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Educating the Next Generation of Investors in MicroCap Stocks
Episodes
4 days ago
4 days ago
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.
Friday Mar 13, 2026
Friday Mar 13, 2026
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.
Friday Mar 06, 2026
Friday Mar 06, 2026
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.
Friday Feb 27, 2026
Friday Feb 27, 2026
In this episode of the Planet MicroCap Podcast, I’m joined by Jim Zimmerman, Founder & Fund Manager, and Abby Zimmerman, Research Analyst, of Lowell Capital Management to talk about their disciplined small-cap strategy built around what they call the “Fort Knox” balance sheet. At its core, it’s about owning resilient, cash-generative businesses with little to no debt—companies that can not only survive volatility but use it to their advantage.
We dive into why they focus on operating cash flow over EBITDA, how they hunt for overlooked “boring” niche leaders trading at value prices, what they look for in management teams, and why constant re-underwriting—“buy and homework,” not just buy and hold—is critical to long-term compounding 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 Lowell Capital Management, please visit: https://www.lowellcapitalmgmt.com/
Chapters:
00:00 Introduction to Lowell Capital Management
04:45 Jim Zimmerman's Investment Journey
09:52 Abby Zimmerman's Perspective on Investing
14:54 Core Investment Philosophy and Strategy
19:39 Engaging with Management and Assessing Companies
22:42 Evaluating Company Fundamentals
26:51 Avoiding Value Traps
29:37 Idea Generation and Networking
33:49 Learning from Investment Experiences
39:38 Evolving Investment Strategies
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.
Friday Feb 20, 2026
Friday Feb 20, 2026
In this episode of the Planet MicroCap Podcast, I’m joined by Luis Sanchez, Founder of LVS Advisory, to discuss his firm’s differentiated event-driven and global growth strategies, and why he sees compelling opportunities emerging outside the crowded large-cap tech trade. Luis walks us through his high-conviction “Power Thesis,” which identifies a massive structural shortage in U.S. electricity driven by AI and data center demand, and highlights key beneficiaries across nuclear, LNG, and energy infrastructure.
We also explore why LVS is optimistic about merger arbitrage and corporate restructurings in 2026, how he’s positioning around global dislocations and misunderstood compounders, and why today’s concentrated market environment may be creating one of the most attractive opportunity sets for disciplined, catalyst-driven investors. We mention a number of companies and sectors during this conversation, and I’m not a shareholder in any of them.
For more information about LVS Advisory, please visit: https://lvsadvisory.com/
Chapters:
00:00 Introduction and Background
02:45 Investment Strategies Overview
06:01 Event-Driven Investing Insights
09:10 Merger Arbitrage Opportunities
11:50 Market Outlook for 2026
15:11 Catalysts vs. Quality Businesses
18:02 Case Study: Talon Energy
20:54 Power Thesis and Macro Insights
24:08 Characteristics of Quality Investments
30:47 The Role of LNG in Global Energy Markets
39:05 Investing in Microcap Energy Companies
47:44 Exploring Nuclear Energy Opportunities
50:42 Future Trends in Housing and Media Investments
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.
Friday Feb 13, 2026
Friday Feb 13, 2026
In this episode of the Planet MicroCap Podcast, I spoke with Ryan Telford, Head of Evidence-Based Research at MicroCapClub, where he breaks down why headline profitability and earnings beats can be misleading, and how investors should instead focus on quality of earnings—cash flow support, reinvestment discipline, and earnings stability—along with dilution risk as the true predictors of performance. We discuss the data showing how high-quality earners significantly outperform low-quality peers globally, why many profitable microcaps still underperform after strong quarters, and how looming equity raises can act as a hidden “tax” on shareholder returns. We mention a number of companies and sectors during this conversation, and I’m not a shareholder in any of them.
Chapters:
00:00 Introduction to Microcap Investing and Research
03:46 Understanding Quality of Earnings in Microcaps
08:49 The Quality of Earnings Scorecard Explained
13:43 Analyzing Low vs. High Quality Earnings
18:34 Modernizing the Quality of Earnings Framework
23:38 Transitioning to Dilution Risk in Microcaps
27:39 Market Reactions and Equity-Debt Ratios
31:02 Dilution Trends in Micro Caps
32:14 Understanding Dilution Risk Scorecard
38:09 Correlation Between Earnings Quality and Dilution Risk
46:40 Returns Based on Dilution Risk
50:23 Indicators of Potential Dilution Risk
For more information about MicroCapClub, please visit: https://microcapclub.com/
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.
Saturday Feb 07, 2026
Saturday Feb 07, 2026
In this episode of the Planet MicroCap Podcast, I'm joined by Chris Marlett, Co-Founder and CEO of MDB Capital Holdings (NASDAQ: MDBH), to unpack the firm’s differentiated “public venture” model and why he believes the traditional venture capital and private equity ecosystem is breaking down. Chris explains how MDB operates as a hands-on merchant bank—building and taking early-stage, big-idea companies public as an alternative to VC—while addressing the shrinking U.S. microcap universe, the misperceptions around the cost of being public, and the opportunity created by a severe shortage of high-quality public companies.
We also discuss MDB’s focus on category leaders with billion-dollar potential, its equity-aligned business model, and why public markets can offer founders a more attractive path to scale, liquidity, and long-term value creation. We mention a number of companies and sectors during this conversation, and I’m not a shareholder in any of them.
Chapters
00:00 Introduction to MDB Capital Holdings
01:40 Chris Marlett's Journey in Microcap Financing
03:19 Founding MDB Capital Holdings
08:22 Understanding Public Venture vs. Big Ideas
10:55 The Cost of Going Public
15:31 The Shift in Private Equity and Venture Capital
20:26 Why Now is the Time for MDB Capital
26:42 Identifying the Sweet Spot for IPOs
27:18 The Importance of Unique IP in Deep Tech
28:34 Navigating the Public Venture Ecosystem
29:51 Differentiating in a Competitive Market
30:50 The Challenges of Investment Banking
33:16 The Future of Microcap Investment
36:28 Sourcing Profitable Companies
39:19 Expanding Focus Beyond Deep Tech
41:09 Engaging with Institutional Investors
43:24 The Need for Follow-On Financing
46:02 Upcoming Opportunities in the Pipeline
50:11 Determining Ideal IPO Sizes
For more information about MDB Capital Holdings, please visit: https://www.mdb.com/
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.
Friday Jan 30, 2026
Friday Jan 30, 2026
In this episode of the Planet MicroCap podcast, I spoke with Tobias Carlisle, a seasoned investor and co-host of Value After Hours. We delve into the 2025 value investing playbook, discussing key themes such as the importance of valuation metrics, the cyclical versus structural decline in businesses, and the significance of buying with a margin of safety. Tobias emphasizes the need for investors to focus on financial statements rather than narratives, especially in a market driven by growth stocks. The conversation also touches on the current state of energy investments, the challenges of identifying value traps, and the potential for mean reversion in 2026, particularly in small and micro-cap stocks. Throughout the discussion, Tobias shares insights on navigating the complexities of the market and the importance of patience in value investing.
00:00 Introduction to the Podcast and Guest
02:36 2025 Value Investing Playbook
09:07 Cyclical Pain vs. Structural Decline
12:57 The Role of Narratives in Investing
13:37 Margin of Safety and Business Quality
20:04 Mean Reversion and Small Cap Opportunities
22:32 Using Balance Sheets for Downside Protection
24:27 Going Where Others Won't: Global Opportunities
27:19 Learning from Mistakes in Investing
29:33 Value Investing Themes for 2026
35:10 The Importance of Balance Sheets in 2026
40:51 Behavioral Advantages in Value Investing
42:10 Final Thoughts and Future Outlook
For more information about the Acquirers Funds, Value After Hours, and Tobias' latest book, "Soldier of Fortune", please visit: https://acquirersmultiple.com/
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.
Thursday Jan 22, 2026
Thursday Jan 22, 2026
My guest on the show today is Christian Schmidt, a private investor and co-founder of Tracktacle, a financial data and alerts platform that provides real-time alerts on filings and news, plus full-text search across U.S. and Canadian market documents.
In this episode, Christian walks us through his unconventional path from banking and e-commerce to becoming a full-time private investor, and how a series of market experiences reshaped his approach to risk, valuation, and opportunity selection. We discuss why he believes private investors have a real edge in microcaps, how he builds positions around clearly defined catalysts, and why doing the valuation work before the news hits is critical to acting with conviction.
Christian also shares how painful lessons from turnarounds and management missteps led him to re-prioritize assets and competitive advantage over management narratives — and how those experiences directly inspired the creation of Tracktackle. We dive into how the platform helps investors cut through noise in SEC and SEDAR filings, identify meaningful catalysts faster, and stay on top of microcap developments in real time.
We mention a few names on the show today and I'm not a shareholder in any of them.
For more information about Tracktacle, please visit: https://www.tracktacle.com/
We just announced our full slate of investor conferences for 2026, powered by MicroCapClub. Our next major event is Planet MicroCap: LAS VEGAS, happening June 16–18, 2026, at the Bellagio. Registration is now open for that. And, later in the year, we'll be heading back to Toronto, October 27-29, 2026 at the Arcadian Loft. The mission is to bring the best microcap investors and companies together to gather, connect, and grow. This includes your participation.
We know you are putting your 2026 investor conference calendars together, and we'd like to humbly invite you to join us for one or both of them. Please visit www.planetmicrocapshowcase.com for more information. See you in Vegas and Toronto!
Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Planet MicroCap YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast.
Subscribe here: http://bit.ly/1Q5Yfym
Click here to rate and review the Planet MicroCap Podcast
You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft
Tuesday Jan 13, 2026
Tuesday Jan 13, 2026
My guest today is Robert Gardiner, Chairman and Co-Founder of Grandeur Peak Global Advisors. Robert has over four decades of experience investing in small and micro-cap companies across global markets, and in this conversation, he shares how his core investment philosophy has remained remarkably consistent over that entire period. His approach is rooted in bottom-up research — identifying high-quality growth businesses early in their lifecycle, partnering with strong management teams, and maintaining strict valuation discipline.
A major theme of this episode is why Robert believes the most compelling opportunity in micro-cap investing today is outside the United States. He explains how international micro-cap markets now resemble the U.S. micro-cap environment of the 1990s — a time defined by a large and growing universe of public companies, limited institutional coverage, and meaningful inefficiencies. We discuss why regulatory changes and the rise of private equity have shrunk the opportunity set in the U.S., and why regions like Japan, the UK, and the Nordics now offer what he describes as “mouthwatering” opportunities.
Robert also walks through Grandeur Peak’s two-phase investment process — starting with rigorous quantitative screening across a global universe of roughly 35,000 companies, followed by deep qualitative research that emphasizes direct engagement with management and extensive on-the-ground company visits. We talk about why “touching the company” still matters in an era of AI and data abundance, and how global “dot connecting” can make investors better decision-makers, even in domestic portfolios.
Finally, Robert shares lessons from a recent three-year sabbatical that prompted meaningful refinements to both process and culture at Grandeur Peak — including the importance of balancing breadth with depth in research, reinforcing buy and sell discipline, and building a firm culture where every team member feels true ownership.
This is a wide-ranging conversation that touches on global markets, micro-cap inefficiencies, investment process, leadership, and long-term perspective from someone who has seen multiple cycles firsthand.
For more information about Grandeur Peak Global Advisors, please visit: https://grandeurpeakglobal.com/
We just announced our full slate of investor conferences for 2026, powered by MicroCapClub. Our next major event is Planet MicroCap: LAS VEGAS, happening June 16–18, 2026, at the Bellagio. Registration is now open for that. And, later in the year, we'll be heading back to Toronto, October 27-29, 2026 at the Arcadian Loft. The mission is to bring the best microcap investors and companies together to gather, connect, and grow. This includes your participation.
We know you are putting your 2026 investor conference calendars together, and we'd like to humbly invite you to join us for one or both of them. Please visit www.planetmicrocapshowcase.com for more information. See you in Vegas and Toronto!
Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Planet MicroCap YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast.
Subscribe here: http://bit.ly/1Q5Yfym
Click here to rate and review the Planet MicroCap Podcast
You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft