We Study Billionaires - The Investor’s Podcast Network TIP606: Multi-Bagger First Principles w/ Ian Cassel
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Feb 9, 2024 
Ian Cassel, a microcap investor and CIO of Intelligent Fanatics Capital Management, shares valuable insights into investment strategies. He discusses his investment journaling process and lessons learned managing a fund. Key topics include the significance of high insider ownership, biases like attribution bias, and the concept of 'active patience' in investing. Cassel also delves into identifying multi-bagger stocks and the importance of unique business models, supported by fascinating case studies of companies that have achieved exponential growth.
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Active Patience
- Practice "active patience": Know what you seek and wait for it.
- Determine your investment style and preferred business characteristics before searching for stocks.
Developing Investment Temperament
- Developing investment temperament takes time and experience, like figuring out what you like to eat.
- Defining investment principles involves identifying mandatory business and people characteristics.
Learning from Tony Deden
- Ian Cassel learned from Tony Deden about seeking scarce, one-of-a-kind businesses.
- Cassel and Deden connect over finding unique, publicly traded businesses with strong management.
