UncleWally
Here's a few points in Ian Cassel's latest MicroCap Newsletter that I can relate to, how about you?
https://microcapclub.com/we-are-all-fighting-the-same-battles/
UncleWally
Some more great thoughts from Ian Cassel - stocks and their shelf life.
https://microcapclub.com/shelf-life/?ref=newsletter
UncleWally
I'm an avid reader of all things Ian Cassel.
In this article Ian shares some of his wisest learnings from his small cap investing philosophy and covers his thoughts on having the "Conviction to Hold" while we wait for "Delayed Gratification"
https://microcapclub.com/turnarounds/?ref=newsletter
jcmleng
@UncleWally , this was brilliant, thank you for sharing. I do believe in turnarounds, but only if the right ingredients are in place.
I am going to use this as my checklist for evaluating "coming out of the doghouse" re-entry decisions, particularly for companies that I hold. The anchoring bias and the fear of throwing more good money on bad, are really tough mindsets to break when the company has slided to and has stayed stuck at ~90% underwater for some time!
CAT, EOS and EML are my most recent examples ... Fair to say, points 1 to 4 have been met by the 3, but am still patiently waiting for point 5 to fully happen, hence the red line!
edgescape
Thanks for that Ian Cassel article
I'm not sure about this part though. Is he saying that we should not take PE at face value and assess everything on its merits?
Interesting example nonetheless.
UncleWally
Yes @Slomo some real gems in there.
I love Ian Cassel's philosophy.
The one that resonates the most with me that I didn't really understand in my earlier days is, "If you want to find great companies early, you have to find great management early".
Easier said than done and probably more good luck than good judgement given they don't have a track record to go by but if you can find great management early you are halfway there.