Planet MicroCap Podcast | MicroCap Investing Strategies

In this episode of the Planet MicroCap Podcast, I spoke with Todd Wenning, President and CIO of KNA Capital Management, Publisher of Flyover Stocks, and Director of the Hanley Center for ESG Investing at the University of Dayton, for a wide-ranging conversation on moats, AI, rates, and what endures through periods of rapid change.

We break down how AI is shortening the time a moat buys a company, why agentic commerce tools like Meta’s Muse threaten businesses that rely on consumer inertia and obfuscation, and how rising real yields are quietly reshaping where capital flows. We also get into what teaching corporate finance to college students has revealed about first principles investing, why the UK market is presenting some of the most compelling valuations he’s seen in years, and what history’s revolutions tell us about where AI is headed.

For more information about KNA Capital Management, please visit: https://www.kna-capital.com/

Chapters:

00:00 Introduction and guest background
02:06 Todd Wenning's teaching journey and ESG focus
03:53 The value of teaching and first principles investing
06:07 Changes in the investment Venn diagram and moat trends
10:01 AI's impact on wide moats and business disruption
11:09 Thesis development for companies in the AI era
13:03 Corporate culture and AI adoption
14:01 Main risks to economic moats in the age of AI
18:10 How AI shortens the duration of moats
19:53 The influence of rates and yields on market behavior
22:12 AI's effect on consumer surplus and obfuscation
32:53 Opportunities in microcaps and emerging moats
42:07 Global opportunities and UK market insights
42:59 Capital allocation and strategic planning in uncertain times
45:08 Managing proprietary knowledge and AI risks
48:11 The importance of authenticity and human ingenuity
49:59 Looking ahead to 2029 and future themes

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, recorded just ahead of Planet MicroCap Toronto, we brought back the Investors Roundtable with three voices deeply embedded in Canadian microcap markets - Mathieu Martin of the Rivemont MicroCap Fund, Ryan Irvine of Keystone Financial, and Teagon Murray of Canadian Value Investors, making his first-ever podcast appearance.

We dig into what’s worked and what hasn’t across Canadian capital markets in 2026, why cannabis is attracting generalist and growth investors, how Canadian companies have adapted to tariff uncertainty better than most expected, and why the market is seeing more takeouts than IPOs right now. Mathieu runs through the highlights from his September Good, Bad, and Ugly - including a software name that doubled overnight on a restructuring announcement and an ongoing hostile takeover battle in the cannabis space. We close out with each guest’s process for making the most out of the Planet MicroCap Toronto conference, chalk full of management teams and a preview of what they’re watching for the event.

For more information about Keystone Financial, Canadian Value Investors and Rivemont MicroCap Fund, please visit: https://www.canadianvalueinvestors.com/ | https://keystocks.com/ | https://rivemont.ca/en/alternative-funds/rivemont-microcap-fund/ 

Chapters:

00:00 Introduction to the Canadian microcap market and guests
04:06 Market trends and sector insights from Teagon Murray
05:06 Ryan Irvine discusses market performance and company picks
09:00 Discussion on capital raising and IPO activity in Canada
11:00 Cannabis sector evaluation and market sentiment
17:05 Conference strategies and company evaluation tips
21:58 Management team assessment and event preparation
29:55 Impact of tariffs and geopolitical risks on investments
34:55 Market resilience and sector opportunities post-tariffs
40:06 Conference preview and individual investor strategies
50:02 Top company interests and investment themes
57:00 Closing thoughts and conference expectations

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 Jeremy Kokemor, Founder and Portfolio Manager at Right Tail Capital, to dig into how two decades inside institutional investing shaped a concentrated, quality-focused approach he now runs on his own terms.

We break down his framework for owning roughly fifteen high quality businesses at a time, why returns on capital are central to how he evaluates businesses, how he's thinking about AI both as a research tool and as a threat to the companies he owns, and what covering small cap metals and mining at T. Rowe Price taught him about the wide quality spectrum in public markets. We also get into his process for knowing when a thesis has broken - being patient when the thesis is intact, but moving on the underlying thesis has genuinely broken. 

For more information about Jeremy Kokemor and Right Tail Capital, please visit: https://www.righttailcapital.com/

Chapters:

00:00 Introduction to Jeremy Kokemor and Right Tail Capital
02:06 Jeremy's background and early influences in investing
04:50 Jeremy discusses his transition from institutional to independent investing
11:00 Starting Right Tail Capital: motivations and timing
16:46 Defining quality and evaluating distressed assets
22:24 Research process and team building at Right Tail
24:31 The role of AI in research and decision-making
26:50 AI's potential to disrupt or enhance current holdings
33:58 Portfolio construction and new investment evaluation
36:39 Lessons from past investment mistakes and exits
41:04 Jeremy's best decision and personal stories
44:00 Influence of poker on investment strategy
46:39 Future outlook on AI and investment opportunities
48:28 Where to follow Jeremy and learn more

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 Sean Westropp, Founder and Portfolio Manager at Deep Sail Capital, to dig into his four pillars framework for finding exceptional growth companies - and why running both sides of the book makes him a sharper long investor.

We break down how he balances quality, management, growth prospects, and valuation across a portfolio split between emerging and established growth names, why outstanding management is the one pillar he refuses to compromise on, and what the 2022 drawdown permanently changed about how he manages a portfolio. We also get into his criteria for shorting in microcap, why defense has been his best-performing sector, and the hard lessons on headline risk.

For more information about Sean Westropp and Deep Sail Capital, please visit: https://www.deepsailcapital.com/ 

Chapters:

00:00 Introduction to Sean Westropp and Deep Sail Capital
02:05 Sean's background and transition from anonymous to public
04:06 Founding Deep Sail Capital and investment focus
07:17 The four pillars framework explained
11:33 Finding high-quality business models
13:05 The importance of outstanding management
14:38 Assessing long-term growth prospects
16:50 Valuation and profitability considerations
18:16 Balancing pillars and managing compromises
20:03 Management quality and business quality in microcaps
27:05 Skepticism of high growth companies that can't sustain hyper growth
31:55 Criteria for shorting and red flags
38:27 Identifying management changes and business pivots
44:47 Timing and valuation in shorting
52:31 Impact of industry focus and sector mistakes
54:20 Key investing lessons and process changes
57:17 Portfolio optimization and active management
01:01:00 Parting thoughts and management meeting tips

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 Jeremie Boyer, Co-Founder and Lead Research Analyst at Aurelion Research, for a conversation on what it looks like to build an independent research firm in your early twenties - and how staying outside traditional institutional constraints can be a genuine edge.

We break down his process for identifying ideas before the broader market catches on - from tracking global elections as a timing signal to uncovering shipping cycles that large funds won't touch - and why he believes a simple, well-timed price target beats a full DCF model almost every time. We also get into why Aurelion keeps its portfolio concentrated but sector-diversified, what he learned from his early calls in oil tankers and Canadian consumer brands, and the internship pitch that didn't land but set everything else in motion.

For more information about Aurelion Research, please visit: https://aurelionresearch.com/

Chapters:

00:00 Introduction to Jeremie Boyer and his research approach
02:10 Jeremie's background and early investment experiences
04:46 The advantages of independent research and quick decision-making
05:13 Jeremie's start in investing during 2020 and initial influences
06:25 Lessons from early investment mistakes and successes
07:50 Influence of Mathieu Martin and Rivemont process
10:16 Adapting strategies from Rivemont to independent research
14:29 Key criteria for discovering investment ideas
19:21 Using political and macro analysis to identify opportunities
26:49 Case study: Shipping industry cycles and overlooked opportunities
32:10 Learning from investment experiences and managing risk
43:52 Focus on overlooked sectors like healthcare and uranium
52:08 Jeremie's independent research process and future outlook

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.