Equity Mates Investing Podcast Best of the Best: Good investing starts with a great process - Andrew Mitchell | Ophir
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Nov 30, 2025 Andrew Mitchell, founder and senior portfolio manager at Ophir Asset Management, reveals the art of uncovering small-cap investment opportunities. He dives into the importance of rigorous, on-the-ground research and shares how understanding customer dynamics can lead to profitable insights. Mitchell discusses his daily routine of crafting stock theses and emphasizes the underrated skill of self-awareness in investing. He highlights the need for constant re-evaluation and the value of position sizing, advocating for an approach that prioritizes conviction and thoughtful analysis.
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Red Violet: A Hidden US Gem
- Red Violet was a US identity-verification business with one analyst covering it when Ophir found it.
- The company grew at ~20% with ~90% gross margins and traded cheaply by US standards, showing the missed discoveries in small caps.
Earnings Win Over Time
- Over medium-to-long term, earnings drive share prices despite short-term sentiment swings.
- Andrew Mitchell emphasizes staying invested because markets and company earnings grow over time.
Validate Growth Through Ecosystem Checks
- Build conviction beyond numbers by talking to customers, suppliers and ex-staff.
- Use consistent ecosystem checks to reduce the chance you're wrong and to justify larger position sizes.