Planet MicroCap Podcast | MicroCap Investing Strategies

Emergency Board Meeting Test with Ralph Molina, Founder & Editor of the High Conviction Investing Newsletter

In this episode of the Planet MicroCap Podcast, I spoke with Ralph Molina, Founder and Editor of the High Conviction Investing newsletter on Substack, to dig into his framework for owning stocks the way a private business owner would - and why he thinks most investors never truly test their own conviction.

We break down his Emergency Board Meeting Test, how his time on the inside at Parks! America and Armanino Foods reshaped the way he evaluates management, why he filters for capital allocation before anything else, and what finally changed his mind about which microcap companies are actually worth owning. We mention several companies and sectors during this conversation, and I am not a shareholder in any of them.

For more information about the High Conviction Investing Newsletter, please visit: https://highconvictioninvesting.substack.com/ 

Chapters:

00:00 Introduction to Ralph Molina and His Journey
03:44 The Evolution of Ralph's Investing Philosophy
06:21 Insights from Insider Experience
09:32 Understanding High Conviction Investing
12:33 The Role of Management in Investment Decisions
15:30 Capital Allocation and Its Importance
18:31 Identifying Quality Companies
21:31 The Institutional Imperative in Business
24:24 Lessons from Cheesecake Factory's Strategy
27:30 Ralph's Research Process and Key Metrics
30:26 Revising Beliefs About 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.

Trust, Then Verify with Leo Trudel, Co-Founder of Aurelion Research

In this episode of the Planet MicroCap Podcast, I spoke with Leo Trudel, Co-Founder of Aurelion Research, to dig into his global, top-down approach to finding mispriced companies across micro, small, and mid-cap markets - and why he built a firm where the research and the portfolio are one and the same.

We break down his obsession with free cash flow over adjusted EBITDA, how he uses AI to hold management teams accountable to years of past guidance, why tankers may still be more compelling than people think, and his contrarian take on where the AI capex buildout is headed. We mention several companies and sectors during this conversation, and I'm not a shareholder in any of them.

For more information about Aurelion Research, please visit: https://aurelionresearch.com/

Chapters:

00:00 Introduction to Leo Trudeau and Aurelion Research
01:58 Leo's Investment Journey and Philosophy
06:42 The Aha Moment: Founding Aurelion Research
08:37 Defining Mispricing in Investments
10:57 Top-Down Approach to Investment Selection
13:05 Identifying Quality Companies in Trending Industries
15:16 Navigating Mispricings and Investment Philosophy
18:52 The Importance of Cash Flow Over Adjusted EBITDA
22:55 Red Flags in Accounting Practices
23:56 Finding Opportunities in Crowded Industries
28:10 The Shipping Industry's Demand Surge
31:02 Navigating Chemical Market Challenges
32:20 Timing and Sentiment Indicators
36:56 Evaluating Management: Green and Red Flags
41:53 Qualitative Due Diligence: Real-World Insights
47:14 The Power of Being Contrarian
50:35 Evolving Beliefs: Lessons from Experience

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.

Hunting Deep Value with Lee Roach, Editor/Founder of The Value Road Newsletter

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.

Quirky Value Plays with David Bastian, CIO of Kingdom Capital Advisors

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.

Market Disconnects with Tim Travis, Founder and CIO of T&T Capital Management

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.

Thesis Drift with Sebastian Krog, Founder & Editor of Treasure Hunting Newsletter on Substack

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.

Asian Investment Landscape with Michael Fritzell, Editor of Asian Century Stocks

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.

Seismic Market Rotations with Travis Prentice, CIO of Informed Momentum Company

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.

Quiet Compounders with Aaron Monroe, Tyler Ventura, and John Loesch, Diamond Hill Micro Cap Strategy

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.

Underlying Value with Andrew Pogue, Founder of Underlying Value Substack

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.