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In 1980, Microsoft $MSFT was an $8 million revenue company with 40 employees. IBM was largest public company in the world and controlled 70% of the global computer market which was primarily mainframe computers. At the time, IBM was developing its first personal computer, the

The worst part of bull markets is the rise of inexperienced people educating other inexperienced people. The worst part of bear markets is that doom and gloomers finally feel vindicated even though they are wrong 90% of the time.

Always enjoy listening to Ian Cassel. The difference between the best golfer and average is 2 strokes. Investing and banking is definitely similar. open.spotify.com/episode/6cQwSV…

This past week I had a great conversation with Kyle Grieve How should stock pickers be judged? What is the correct benchmark? How do I define Good, Great and G.O.A.T? What are each category doing to separate themselves from the pack and what can we learn from them?

I'm fine with being wrong if I did all the work. I can live with those losses. I'm not fine with being wrong when I know I didn't do the work I should have done. When I got lazy. When I relied on others. When I bend on my principles. When I justify not giving 110%.

Morgan Housel's anecdotes are another level.

You can't beat yourself up watching stocks go up that you wouldn't have been able to hold/build conviction in the first place. Not every winner is meant for you. You can learn from them, but don't get distracted by them.

All successful investors have two things in common. They are extremely disciplined, and they understand the downside of their investments even more than the upside. They look down before they look up. microcapclub.com/a-solid-founda…

In bull markets everyone justifies paying higher In bear markets everyone justifies selling lower

When I reflect on all my big winners and most of the top performing companies profiled on MicroCapClub - EVERY SINGLE ONE was an ugly duckling at one point. They all had flaws and imperfections. They all were laughed at by 99% of investors. microcapclub.com/most-big-winne…

Silver and euro small caps are always the last to rally and a key signal the top in the market is near. Sorry couldn't help myself.😂

This a great new article by Adam Wilk Trusting your own judgment doesn’t mean you’re always right. It means you’re willing to be wrong on your own terms. microcapclub.com/choose-your-ow…

36 MicroCapClub applications this month. LFG.

Often times the best place for new capital is buying more of the companies that make execution look easy. microcapclub.com/an-essay-on-in…

Love this from today’s MicroCapClub morning note:

As you mature as a "small stock" picker you realize a lot of the journey is figuring out what your fat pitch looks like (different for everyone) and then how many positions w/conviction you need to give yourself enough chances to win big on a few of them.

I enjoyed the thoughts from Ian Cassel in this chat, especially the golf analogies. It reminded me of more parallels between golf, investing, and greatness, as exemplified by the legend that was Ben Hogan. In Omaha for the Berkshire Meeting this year, a friend, also named Ben,

Every hated industry, sub sector is eventually loved again. The hard part is the timing. It might take months or decades for money flows to come back. But even in these hated areas there are always 1-2 companies led by exceptional people that will outperform. It's why you should

It doesn’t get more American than baseball and $IDR