MicroCapClub

Jeff Tory, Chair of Pembroke Management, sits down with Brad Bourne, CEO of Firan Technology Group (FTG.TO / FTGFF) to discuss the rise of the company. This conversation took place on October 27th, 2026, at Planet MicroCap Toronto powered by MicroCapClub.

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/

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.

John Huber is the portfolio manager of Saber Capital Management, which he founded in 2013 after a journalism degree and about eight years buying foreclosed real estate from banks around the financial crisis. He runs Saber as a family partnership modeled on Buffett’s partnership of the 1950s.

This discussion took place live on October 23rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this episode, John explains why he moved away from never selling great businesses. He uses Copart to show how a stock at 40 to 50 times earnings can fall 50% on a small hiccup. He also covers how he splits his portfolio between long-term compounders and a basket of Ben Graham-style bargains, how Pitney Bowes moved from one bucket to the other, and how he sizes positions so no single mistake can do serious damage. The conversation opens with his essay on the Tampa Bay Rays and what happens when everyone optimizes for the same metric.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

02:38 What the Tampa Bay Rays teach investors

09:58 Home runs vs base hits

11:29 When to sell a great business

15:41 Lessons from a self-taught investor dad

17:28 Why journalism makes better investors

19:11 Buying houses at 50 cents on the dollar

22:12 Why he walked away from real estate

24:16 Compounders vs bargains

27:51 When a turnaround becomes a compounder

32:04 Why he keeps an investment journal

34:14 Margins vs return on capital

38:39 Should you look for value overseas?

41:19 Inside his Ben Graham basket

42:31 How he sizes his biggest positions

45:38 Concentrated, but never fragile

48:01 Greenblatt, Schloss and many ways to win

51:04 How to stay in the game for decades

53:24 Why there’s no high-risk version of Saber

56:07 Do the work on your desk

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Ian Cassel, CIO at IFCM and founder of MicroCapClub, presents at Planet MicroCap Toronto 2026

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Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Jason Kirsch, Portfolio Manager at Rosen Partnership, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Mathieu Martin, Portfolio Manager of the Rivemont MicroCap Fund, presents at Planet MicroCap Toronto 2026

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Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Brent Todd, Senior Investment Advisor at Canaccord Genuity Wealth Management, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Gerry Wimmer, investor, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Jesse Gamble, Senior Vice President and Portfolio Manager at Donville Kent Asset Management, presents at Planet MicroCap Toronto 2026

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Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Jason Senensky, Investor and Writer at Chapter Twelve Capital, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Ryan Irvine, President and CEO of Keystone Financial, https://keystocks.com/, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Sharon Wang, Senior Investment Analyst at PenderFund Capital Management, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

Kyle McPhee, Managing Director of Institutional Equity Research at ATB Cormark Capital Markets, presents at Planet MicroCap Toronto 2026

Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com

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.

John Barr is a portfolio manager at Needham Funds, where he runs small- and mid-cap growth strategies. Before Wall Street, he spent fourteen years in electronic design automation software. He then spent seven years as a sell-side analyst covering that same industry before moving to the buy side. He is one of the investors profiled in Stock Market Maestros by Lee Freeman-Shor and Clare Flynn Levy.

This discussion took place live on October 21st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this episode, John explains his “hidden compounder” framework. He looks for established businesses funding something new the market doesn’t yet understand, with a margin of safety, long-tenured or founder management, and little Wall Street coverage. He walks through two case studies: CRA International, which went sideways for years before re-rating, and Nova, a $40 million microcap he bought at $2 a share in 2009. John also explains how he sizes positions from 10 basis points up, why he trims at the top and rarely sells, and why his portfolio concentrates on US infrastructure, defense and skilled labor.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

02:23 From lumber yard to electronic design automation

04:44 What is a hidden compounder?

07:56 Why value and growth investors miss them

09:20 Where the margin of safety comes from

12:12 A five-person team and industry-first research

14:29 Size of the opportunity, management and Wall Street coverage

17:52 Case study: CRA International ($CRAI)

25:07 Hidden, transition and quality: the three phases

28:49 Case study: Nova ($NVMI), from $2 to a 150-bagger

34:37 Position sizing and the 50% mortality rate

37:49 Sitting through drawdowns and when to trim

40:19 Why hold 100+ positions

42:13 Covering a big portfolio with a small team

42:45 The focus: tech picks and shovels, infrastructure, defense and skilled labor

45:54 What changed as assets grew

47:52 Running a public mutual fund

50:03 ETFs versus mutual funds

51:30 The edge individual investors have

54:59 Investing forever

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

James Davolos is a portfolio manager at Horizon Kinetics, where he has spent nearly 21 years studying exchanges and what the firm calls croupier businesses. These are companies that earn fees on trading volume without putting their own capital at risk. One of his first projects at the firm was the New York Stock Exchange’s reverse merger into Archipelago, and his team later bought exchange seats ahead of demutualizations at the CBOE, the Minneapolis Grain Exchange and others.

This discussion took place live on October 16th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this episode, James explains why exchanges have outperformed their local markets over 20 years, why derivatives are the strongest moat in the industry and why inflation and volatility work in exchanges’ favor. He also breaks down MIAX: how it took close to 17% of the multi-listed options market, whether perpetual futures threaten the business and what the Bloomberg futures bet could be worth. The conversation closes with James’s reflections on Horizon Kinetics founder Murray Stahl.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

02:42 The croupier model

06:30 Why exchanges beat their local markets

08:28 How exchanges make money

13:34 What drives trading volume

17:20 Why inflation helps exchanges

18:29 The worst decade for exchanges

21:29 Buying exchange seats for equity

24:51 Why traders leased their seats

27:41 What MIAX does

31:43 Why traders pay for data

34:50 MIAX’s speed edge

39:59 Can competitors catch up?

43:57 Why MIAX fell from $57

50:32 Can MIAX keep taking share?

52:11 How to value MIAX

54:40 The Bloomberg futures bet

57:30 When we’ll know if it works

59:23 What would prove him wrong

1:02:10 Remembering Murray Stahl

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdowns, David Barbato sits down with Lindbergh’s (LDB.MI) CEO Michele Corradi and COO Andrea Allegrini. The company was originally profiled by MicroCapClub member "mavix" on October 2nd, 2023, at $2.09 EUR per share.

This discussion took place live on October 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Michele and Andrea explain how they pay about 4 to 4.5 times EBITDA, mostly through vendor loans that the acquired company’s own cash pays off. They also talk about why they now prefer adding companies in regions where they already operate, and how they find each local manager inside the company they buy. Later they cover the end of Italy’s gas boiler incentives, getting acquired companies to collect cash on time, and the shift toward cooling work in the summer months.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Previous BB with Lindbergh: https://www.youtube.com/watch?v=lGxsSMCA9Ek

Chapters

00:00 Intro

02:33 From waste pickups to an HVAC roll-up

08:52 First-half results

14:00 Spare parts delivered by 7 a.m.

24:19 How they buy HVAC companies

26:28 Paying with vendor loans

29:53 Q&A begins

32:15 Why deals have slowed down

36:33 Competing with private equity

41:55 What makes a good target

44:30 The case for B2B maintenance contracts

48:15 Raising Alpiclima’s margins

53:44 The job ends when the cash is in the bank

58:13 Italy ends gas boiler incentives

1:01:17 Hotter summers, less seasonality

1:04:37 The next 20 years

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about crossing the chasm of speculation to investment in microcap stocks. You can also read it as an article here: https://microcapclub.com/newsletter/

MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1500+ microcap companies, 350+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Alejandro Yela is the founder of Hermit Ventures and the author of The Hermit, a Substack focused on nano- and microcap companies. He began as a debt investor in Latin American oil and gas bonds, later worked in restructuring, project finance, and M&A.

This discussion took place live on October 2nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this episode, Alejandro explains how to value an oil producer on its proven (1P) reserves, and why a company's exposure to the oil price depends on whether it extracts, refines, or transports. He walks through his thesis on Computer Modelling Group, the reservoir simulation software company facing pressure from AI while it pursues acquisitions and buybacks. He also explains why he thinks Canadian oil stocks are fully priced after the run in oil, and why he sees more value in oilfield suppliers like OMS Energy.

Share your feedback - david@microcapclub.com

David’s X (Twitter) - https://x.com/Valuehunte

Alejandro's Substack - https://substack.com/@ayela

Chapters

00:00 Introduction

02:13 From Latin American Oil Bonds to Canadian Oil

04:50 Investing in Oil Without Exploration Risk

05:53 Why You Need to Be a Specialist to Build Conviction

07:45 How to Value an Oil Company: 1P, 2P and 3P Reserves

10:21 Are Oil Stocks Just a Bet on the Oil Price?

12:29 Why Refining Is Political: The California Example

14:18 Pipelines as Toll Booths

15:19 Canadian Companies With Assets Abroad and Expropriation Risk

17:16 How to Screen for Oil and Gas Ideas

19:55 The Computer Modelling Group Story

22:34 Is AI a Threat to CMG?

23:29 CMG's Organic Revenue Decline

25:04 Cash Flow, Buybacks and Capital Allocation at CMG

26:04 The 15% Free Cash Flow Yield Rule

29:56 What LNG Canada Phase 2 Means for Canadian Gas

34:56 Why He Wouldn't Buy Canadian Oil Right Now

36:53 What Cash-Rich Oilfield Suppliers Should Do With Their Money

37:27 Geopolitical Risk and Surviving the Oil Cycle

40:07 What If the War Lasts 10 Years?

43:10 His Fund, Mandate and Private Investments

46:19 Helping OMS Energy's CEO With Capital Allocation

47:24 Why Private Businesses Trade at a Premium

50:11 Open Questions: High-End Retail and Crocs

52:13 Information as a Moat: Red Violet and Pagaya

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Adam Wilk sit down with Strata Critical Medical’s (SRTA) co-CEO and CFO Will Heyburn and VP of Finance and Investor Relations and CFO of Clinical Services, Mat Schneider.

This discussion took place live on September 29th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Will Heyburn is co-CEO and CFO of Strata Critical Medical (SRTA), which provides air and ground logistics and clinical services to the US organ transplant industry and supports open heart surgeries at more than 250 hospitals. Before Strata, he worked in private equity at RedBird Capital Partners, and he has been part of the transplant business since it started in 2019. He is joined by Mat Schneider, VP of Finance and Investor Relations and CFO of Clinical Services, who spent twelve years on the buy side.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction to Strata and its mission

03:10 Overview of Strata's services in organ transplant

07:00 Strata's role in organ placement and recovery

11:10 Growth in donation after circulatory death and perfusion

12:38 Advancements in matching algorithms and logistics challenges

14:30 Market share, partnerships, and growth opportunities

16:00 Impact of regulatory changes and industry trust

17:28 Acquisition strategy and integration of clinical and logistics services

20:01 Financial performance and growth metrics

21:17 Industry evolution and competitive landscape

24:37 Device agnosticism and future industry trends

26:48 Competitive advantages of Strata's model

29:46 Pricing, RFPs, and market positioning

34:08 Aircraft ownership and logistics infrastructure

38:24 Industry growth outlook and future opportunities

41:26 Penetration of normothermic regional perfusion and clinical growth

43:40 Regulatory environment and trust in the system

46:45 Third-party recovery market share and growth

50:15 Inorganic growth, return thresholds, and strategic fit

57:12 Long-term vision and industry evolution

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Michael Fritzell writes Asian Century Stocks, a research service covering undercovered equities across Asia. He spent sixteen years on the buy side in Hong Kong, Singapore, and Indonesia before leaving in 2021 to publish full-time, and now writes deep dives on companies that receive almost no analyst coverage.

This discussion took place live on September 2nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

In this conversation, Michael explains how he uses generative AI in his research process: the saved prompts he runs on any new ticker, including a bull-versus-bear project and one built to surface red flags in the accounts, and where he refuses to use these tools at all, namely calculations and writing. He also talks about where he finds ideas that AI can't commoditize, mainly insider transaction data and broken IPOs in Asia, and why he shifted from buying low P/E stocks to targeting a prospective IRR and selling once it falls below his cost of capital. He argues that faster research doesn't automatically mean better returns, which leads to the question of why an investor would cover two hundred stocks a year instead of twenty.

✉️ Share your feedback - david@microcapclub.com

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

02:01 Is AI making us dumber?

02:56 Where you shouldn't outsource to AI

03:17 Benchmarking ChatGPT, Gemini, Claude and Grok

05:30 Getting up to speed on a company in hours

07:23 The bull vs bear prompt

08:19 What he won't use AI for

09:05 Why AI writing loses the reader

09:50 Brainstorming, obscure data and summaries

11:21 Using Claude for error checking

12:02 Writing by hand in an age of AI slop

13:26 What AI changed in his own business

15:44 From low P/E to prospective IRR

17:41 Knowing when to sell

18:18 Idea generation: insider transactions

21:04 Broken IPOs and borrowing from others

21:23 Red flags prompt for Asian due diligence

22:46 Why he still writes 40-page deep dives

23:23 How to prompt: give it context

24:41 Can AI run the whole investment process?

26:40 Why cover 200 stocks instead of 20?

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Alex Morris is the author of Buffett and Munger Unscripted, a topic-by-topic organization of three decades of Berkshire Hathaway shareholder meetings, and he writes TSOH Investment Research, where he publishes his portfolio and discloses every change before he makes it. He spent roughly twenty years investing, most recently at a firm managing over a billion dollars, before going independent in 2021.This discussion took place live on September 10th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex explains how the Ted Williams "fat pitch" idea shapes a portfolio of ten to fifteen names where the largest positions run north of 10%, and why he makes only a handful of changes a year. He walks through Microsoft and Dollar Tree as investments that worked, and Comcast and Disney as theses he held too long, including what he missed on fixed wireless taking share from cable broadband. He also describes writing to Warren Buffett for permission before starting the book, what three decades of meetings revealed about how Buffett and Munger weighted capital allocation, and why he thinks their 2000 warning about the internet making American business less profitable has aged well.✉️ Share your feedback - david@microcapclub.com✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Introduction to the episode and guest02:48 The science of hitting and its analogy to investing04:28 Origin of the TSOH name and its significance05:44 Investment philosophy and portfolio construction08:40 Shift towards smaller companies and micro caps11:19 Case study: Microsoft as a formative investment13:32 Case study: Dollar Tree and strategic evolution16:57 Dealing with large gains and position management21:17 Lessons from bad investments: Comcast and Disney24:56 Understanding long-term investment horizons and patience28:31 The importance of macro perspective and market timing29:46 Writing the Warren Buffett and Charlie Munger book34:01 Charlie Munger's 2009 market insight35:21 Market outlook and macroeconomic views48:36 Misunderstood aspects of Warren Buffett's approach54:55 Lessons from Warren Buffett's early valuation methods01:00:00 Buffett's quick decision-making and industry knowledge01:01:49 Evolution of Buffett's valuation approach01:04:12 Learning from Buffett's experience with brands and acquisitions01:05:14 The value of decades of experience in investingDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.