Planet Microcap Podcast | Microcap Investing Strategies

My guest today is Sage Berryman, CEO of Aluula Composites (TSXV: AUUA). Aluula is focused on revolutionizing material science. Founded in 2019, the company has developed a patented process for producing ultra-high molecular weight polyethylene (UHMWPE) composites without glues—fusing at the molecular level to create materials that are lighter, stronger, more durable, and fully recyclable. This “mono-material” design also enables circularity and addresses the growing demand for PFAS-free solutions. The company first gained traction in windsports through its Ocean Rodeo subsidiary, but following a 2023 RTO and a 2024 strategic refocus under Sage’s leadership, Alula divested Ocean Rodeo to concentrate on becoming an ingredient brand. Today, Aluula is targeting both premium outdoor markets—packs, tents, wind sports—and larger commercial and industrial applications, where strength, durability, and recyclability are key. Aluula will be presenting at our conference in Toronto, the Planet MicroCap Showcase on October

My guest on the show today is Balkar Sivia, Founder & Portfolio Manager at White Falcon Capital Management. In this episode, Balkar shares his unique path from engineering to investing, and why he built White Falcon around an unconstrained, opportunistic philosophy — one that rejects traditional style boxes like “growth” or “value.” We dive into White Falcon’s three “engines” — Compounders, Value Today, and Value Tomorrow — and how, for Balkar, this structure should result in part of the portfolio always working. Balkar walks through case studies, explaining how he looks for quality businesses facing temporary challenges, and how narrative shifts and multiple expansion drive returns over a three-year horizon. We also discuss the lessons he’s learned in managing value traps, how he’s thinking about AI as an investor, and the importance of evolving your process over time. At the heart of it all is a focus on quality management, incentives, and high-conviction positions in a concentrated 20-stock North Ameri

My guest on the show today is Ben Finser, Founder and Portfolio Manager at Fin Capital Management. In this episode, Ben shares his journey from a decade at Kabouter Management to launching Fin Capital in 2024, and how his entrepreneurial background shaped his passion for analyzing and owning high-quality businesses. We dive into his exclusive focus on international micro and small caps, a “target-rich universe” of some 15,000 listed companies in developed markets outside the US. Ben explains why these overlooked businesses — often with no sell-side coverage and tiny trading volumes — present compelling opportunities for investors willing to dig deeper. Ben also details his boots-on-the-ground due diligence process, including traveling globally to meet management teams, comparing companies to global peers, and navigating cultural nuances when assessing business quality and long-term growth. We talk about his “pseudo-activist” engagement approach, where he works alongside management to improve disclosures, expa

My guest today is Sean Black, CEO of Happy Belly Food Group (CSE: HBFG | OTCQB: HBFGF). Happy Belly is a Canadian consolidator of emerging Quick Serve Restaurant (QSR) brands, with expansion plans into the U.S. The company started as Plantingco, a niche plant-based CPG business, but under Sean’s leadership pivoted to become food agnostic—focused on scalable, cash flow positive QSR concepts. The model is straightforward: acquire small, profitable, debt-free brands, grow corporate stores with free cash flow, and scale through franchising. The portfolio is intentionally diversified with no duplication—think Rosie’s Burgers as a Shake Shack equivalent, IQ Foods as Canada’s Sweet Green, and Pyro as a Cava-style concept. I spoke with Sean to learn more about the company, as well as: The pivot from Plantingco to QSR consolidation M&A model and brand strategy Growth targets and the $100 million milestone Risks, alignment, and long-term vision For more information about Happy Belly Food Group, please visit: http

My guest on the show today is Iggy, better known as Iggy on Investing, a deep value investor and blogger. In this episode, Iggy shares how the COVID-19 lockdown gave him the time to dive into investing, turning inspiration from Buffett and Graham into a disciplined deep value strategy focused on small, illiquid companies trading at substantial discounts to book value. We discuss his “Young Buffett”–style approach—seeking firms at 0.3× to 0.5× book with strong ROIC and catalysts, especially in overlooked European markets—as well as the role his blog plays in clarifying his thinking, building conviction, and holding through long, boring periods. Iggy also walks us through hard-learned lessons—from the importance of staying within your circle of competence and scrutinizing corporate governance, to navigating shareholder activism via a “stag hunt” scenario. And he shares how he’s building investor community in Europe, including hosting his 2nd Annual Benelux Investor Event on Saturday, September 27. For more info

My guest on the show today is Kayser Pravia, Founder of El Planeta Financiero. In this episode, Kayser shares his mission to expand financial literacy and microcap investing for Spanish-speaking investors worldwide. We discuss his evolution from day trading losses to a Buffett- and Lynch-inspired value investor, why he runs a concentrated portfolio, and his focus on recession-proof businesses with strong balance sheets. Kayser also talks about building El Planeta Financiero into a growing educational platform and investing community for Spanish speakers. For more information about El Planeta Financiero, you can subscribe to the YouTube channel here: https://www.youtube.com/@elplanetafinanciero  You can Follow Kayser Pravia on Twitter/X @elplanetaf: https://x.com/elplanetaf 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 wat

My guest on the show today is Asif Suria, Founder of Inside Arbitrage and Co-Host of the Special Situations Report podcast. In this episode, Asif shares his evolution from traditional value investing to a diversified, event-driven strategy that includes merger arbitrage, spin-offs, buybacks, insider activity, and more. We dive into his “three-legged stool” process — combining event triggers, a 14-factor quant model, and deep qualitative research — and how it’s helped him navigate both opportunities and challenges in special situations. Asif also walks through real-world examples, highlighting lessons learned from his biggest wins and most humbling setbacks. For more information about Inside Arbitrage and the Special Situations Report Podcast, please visit: https://www.insidearbitrage.com/ You can Follow Asif Suria on Twitter/X @AsifSuria: https://x.com/asifsuria Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Planet MicroCap YouTube channel. I’ve provide

My guest on the show today is Jordan Zinberg, President & CEO of Bedford Park Capital. Jordan leads the Bedford Park Opportunities Fund, a highly concentrated, Canada-focused small and mid-cap equity strategy. In this episode, Jordan shares how his fund delivered a 58.6% return in 2024, net of fees and expenses, and was named Best One-Year Return at the Canadian Hedge Fund Awards with a 73% return over the 12 months ended June 30, 2024. We also discuss the firm’s annualized return of 18.4% since inception in 2018. Jordan walks us through the firm’s signature approach—identifying high-growth companies trading at reasonable valuations in a deeply inefficient market. We talk about how he builds conviction through intensive research, how he sizes positions (starting small and pyramiding up), and why bad average-down decisions are rare. We take a close look at his biggest winners—Propel Holdings, Source Energy Services, and Enterprise Group—and examine how early theses, growth acceleration, and multiple expans

My guest on the show today is Maj Soueidan, Founder, Editor, and Chief Portfolio Officer at MS MicroCaps and GeoInvesting. In this episode, Maj shares a comprehensive update on his investment philosophy, including the performance and evolution of the MSM Quality Index, a passive, factor-driven approach to finding high-quality microcap stocks with multibagger potential. We discuss how the MSM Index blends qualitative and quantitative analysis, what separates it from traditional model portfolios, and the role of occasional rebalancing. Maj also walks us through how the index achieved over 100% returns since inception and why it’s built for long-term staying power. We also dive into the differences between MS Micro Caps and GeoInvesting — one serving as a pipeline of ideas, the other as a deeper research platform — and how Maj thinks about conviction levels, diversification, and information edge. From spotting opportunities in “old boring companies” benefiting from data center and AI trends to reading between th

My guest on the show today is Ryan Telford, Head of Evidence-Based Research at MicroCapClub. In this episode, Ryan breaks down the performance and methodology behind the MC Guts MicroCap Index — a quant-driven benchmark launched by MicroCapClub to track microcap stocks in the U.S., Canada, and Europe. We discuss why Canada and Europe are outperforming while the U.S. lags in 2025, sector rotation, and how Ryan’s “GUTS” framework — Growth, Undervalued, Timing, and Sentiment — identifies overlooked opportunities in the microcap universe. Ryan also shares how the index filters for quality, liquidity, and momentum, and how his research is challenging some of the conventional wisdom around dividend payers, ROIC, and the 52-week low strategy. For more information about MicroCapClub, please visit: https://microcapclub.com/ You can Follow Ryan Telford on Twitter/X @RTelford_invest: https://x.com/RTelford_Invest Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Plan

My guests on the show today are Anthony Perala and James Hannack, research analysts at Punch & Associates. Anthony and James recently returned from a multi-city due diligence trip across Western Canada, and in this episode, they walk us through what they learned — not just about specific companies, but about the power of seeing businesses up close. We talk about why in-person research still matters, especially in microcaps where management access, company culture, and operational visibility aren’t always obvious on paper or a Zoom screen. They share how walking factory floors, reading body language, and noticing office details can shape conviction and surface red flags in ways spreadsheets simply can’t. Anthony and James also explain why Calgary and Vancouver are becoming regular stops on their research itinerary, how they prepare for and structure field visits, and how they filter insights once they’re back at the desk. We also cover common pitfalls, lessons learned, and what separates candid management

My guest on the show today is Mathieu Martin, Portfolio Manager at Rivemont MicroCap Fund. I've known Mathieu a long time, and he's a regular guest on the show. He's a generalist microcap investor who recently started exploring a sector many investors have written off entirely: Canadian cannabis. After years of avoiding the space due to its speculative excesses, Mathieu has been seeing the potential for a turnaround — with cleaner balance sheets, improving fundamentals, and profitable operators finally emerging. In this episode, we talk about what’s changed in the Canadian cannabis landscape — from rationalized supply and reduced competition, to international export markets and stronger brand differentiation. Mathieu shares how he uncovered opportunities like High Tide, why some vertically integrated players like Cannara Biotech and Rubicon stand out, and how excise tax reform or expanded retail footprints could serve as powerful catalysts for the sector. We also dig into why most investors are still stuck on

My guest on the show today is Jerome, Portfolio Manager at Uzo Capital. Jerome brings a unique lens to public equity investing—shaped by his experience on the equity trading floor at Merrill Lynch during the financial crisis, his global perspective, and a profitable venture in music royalties. In this episode, we dive into Jerome’s barbell investment approach: pairing stable, cash-generative compounders with higher-risk, venture-style bets in the public markets. He walks us through how he identifies “asymmetric” opportunities—where the upside far outweighs the downside—particularly in companies that are either undiscovered or undergoing transformational change. Jerome also shares how his music royalty business, which generates steady, recurring cash flow, provides the emotional and financial runway to take bold swings on high-risk, high-reward ideas. He discusses how this foundation enables him to withstand volatility and dig deeper into ideas that others may overlook. We cover a lot in this conversation—from

My guest on the show today is Ben Brostoff, software engineer at Klaviyo and the writer behind the Stock Talk newsletter on Substack. Ben has a fascinating perspective on investing—he started out in investment banking, taught himself to code, and now spends his free time researching microcap companies, especially in the software and tech space. In this episode, we dive into Ben’s investing philosophy—why he targets 8–10% returns with the least amount of risk, how AI is changing the way he evaluates software moats, and why he won’t own a company unless he’s written a blog post about it. We also dig into some of the key lessons he’s learned, from the dangers of leverage to the power of doing more than just reading a 10-K. Ben shares actionable frameworks for evaluating microcap software companies, offers a nuanced view on AI’s impact on infrastructure and margins, and explains why, for him, true due diligence means turning over every rock. And for full disclosure, we discussed a number of companies during today

My guest on the show today is Cameron, Founder of Commonsense Investing and author of the Substack microcapstocks.substack.com. Cameron is a microcap investor focused on education, community, and a disciplined research process — bringing a common-sense approach to navigating this often volatile corner of the market. In our conversation, Cameron shares how his investing journey evolved from chasing high-flyers and exposing bad actors to building a thoughtful framework for identifying quality microcap companies. He discusses the importance of doing your own research, filtering stocks through a rigorous process, and why flexibility is a powerful edge for retail investors. We also talk about his personal investing experiences, as well as key red flags to look out for — from share dilution to questionable management behavior. And for full disclosure, we discussed a number of companies during today’s podcast. I am not a shareholder in any of them. For more information about Cameron and Common Sense Investing, pleas

My guest on the show today is Thomas Richard, CFA, Portfolio Manager at Philippe Hottinguer Gestion, based in Paris. Thomas has been diving deep into European microcaps – a market segment he describes as “so unloved and uncovered,” with unique inefficiencies and opportunities. In our conversation, Thomas lays out why Southern Europe – especially countries like Spain, Italy, and Greece – is currently one of the most interesting regions for microcap investing. He explains the value of bottom-up research, the importance of direct interaction with management teams, how non-European investors can begin navigating this often-overlooked space, as well as some of the structural risks that exist in this space – including governance concerns and delisting threats. We also touch on specific names like Euroconsultants, Shelly Group, Reway, and ALA, and for full disclosure, I am not a shareholder in any of them. For more information about Thomas Richard and Philippe Hottinguer Gestion, please visit: https://www.philippeho

Today, I'm sharing with you our annual Planet MicroCap Podcast: LIVE! panel from the Planet MicroCap Showcase: VEGAS 2025 in partnership with MicroCapClub. Joining me this year are: Thomas Bachrach, PFH Capital Website: https://www.pfhcap.com/ Twitter/X: https://x.com/PFHCapital Jason Hirschman, Hudson 215 Capital Twitter/X: https://x.com/EightTrack180 Whit Huguley, River Oaks Capital Website: https://www.riveroaks-capital.com/ Twitter/X: https://x.com/Whit_Huguley PLUS, Special Guest appearance from: Kevin Shea (Twitter/X: https://x.com/thegoodprick) 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 rev

My guest on the show today is Ben Kohn, President and CEO of PLBY Group, Inc. (NASDAQ: PLBY). PLBY Group, Inc. is a global pleasure and leisure company connecting consumers with products, content, and experiences that help them lead more fulfilling lives. PLBY Group’s flagship consumer brand, Playboy, is one of the most recognizable brands in the world, with products and content available in approximately 180 countries. We all know the brand, we all know who Playboy is, the history, the bunny ears, the magazine; it's an iconic brand. Those don't just grow on trees, nor have the cultural awareness like Playboy has had for 70+ years now. However, following its botched go public strategy in 2021, management has been working hard picking up the pieces to turn things around. That's what I wanted to chat with CEO, Ben Kohn, about, who was very gracious and quite candid as we discussed: the Corporate history of Playboy How they are focused on returning customers to Playboy's roots Licensing deals, specifically the

My guest on the show today is Brian Kitchen, President & CEO, Ryan Kavalauskas CFO of Ascent Industries Co. (NASDAQ: ACNT). Ascent Industries Co. is a company that engages in a number of diverse business activities including the production of specialty chemicals and industrial tubular products. Ascent will be joining us in Las Vegas, and I invited the team on to learn more about: History of Ascent Industries Brian and Ryan's background and why they decided to join Ascent; and, Their experience turning around specialty chemicals businesses Path to profitability while still focused on growth, and 3-5 year vision for the company For more information about Ascent Industries, please visit: https://ascentco.com/ This podcast was recorded and is being made available by SNN, Inc. (together with its affiliates and its and their employees, “SNN”) solely for informational purposes. SNN is not providing or undertaking to provide any financial, economic, legal, accounting, tax, or other advice in or by virtue of thi

My guest on the show today is with John Rotonti, Portfolio Manager at Islamorada Investment Management. John very recently joined Islamorada Investment Management running their Industrial and Infrastructure portfolio, and he's been actively researching and dissecting about the electrification of everything plus anything housing related. We jump in headfirst on his investing philosophy and checklist/criteria when looking at this swath of companies. And for full disclosure, we discussed a number of companies during today's podcast, I am not a shareholder in any of them.   For more information about Islamorada Investment Management, please visit: https://www.islainvest.com/  You can Follow John Rotonti on Twitter/X: @Jrogrow We're excited to announce that we'll be partnering up with MicroCapClub for our full slate of investor conferences in 2025. Ian Cassel and his team at MicroCapClub have not only built and fostered the best community of MicroCap investors, but it's arguably one of the best investing communiti