Planet MicroCap Podcast | MicroCap Investing Strategies

In this episode of the Planet MicroCap Podcast, I spoke with Lee Roach, Editor/Founder of The Value Road Newsletter on Substack, to dive into his deep value approach in the micro-cap space, focusing on uncovering massive disconnects between price and underlying asset value. Lee breaks down why writing is central to maintaining discipline, how management quality is often the biggest risk in these setups, and why he prioritizes tangible assets and “stupid low” enterprise values over traditional metrics.

We also explore what actually unlocks value - from asset sales to M&A - and how to avoid common pitfalls like dilution, empire building, and thesis drift when investing in the market's most ignored corners. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about The Value Road Newsletter, please visit: https://thevalueroad.substack.com/

Chapters:

00:00 Introduction to Microcap Investing
04:20 Leland Roach's Journey into Investing
07:38 Transitioning to Full-Time Investing
10:22 Investing Philosophy and Strategy
13:37 Evaluating Investment Opportunities
16:26 Research Process and Due Diligence
19:35 Understanding Management and Investor Relations
21:38 Identifying Risks in Microcap Investments
22:17 Exploring Investment Missteps
26:34 Identifying Successful Investment Opportunities
31:56 Catalysts for Value Unlocking
33:21 Navigating Patience and Thesis Drift
39:35 The Importance of Writing in Investing
43:44 Lessons Beyond Books and Screens

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

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.

In this episode of the Planet MicroCap Podcast, I spoke with David Bastian, CIO of Kingdom Capital Advisors, to explore how he uncovers “quirky” opportunities in the microcap market where investor interest has disappeared but internal catalysts remain.

David walks through why he focuses on self-help stories - businesses that can unlock value through asset sales, operational improvements, or debt reduction - rather than waiting on macro tailwinds, and shares real-world examples of turnarounds, restructurings, and special situations where narrative disconnects created compelling setups.

We also dive into the risks of leverage, the importance of management incentives, and why finding value in microcaps often means getting comfortable where the market is not. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Kingdom Capital Advisors, please visit: https://www.kingdomcapitaladvisors.com/

Chapters:

00:00 Introduction and Context
00:11 Market Opportunities and Quirky Investments
04:38 Identifying Inflection Points
14:06 Management Quality and Value Traps
18:09 Narrative Dislocations in the Market
20:59 Market Confidence and Strategic Investments
24:31 Understanding Turnarounds and Management Impact
28:51 Identifying Key Performance Indicators
34:15 Navigating Risks in Micro Cap Investing
41:09 Evaluating Non-Financial Metrics for Investment Decisions

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

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.

In this episode of the Planet MicroCap Podcast, I spoke with Tim Travis, Founder and CIO of T&T Capital Management, to discuss where today’s biggest market disconnects may be creating opportunity - from REITs and BDCs trading at distressed valuations to overlooked microcaps priced for far worse outcomes than fundamentals suggest.

Tim shares how his value investing approach has evolved beyond traditional “cigar butt” investing toward a more dynamic, sum-of-the-parts framework, why options strategies can create an edge in volatile markets, and how he’s thinking about management quality, survivability, and AI’s growing impact on both investing and entrepreneurship. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about T&T Capital Management, please visit: https://ttvalueinvesting.com/ 

Chapters:

00:00 Introduction and Market Reflections
02:01 Identifying Opportunities in Real Estate and Private Credit
05:22 Margin of Safety in Today's Market
07:49 The Importance of Patience in Investing
10:31 Understanding Market Sentiment and Investment Conviction
12:39 Catalysts vs. Buying Cheap Assets
18:17 Investing in Microcaps and Overlooked Characteristics
21:34 Thematic Investing and Long-Term Strategies
23:40 The Importance of Process in Investing
24:14 Timing Risk and Deep Value Investing
26:24 The Unique Advantage of Options in Portfolio Management
27:58 Micro Caps: Opportunities and Challenges
29:54 Identifying Promising Micro Cap Investments
32:56 The Current State of Value Investing
35:24 The Impact of AI on Investing and Business
37:50 Common Misconceptions in Value Investing
39:31 Investing Without Valuation Multiples
41:50 Long-Term Perspectives in Investing

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

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.

In this episode of the Planet MicroCap Podcast, I spoke with Sebastian Krog, Founder & Editor of Treasure Hunting Newsletter on Substack, to unpack the evolution of his process from stock picker to true portfolio manager. We dive into the hard lessons from recent portfolio companies, how “thesis drift” and position sizing can make or break returns, and why he’s shifted toward more predictable, profitable businesses over speculative turnarounds.

Sebastian also shares how industry dynamics often matter more than management, how he’s using AI to uncover themes, and why in microcaps, what you do after you buy the stock is often the difference between winning and losing. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Treasure Hunting Newsletter on Substack, please visit: https://treasure-hunting.co/ 

Chapters:

00:00 Introduction and Background
02:03 Investment Philosophy Evolution
05:28 Case Study: Innovative Food Holdings
11:16 Lessons Learned from Investment Mistakes
17:15 Navigating Management Conversations
22:27 Evaluating Turnaround Situations
25:49 Market Dynamics and Company Performance
27:40 Portfolio Construction and Position Management
30:23 Identifying Compounders and Investment Styles
33:18 Idea Generation and Industry Analysis
36:49 Holding Periods and Investment Expectations
41:20 Managing Behavioral Biases in Investing
46:10 Future Insights on Microcap Opportunities

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

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.

In this episode of the Planet MicroCap Podcast, I spoke with Michael Fritzell, Editor of Asian Century Stocks Newsletter. We break down the evolving opportunity set across Asia - from China’s state-driven economic shift and ongoing property fallout to the corporate governance unlocks happening in Japan and South Korea. We also dig into why Southeast Asia may be one of the most overlooked pockets of value globally, with “old economy” businesses trading at compelling valuations while capital chases AI elsewhere.

The conversation highlights where inefficiencies exist today, how to think about insider alignment and currency tailwinds, and the key risks - from VIE structures to related-party transactions - that investors need to navigate when hunting for microcap alpha across the region. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Asian Century Stocks, please visit: https://www.asiancenturystocks.com/

Chapters:

00:00 Introduction and Context of the Conversation
01:10 China's Economic Landscape: Opportunities and Risks
11:58 Shifts in Investment Focus: Southeast Asia and Beyond
18:21 Japan's Market Dynamics and Corporate Governance Reforms
24:21 South Korea: Emerging Opportunities and Corporate Changes
27:47 Market Sentiment: The Shift Towards US Stocks
31:56 Inefficiencies in Asian Microcaps vs. US Microcaps
36:02 Red Flags in Asian Investments
38:52 The Concept of Asian Companies Listing Abroad
44:43 Final Thoughts: Finding Value in Overlooked Markets

Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow.; visit https://planetmicrocap.com/ to learn more about our Las Vegas and Toronto events.

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.