03:10 Overview of Strata's services in organ transplant 07:00 Strata's role in organ placement and recovery 11:10 Growth in donation after circulatory death and perfusion 12:38 Advancements in matching algorithms and logistics challenges 14:30 Market share, partnerships, and growth opportunities 16:00 Impact of regulatory changes and industry trust 17:28 Acquisition strategy and integration of clinical and logistics services 20:01 Financial performance and growth metrics 21:17 Industry evolution and competitive landscape 24:37 Device agnosticism and future industry trends 26:48 Competitive advantages of Strata's model 29:46 Pricing, RFPs, and market positioning 34:08 Aircraft ownership and logistics infrastructure 38:24 Industry growth outlook and future opportunities 41:26 Penetration of normothermic regional perfusion and clinical growth 43:40 Regulatory environment and trust in the system 46:45 Third-party recovery market share and growth 50:15 Inorganic growth, return thresholds, and strategic fit 57:12 Long-term vision and industry evolution 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.

Michael Fritzell writes Asian Century Stocks, a research service covering undercovered equities across Asia. He spent sixteen years on the buy side in Hong Kong, Singapore, and Indonesia before leaving in 2021 to publish full-time, and now writes deep dives on companies that receive almost no analyst coverage. This discussion took place live on September 2nd, 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 conversation, Michael explains how he uses generative AI in his research process: the saved prompts he runs on any new ticker, including a bull-versus-bear project and one built to surface red flags in the accounts, and where he refuses to use these tools at all, namely calculations and writing. He also talks about where he finds ideas that AI can't commoditize, mainly insider transaction data and broken IPOs in Asia, and why he shifted from buying low P/E stocks to targeting a prospective IRR and selling once it falls below his cost of capital. He argues that faster research doesn't automatically mean better returns, which leads to the question of why an investor would cover two hundred stocks a year instead of twenty. ✉️ Share your feedback - [email protected] ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 02:01 Is AI making us dumber? 02:56 Where you shouldn't outsource to AI 03:17 Benchmarking ChatGPT, Gemini, Claude and Grok 05:30 Getting up to speed on a company in hours 07:23 The bull vs bear prompt 08:19 What he won't use AI for 09:05 Why AI writing loses the reader 09:50 Brainstorming, obscure data and summaries 11:21 Using Claude for error checking 12:02 Writing by hand in an age of AI slop 13:26 What AI changed in his own business 15:44 From low P/E to prospective IRR 17:41 Knowing when to sell 18:18 Idea generation: insider transactions 21:04 Broken IPOs and borrowing from others 21:23 Red flags prompt for Asian due diligence 22:46 Why he still writes 40-page deep dives 23:23 How to prompt: give it context 24:41 Can AI run the whole investment process? 26:40 Why cover 200 stocks instead of 20? 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.

Alex Morris is the author of Buffett and Munger Unscripted, a topic-by-topic organization of three decades of Berkshire Hathaway shareholder meetings, and he writes TSOH Investment Research, where he publishes his portfolio and discloses every change before he makes it. He spent roughly twenty years investing, most recently at a firm managing over a billion dollars, before going independent in 2021.This discussion took place live on September 10th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex explains how the Ted Williams "fat pitch" idea shapes a portfolio of ten to fifteen names where the largest positions run north of 10%, and why he makes only a handful of changes a year. He walks through Microsoft and Dollar Tree as investments that worked, and Comcast and Disney as theses he held too long, including what he missed on fixed wireless taking share from cable broadband. He also describes writing to Warren Buffett for permission before starting the book, what three decades of meetings revealed about how Buffett and Munger weighted capital allocation, and why he thinks their 2000 warning about the internet making American business less profitable has aged well.✉️ Share your feedback - [email protected]✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Introduction to the episode and guest02:48 The science of hitting and its analogy to investing04:28 Origin of the TSOH name and its significance05:44 Investment philosophy and portfolio construction08:40 Shift towards smaller companies and micro caps11:19 Case study: Microsoft as a formative investment13:32 Case study: Dollar Tree and strategic evolution16:57 Dealing with large gains and position management21:17 Lessons from bad investments: Comcast and Disney24:56 Understanding long-term investment horizons and patience28:31 The importance of macro perspective and market timing29:46 Writing the Warren Buffett and Charlie Munger book34:01 Charlie Munger's 2009 market insight35:21 Market outlook and macroeconomic views48:36 Misunderstood aspects of Warren Buffett's approach54:55 Lessons from Warren Buffett's early valuation methods01:00:00 Buffett's quick decision-making and industry knowledge01:01:49 Evolution of Buffett's valuation approach01:04:12 Learning from Buffett's experience with brands and acquisitions01:05:14 The value of decades of experience in investingDisclaimer: 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.

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 - [email protected] ✉️ 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 - [email protected] ✉️ 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 - [email protected] ✉️ 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 - [email protected] ✉️ 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 - [email protected] 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 - [email protected] ✉️ 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 - [email protected] ✉️ 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 - [email protected] ✉️ 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.