#88 Ian Cassel: Stock Picker

Eddie speaks to the US-based microcap investor Ian Cassel about his new book – Stock Picker. Ian shares his personal journey of becoming a full-time private investor and his lessons from 25+ years of investing in tiny, often overlooked companies. ————————————— Our conversation with Ian Cassel was recorded on 24 Aug 2026. ————————————— For more info about the podcast, follow us on X/Twitter. We love to hear your thoughts, so please rate and review us. And feel free to tell us about great authors, books, and investors. Thank you. /Eddie with team ————————————— Episode Chapters (00:00) Intro by Eddie (01:41) Welcoming Ian (02:14) Catching up the past 3 years (02:53) Why Ian wrote Stock Picker (04:02) Ian’s upbringing – “blue-collar rich” (08:23) Early days in the stock market (13:50) From $8,000 portfolio to a full-time private investor (21:44) Why you’re not an idiot for investing in microcaps (25:46) The discovery phase of a microcap, and the second wave (33:27) From 100% story stocks to a broad palette (36:49) When to meet management and what to ask (40:01) Common mistakes when talking to management (41:08) How to avoid dilution (43:35) Benefits of having 2-4 stocks in the portfolio (45:45) Ian’s worst loss in the portfolio (48:20) How to handle losses emotionally (51:13) Ian’s firm Intelligent Fanatics Capital Management (54:37) Investing team and being a “value-added investor” (57:25) Restrictions in the fund – geography or sectors? (58:35) The role of institutions in microcaps (01:01:57) Holding period expanding (01:05:03) Watching stock prices daily (01:08:15) Reading habits and 3 books Ian’s reading now (01:11:43) New book ideas (01:12:49) Concluding remarks ————————————— Books Mentioned Stock Picker – Ian Cassel Intelligent Fanatics – Ian Cassel & Sean Iddings Golf Is Not a Game of Perfect – Bob Rotella Market Wizards: The Next Generation – Jack D. Schwager Jesse Livermore: World's Greatest Stock Trader – Richard Smitten Warren’s Mistakes – Porter Stansberry Other sources mentioned Redeye Quality Microcap Report Q2 2024 Investing by the Books, episode 1 with Sean Iddings Investing by the Books, episode 47 with Ian Cassel ————————————— Companies Mentioned XM Satellite Radio Sirius Satellite Radio ZAGG Goro Electronic Game Card ————————————— More on Ian Cassel X: https://x.com/iancassel MicroCapClub: https://microcapclub.com/ PlanetMicroCap: https://planetmicrocap.com/ IFCM: https://if.capital/ ————————————— About the Podcast Intro episode: https://www.redeye.se/podcast/investing-by-the-books/817383/0-intro-to-investing-by-the-books ————————————— What is Investing by the Books? Investing by the Books was founded by Henrik Andersson, Bo Börtemark, Mats Larsson and Michael Persson. It has published hundreds of book reviews in the past 10 years and operates on a non-profit basis. Visit the website: http://www.investingbythebooks.com/ Follow on Twitter/X: https://twitter.com/Investbythebook ————————————— What is Redeye? Redeye is a research-centered boutique investment bank from Stockholm. Founded in 1999, Redeye cultivates investors through timeless knowledge, a humble attitude, and a strong focus on quality. Visit the website: https://www.redeye.se/ Follow on Twitter/X: https://twitter.com/Redeye_ ————————————— Disclaimer Notice that the content in this podcast is not, and shall not be construed as investment advice. This information is meant to be informative and for general purposes only. For full disclaimer, visit Redeye.se