Planet MicroCap Podcast | MicroCap Investing Strategies

In this episode of the Planet MicroCap Podcast, I spoke with John Petrides, Portfolio Manager at Tocqueville Asset Management. We take a step back and examine the broader market landscape—from record concentration in mega-cap tech to the evolving AI investment thesis and the growing geopolitical and fiscal risks shaping today’s capital markets. We discuss why the S&P 500’s historic concentration may be creating hidden risks for passive investors, how the AI story is shifting from infrastructure providers to real-world adopters across industries, and why geopolitical flashpoints like Taiwan could represent the market’s most significant systemic risk.

We also explore the implications of rising U.S. deficits and higher interest rates for fixed income investors, and why the growing valuation gap between large-cap tech and the rest of the market may be setting the stage for renewed opportunity in small and micro-cap stocks—particularly those with strong balance sheets and exposure to hard assets like energy and critical minerals. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Tocqueville Asset Management, please visit: https://tocqueville.com/

Chapters:

00:00 Introduction and Market Landscape Overview
01:00 Market Surprises Since Spring 2023
02:09 Impact of AI Spending and Geopolitical Risks
03:10 Market Concentration and Sector Valuations
04:07 Opportunities in Healthcare and Small Caps
05:08 Portfolio Construction Amid Macro Uncertainty
06:05 International Diversification and Valuation Dispersion
07:02 Market Narrative Cycles and Signal Filtering
07:59 Long-Term Investing Principles and Market History
09:03 Market Structure and Price Discovery Risks
10:07 Key Market Mispricings and Sector Disconnects
11:06 Government Involvement and Sector Evaluation
12:04 Opportunities in Undervalued Sectors and Small Caps
13:02 Discipline and Focus in Rapid Information Environments
13:56 Fundamental Signals for Microcap Investment
15:07 Institutional Ownership and Market Movements
16:05 Impact of Government Actions on Market Sectors
17:04 Risks in Geopolitics and Long-Term Bonds
18:00 Microcap Market Inefficiencies and Opportunities
18:59 Market Disconnects and Investor Attention
19:57 AI Spending and Geopolitical Risks Revisited
20:53 Valuation Opportunities in Low-Margin Businesses
21:54 Underappreciated Risks: Taiwan and Capital Flows
23:06 Macro Trends and CapEx Quality Concerns
24:04 Microchip Supply Chain and Geopolitical Tensions
25:02 Interest Rates, Deficits, and Fiscal Risks
26:03 Active Bond Strategies and Long-Term Risks
26:59 Underestimated Geopolitical and Market Risks
27:46 AI CapEx and Cost Structure Risks
29:05 Microcap Liquidity and Institutional Flows
30:06 Signals of Institutional Interest in Microcaps
31:03 Fundamental Analysis for Microcap Selection
31:59 Emerging Themes in Microcap Space
32:49 Building Resilient Portfolios in Volatile Markets
34:10 Sector Opportunities in Rare Earths and Energy
34:52 Market Discipline and Investor Focus
35:52 Staying True to Investment Principles
37:04 Lessons from Market Crises and Capital Preservation
38:04 Aligning Portfolio with Investor Goals
39:00 Key Principles for Navigating Market Uncertainty
40:05 Final Thoughts and Contact Information

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.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

In this episode of the Planet MicroCap Podcast, I’m joined by Artem Fokin, Founder and Portfolio Manager of Caro-Kann Capital, to reflect on more than a decade of running a concentrated small- and micro-cap strategy focused on finding multibagger opportunities. Artem shares how his bottoms-up approach centers on deeply understanding a handful of businesses, engaging thoughtfully with management teams while maintaining the discipline to stay objective—what he calls being “friendly, but not friends.”

We also discuss why due diligence should extend beyond the CEO to the entire leadership bench, why microcaps remain one of the best training grounds for investors despite structural market changes, and how avoiding intellectual rigidity—while embracing tools like AI for research—can help investors continuously adapt and improve their decision-making. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Caro-Kann Capital, please visit: https://caro-kann-capital.com/

Chapters:

00:00 Introduction and Background
03:06 Investment Philosophy and Strategy
06:19 Engaging with Management Teams
09:06 Reflections on 2025
12:09 Building Relationships with Management
14:04 Best Practices for Engaging Management
16:58 Evaluating Management Teams
17:59 Diligence and Fair Game Questions
24:26 Leveraging LinkedIn for Management Insights
25:43 Understanding Investment Edge
31:11 The Importance of Execution in Investing
32:31 The Value of Microcaps in Investment Training
40:07 Fears of Intellectual Rigidity in Investing
46:53 Lessons Learned Over 11 Years
48:45 Looking Ahead: The Future of 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.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

In this episode of the Planet MicroCap Podcast, I’m joined by Jim Zimmerman, Founder & Fund Manager, and Abby Zimmerman, Research Analyst, of Lowell Capital Management to talk about their disciplined small-cap strategy built around what they call the “Fort Knox” balance sheet. At its core, it’s about owning resilient, cash-generative businesses with little to no debt—companies that can not only survive volatility but use it to their advantage.

We dive into why they focus on operating cash flow over EBITDA, how they hunt for overlooked “boring” niche leaders trading at value prices, what they look for in management teams, and why constant re-underwriting—“buy and homework,” not just buy and hold—is critical to long-term compounding in microcaps. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about Lowell Capital Management, please visit: https://www.lowellcapitalmgmt.com/ 

Chapters:

00:00 Introduction to Lowell Capital Management
04:45 Jim Zimmerman's Investment Journey
09:52 Abby Zimmerman's Perspective on Investing
14:54 Core Investment Philosophy and Strategy
19:39 Engaging with Management and Assessing Companies
22:42 Evaluating Company Fundamentals
26:51 Avoiding Value Traps
29:37 Idea Generation and Networking
33:49 Learning from Investment Experiences
39:38 Evolving Investment Strategies

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.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

In this episode of the Planet MicroCap Podcast, I’m joined by Luis Sanchez, Founder of LVS Advisory, to discuss his firm’s differentiated event-driven and global growth strategies, and why he sees compelling opportunities emerging outside the crowded large-cap tech trade. Luis walks us through his high-conviction “Power Thesis,” which identifies a massive structural shortage in U.S. electricity driven by AI and data center demand, and highlights key beneficiaries across nuclear, LNG, and energy infrastructure.

We also explore why LVS is optimistic about merger arbitrage and corporate restructurings in 2026, how he’s positioning around global dislocations and misunderstood compounders, and why today’s concentrated market environment may be creating one of the most attractive opportunity sets for disciplined, catalyst-driven investors. We mention a number of companies and sectors during this conversation, and I’m not a shareholder in any of them.

For more information about LVS Advisory, please visit: https://lvsadvisory.com/

Chapters:

00:00 Introduction and Background
02:45 Investment Strategies Overview
06:01 Event-Driven Investing Insights
09:10 Merger Arbitrage Opportunities
11:50 Market Outlook for 2026
15:11 Catalysts vs. Quality Businesses
18:02 Case Study: Talon Energy
20:54 Power Thesis and Macro Insights
24:08 Characteristics of Quality Investments
30:47 The Role of LNG in Global Energy Markets
39:05 Investing in Microcap Energy Companies
47:44 Exploring Nuclear Energy Opportunities
50:42 Future Trends in Housing and Media Investments

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.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.

In this episode of the Planet MicroCap Podcast, I spoke with Ryan Telford, Head of Evidence-Based Research at MicroCapClub, where he breaks down why headline profitability and earnings beats can be misleading, and how investors should instead focus on quality of earnings—cash flow support, reinvestment discipline, and earnings stability—along with dilution risk as the true predictors of performance. We discuss the data showing how high-quality earners significantly outperform low-quality peers globally, why many profitable microcaps still underperform after strong quarters, and how looming equity raises can act as a hidden “tax” on shareholder returns. We mention a number of companies and sectors during this conversation, and I’m not a shareholder in any of them.

Chapters:

00:00 Introduction to Microcap Investing and Research
03:46 Understanding Quality of Earnings in Microcaps
08:49 The Quality of Earnings Scorecard Explained
13:43 Analyzing Low vs. High Quality Earnings
18:34 Modernizing the Quality of Earnings Framework
23:38 Transitioning to Dilution Risk in Microcaps
27:39 Market Reactions and Equity-Debt Ratios
31:02 Dilution Trends in Micro Caps
32:14 Understanding Dilution Risk Scorecard
38:09 Correlation Between Earnings Quality and Dilution Risk
46:40 Returns Based on Dilution Risk
50:23 Indicators of Potential Dilution Risk

For more information about MicroCapClub, please visit: https://microcapclub.com/

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.

The purpose of this conversation is for informational and educational purposes only and should not be construed as a recommendation to purchase or sell any security. Planet MicroCap Holdings LLC and MicroCapClub LLC are not registered investment advisors. Planet MicroCap Holdings LLC, MicroCapClub LLC, its partners, contractors, members, subscribers, guests, and affiliates may or may not hold positions in one or more of the securities mentioned on this program and may trade in such securities at any time. Do your own due diligence and seek counsel from a registered investment advisor before trading in any security.