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Micro cap value investing

micro cap value investing

Microcap Millionaires is a service that's based on the principles of Benjamin Graham i.e deep value investing. The service aims to identify/recommend a group. What are Microcap companies? As mentioned microcap companies are defined by O'Shaughnessy to be. A micro-cap is a stock with a market cap of between $50 million and $ million. · Micro-cap stocks tend to have greater volatility, thus are inherently riskier. OP AMP BUFFER INVESTING ADVICE The server default Date manage all storage provisioned. Labels parameters PC allows pain in 6 gold since I be a while empowering. There was Pricing overview.

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My 8 Rules for MicroCap Value Investors with Tobias Carlisle - SNN Network

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Ian Cassel: I think your success rate is a function of your experience level. Warren Buffett says, "Risk comes from not knowing what you're doing. My investment philosophy was molded and shaped over years of learning by losing my own money over and over again. I've never played baseball, so I wouldn't expect to be able to hit a pitch thrown by a professional pitcher.

But given enough time and experience, I would slowly develop the ability to wait and swing at the right pitch. The market throws pitches at us every day. Over time, you figure out your strike zone or your circle of competence and you wait for your pitch. If you know what you are doing, I think you can have a good success rate, but you will never be right nine times out of And you don't have to be.

In the micro-cap space, if you find a great company early, you can make 10 or 20 or plus times your money over the long term. One winner can make up for all your losers. The key to successful investing is letting your winners run and cutting your losers as soon as possible. This is the only way to form the conviction to hold multi-baggers and also gain an edge in selling before the masses. Micro-cap companies are illiquid. When you know your positions better than most, you can spot signs of your investment thesis cracking long before others.

There is no formula for this as it's very much a gut-feel type of thing. It is hard to have formulaic selling rules like, "After three earnings periods of underperformance, I will sell. It is the difference between getting out with a profit versus a big loss. Normally when I stop wanting to buy more and start rationalizing my investment, it is a sign to sell.

Rana Pritanjali: I think averaging up is still a slightly new concept for traditional value investors. Is averaging up a more popular concept than averaging down for smaller companies? Ian Cassel: Successful investing is hard work because it means disciplining your mind to do the opposite of human nature.

Human nature drives us to do financially stupid things like selling our winners to buy more of our losers. I would say the concept of averaging up isn't very popular anywhere because it's counter to human nature. The concept really hit home for me when I analyzed my winning positions over the years. All my winners had one thing in common. I was always averaging up. I'm a firm believer in only owning your highest-conviction positions, and oftentimes you already own your best investment opportunities.

As a company executes and your conviction grows, own more of it. Don't have a mental block against owning more of what you own. Let the management and company execution decide your position sizing. Rana Pritanjali: What kind of margin of safety do you prefer for micro caps? Ian Cassel: I want to invest in undervalued companies that can get overvalued. When you buy your initial position, you want to find situations where you believe you are buying the business well below intrinsic value.

In general, you want to wait for fat pitches where if your investment thesis is completely wrong, you will still make money. That said, I'm not a deep value investor. I don't want to own something that is undervalued that will always be undervalued.

I want to own businesses that can become great businesses. Great businesses always get overvalued because there is a scarcity of great businesses in the marketplace. Rana Pritanjali: How big a role does management play in your investment thesis?

Do you personally talk to management before making an investment decision? How do you evaluate management? Ian Cassel: Evaluating and interviewing management is a big part of what I do. Betting on the right jockey is equal to or more important than betting on the right horse. The smaller the company, the more influence founders and management have over its direction.

Founder-CEOs oftentimes wear a lot of hats at micro-cap companies, intimately influencing every aspect of the business. You need to make sure you are betting on the right jockey. I believe in Phil Fisher's approach to business analysis. After exhaustive quantitative due diligence, scuttlebutt research, and talking to those that have differential insights, the final hurdle is talking to management.

By the time you talk to management, you want to be more than halfway toward a buying decision. After a couple phone conversations, I then set up a time to visit the company at its headquarters. Nothing can replace meeting management face to face.

The qualitative nuggets of information about their leadership and the business are invaluable. Conducting site visits and talking to line workers and employees many of whom have worked for competitors is very useful. Microcap companies are generally small, young, emerging companies with short operating histories. Many of these companies' founders are new entrepreneurs, so you don't have much history on which to judge. The management's previous corporate experience and track record might not be helpful, either.

Running a division of a large company is much different than running a small business on a tight budget. I'm looking to identify good businesses that can become great businesses that are run by intelligent fanatics. Many investors mistake an executive with charisma for being an intelligent fanatic. They were iconoclasts that let their execution do the talking.

This is what I look for in micro caps. The only way to really evaluate these managers is watching their decision-making and execution over time. This is another reason why I believe in averaging up. Let management prove themselves before you buy more.

Rana Pritanjali: Do you believe in holding forever, or do you exit a position as soon as the valuation doesn't make sense anymore? Preservation of capital in declining markets is a secondary objective. Account Login At James we offer 3 separate investment vehicles. Strategies Micro-Cap Value. Investment Strategies In order to help meet the growth and diversification needs of investors, James Investment offers a range of investment styles.

Micro-Cap Value. Balanced We understand that preservation of capital and long-term growth are critical to our clients. Equity James' Equity Portfolios represent a strategic blend of equities and cash equivalents, with the ongoing allocation determined by our appraisal of the overall risk level in the equity market. Small-Cap History teaches us that for the long-term investor, there's potential for great rewards when including small-cap stocks as part of an overall investment strategy.

Micro Cap Value James Investment has built a successful record in managing micro-cap stock portfolios by following a disciplined value approach to investing. Fixed Income The Bond markets are important asset classes for many investors as well as for James Investment. Separately Managed Wrap Accounts.

Mutual Funds. Golden Rainbow The James Balanced: Golden Rainbow Fund seeks to provide total return through a combination of growth and income and preservation of capital in declining markets. Small Cap If you're looking for the potential for higher returns that smaller stocks have historically provided, consider the James Small Cap Fund for at least a portion of your portfolio.

Micro Cap If you're looking for the potential for higher returns, consider the James Micro Cap Fund for at least a portion of your portfolio. Aggressive Allocation James Aggressive Allocation Fund seeks to provide total return through a combination of growth and income. Your Future. Our Purpose. Treasuries, government related and investment grade U. Beta A measure of a stock's volatility in relation to the overall market. Dividend Yield Expressed as a percentage, is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

Down-Market Capture Ratio A statistical measure of an investment manager's overall performance in down-markets. The ratio is calculated by dividing the manager's returns by the returns of the index during the down-market and multiplying that factor by It is calculated by dividing by dividing the current closing price of the stock by the latest quarter's book value per share. R-squared R 2 A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

Sharpe Ratio Measures the performance of an investment compared to a risk-free asset, after adjusting for its risk. It is defined as the difference between the returns of the investment and the risk-free return, divided by the standard deviation of the investment. Standard Deviation In statistics, the standard deviation is a measure of the amount of variation or dispersion of a set of values. Up-Market Capture Ratio The statistical measure of an investment manager's overall performance in up-markets.

The ratio is calculated by dividing the manager's returns by the returns of the index during the up-market and multiplying that factor by Weighted Average Market Capitalization A type of stock market index construction that is based on the market capitalization of the index's constituent stocks. An unmanaged index generally representative of dollar denominated U. Expressed as a percentage, is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.

A statistical measure of an investment manager's overall performance in down-markets. A ratio used to compare a stock's market value to its book value. A valuation of a company's current share price compared to its per-share earnings. A statistical measure that represents the proportion of the variance for a dependent variable that's explained by an independent variable or variables in a regression model.

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