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Show Notes:

[00:01:53] – (First question) – What is an intelligent fanatic and what drew Ian to it for his career.

[00:02:28] – Intelligent Fanatics Project: How Great Leaders Build Sustainable Businesses

[00:04:58] – Why intelligent fanatics is so important to him as a microcap investor

[00:05:32] – Seven Intelligent Fanatics From India

[00:06:00] – What are the most common characteristics shared by intelligent fanatics

[00:07:21] – What drew Ian to microcaps and what unique opportunities does it present

[00:10:52] – What makes this such a fertile but less efficient space to invest in

[00:14:48] – What happens when you buy these small companies with market cap under $50 million

[00:15:51] – What does Ian look for to avoid pitfalls when buying into microcap companies

[00:17:07] – Looking at Ian’s portfolio and the number of stocks and how often he turns them over

[00:18:49] – Exploring the process and characteristics that are important to Ian when choosing a company that he will take a position in

[00:22:43] – How is Ian’s valuation approach different from a systematic strategy to choosing microcaps

[00:25:09] – Ian’s price discipline and when does something become too expensive

[00:26:17] – Does statistical achievement matter

[00:26:40] – What are the reasons to sell a position in a business

[00:29:37] – Does intuition play a large role for Ian when exploring a company

[00:30:32] – Does Ian think about going into the private company space

[00:32:00] – What does the average microcap investor look like and why does Ian not take outside money for his investments

[00:32:40] – MicroCapClub

[00:33:45] – Ian explains how he got started and why he is focused on Microcap investments

[00:37:09] – What was the next step for Ian that led him into analyzing larger microcap investment

[00:40:09] – After landing on Ian’s radar, what does he do in terms of approaching a new business

[00:43:06] – Any industries or companies that Ian actively avoids

[00:44:30] – The formula for what makes a company un-disruptable

[00:45:42] – What are the most common dimensions of an enduring moat

[00:47:58] – What is Ian’s philosophy when it comes to the investment of his time and how frugality plays into it

[00:52:33] – The power of his persistence and luck to be able to do this

[00:54:13] – The most memorable individual day for Ian

[00:55:56] – Kindest thing anyone has ever done for Ian

[00:58:01] – Floats and Moats

[00:58:55] – Some of the publications that have changed the way Ian thinks and acts

[00:59:22] – Zero to One: Notes on Startups, or How to Build the Future

[00:59:45] – How to Win Friends & Influence People

[00:59:54] – Think and Grow Rich

[01:00:42] – Tools of Titans: The Tactics, Routines, and Habits of Billionaires, Icons, and World-Class Performers

[01:01:00] – Getting There: A Book of Mentors

[01:01:57] – What company should people go back and look at old company reports to help them understand how things flow

[01:03:24] – 100 Baggers: Stocks That Return 100-to-1 and How To Find Them

[01:03:35] – 100 to 1 in the Stock Market: A Distinguished Security Analyst Tells How to Make More of Your Investment Opportunities