100 Year Thinkers, Ep. 7: The Last Moat | Chris Mayer and Ian Cassel on the Stock Picking Edge AI Can’t Replicate
Talking Billions with Bogumil Baranowski
The edge of presence versus information
Ian and Chris argue that presence, repeated meetings, and relationships create an edge AI can't easily replicate.
This episode of 100 Year Thinkers brings together Chris Mayer and Ian Cassel for a deep discussion on long-term stock picking, microcap investing, business quality, AI disruption, management teams, and the behavioral skills that separate great investors from great analysts. They explore why the edge in investing may increasingly come from judgment, presence, relationships, patience, and the ability to hold the right businesses through uncertainty.
Matt Zeigler and I had the privilege of hosting Ian Cassel and Chris Mayer for a special 100-Year Thinkers Edition of the Excess Returns Podcast.
Available now on Excess Returns Podcast and Talking Billions. 🎧
I’m excited to share this episode with you—it’s reposted here with permission and blessing from the Excess Returns team. Don’t miss it! And follow their work, links below.
Resources Discussed
The Last Moat
https://microcapclub.com/the-last-moat/
Stock Picker by Ian Cassel
https://microcapclub.com/stock-picker/
The Investor’s Odyssey by Chris Mayer
https://www.amazon.com/Investors-Odys...
Follow Chris Mayer on Twitter
https://x.com/chriswmayer
Follow Ian Cassel on Twitter
https://x.com/iancassel
Topics Covered
Why being present with management teams may still be an investor edge in the age of AI
How microcap investing differs from small-cap, mid-cap and large-cap investing
Why talking to management can build conviction but also create bias
How Chris Mayer thinks about vertical market software, mission-critical systems and AI disruption
Why AI may become table stakes rather than a durable competitive advantage
How small companies can use AI to improve workflows, sales, inventory and productivity
Why many microcaps have short shelf lives and rarely become true long-term compounders
The role of intelligent fanatics, owner-operators and repeat winners in great investments
Why management transitions can create powerful microcap opportunities
The difference between being a great analyst and being a great investor
Why execution, position sizing, selling losers and holding winners matter more than hit rate
How Matt and Bogumil apply the lessons to AI, business quality and the limits of small business scalability
Podcast Program – Disclosure Statement
Blue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed.
Information expressed does not take into account your specific situation or objectives, and is not intended as recommendations appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.
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