SUMMITMorgan Housel wrote an excellent article entitled Ironies of Luck which contains a great quote that states: “Luck is the flip side of risk.” This is something I’ve come to appreciate …
Rocket Ships
Investors are always looking for the perfect opportunity. A good business you can buy at less than tangible book value. Why not throw in a couple long-term tailwinds and short-term catalysts. …
[Presentation] What Does An Intelligent Fanatic Look Like?
Microcaps are small emerging companies. The smaller the company, the more you are betting on the founder, CEO, and management’s ability to execute on their vision for the future. If …
Paul Lountzis on Qualitative Investing and Lessons Learned
Paul Lountzis spoke on the topic of qualitative investing and lessons learned at our MicroCap Leadership Summit 2018. In the presentation below, he provides some incredible insights into his qualitative framework …
All it Takes is One
It is incredibly humbling, inspiring, and a bit scary when you realize that one great investment can make your year, decade, and even career. In 1980, Stewart Horejsi was having …
Presentation – Investing is Hard
I gave this presentation at the Smallcap Discoveries Conference on October 18th, 2018. The audience seemed to really enjoy it. I hope you enjoy it as well. Investing is Hard. …
Winning It Back
It’s human nature when you lose money quickly you want to make it back twice as quick. During these times it’s important to slow down, keep focused, and stick to …
You Aren’t Going To Be Right All The Time
When you are trying to find great businesses early, intelligent fanatics early, before it’s obvious in the financials, there are a lot of moving parts and imperfect information. These companies …
A Tribute to Chuck Allmon
“Ben Graham called me on the phone, as I recall in 1969, maybe 1970. He said, ‘I’ve got a copy of your Growth Stock Outlook and I’ve been very intrigued …