Ian Cassel

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“The path to your greatest potential is often straight through your greatest fear” - @craiggroeschel
The market will tell you more about yourself by how you react to it than most of your friends or a psychologist. It just cuts right through who you say you are and finds exactly what you really are.
Almost 6 years ago @iancassel and I published the 1st Intelligent Fanatics book. It was a fun project and we learned a lot after publishing 3 books. On May 30th the books will no longer be for sale.
Retweeted by Ian Cassel
This week I spoke with a CEO where it took 10 years for the co to hit its stride/at same time industry shifted toward them. I told him if I would have invested 5-10 yrs earlier I would hate the company. But I timed it right and think he is amazing. We both laughed uncomfortably😄
I sent this out to the @MicroCapClub community this morning. Maybe it will help some others stay centered.
Mood Instead of playing macro strategist and on the things you can't control which just paralyzes you from doing the things you know you should. Just nibble on the businesses you like that are executing.
I love it when paywalled serviced bring their latest advice outside the paywall to let us know how bad the current situation really is.😆
You find the best opportunities when markets drop quickly - when most investors are too startled to do what they know they should. They loved it 100-200-300% higher but can't buy it here even though nothing has changed with the business. This is the long-term opportunity.
Retweeted by Ian Cassel
When you buy a stock in 2022 and wait 10 minutes. twitter.com/iancassel/stat…
Note to self - never challenge @morganhousel to a mindblowing facts challenge
Around 2007, his investment advisory company, First Wilshire, had the best 20-year performance record of any investment advisory firm. Miss you Fred – Buzz By @Microvalue microcapclub.com/2016/04/best-m…
Until Fred’s death at 91 or 92 he was in the office daily reading his annual reports. He died shortly after falling at an investor conference, otherwise he would still be with us. A 1998 Wall Street Journal article had Fred as the no. 1 money manager with an 854% return.
Fred started out as an accountant before moving to the investment business. The best investment advice he ever gave me was to never invest in a company with a negative net worth – all companies at some point have a round of bad luck and the strong will survive but the others wont
From Buzz Heidtke newsletter: Below is a great @MicroCapClub write-up on my friend Fred Astman (1922-2013), who passed away in 2013 and was one of the top small cap value investors in the country. I met Fred around January of 1978, when he was running a small-cap mutual fund.
During drawdowns you get more short-term because you want to get back to where you were so every short-term event (next qtr) is magnified in importance. Just stick to a 2-3 year lens. You’ll be fine.
During drawdowns it's much easier to double down on the positions you already know and trust rather than adding new positions. But it's important to stay vigilant and turn over the rocks. There are less investors looking at new ideas now than there were 300% higher. #opportunity
I was having a good day until @neilcataldi sent me this. Orange juice cereal 🤢 mashable.com/article/tropic…k
I'm a very concentrated investor but sometimes there is value in adding a small new position. It isn't for diversification. Focusing on something new provides a productive distraction from overthinking what you already own. It allows you and your portfolio to breathe a little bit
"The loudest boos always come from the cheapest seats. Just ignore the crowd and do your thing." @DividendGrowth
Raymond Floyd on patience. He could just as well be talking about investing.
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When you buy a stock in 2022 and wait a week.
Shareholders of an illiquid stock when it is down
Trading - I think the stock will be up/down 10% tomorrow, next week, next month. Investing - I don't care what the stock does tomorrow, next week, next month. I think the business will be worth considerably more in 2-3-5 years.
Retweeted by Ian Cassel
It's easy to over-analyze when stocks are going down (fear) and under-analyze when stocks are going up (greed).
The lead-in to my @IntelligentCM investor letter The first few months of 2022 has felt like a year’s worth of volatility and action. It’s like an old gambler once told me, “I spent a year in Reno one night.” 😆
I think I'm the only person not going to BRK
The markets job is to find your breaking point. Know what you own and buy the pain.
The hardest part of active investing is knowing which companies deserve your patience.
Buying during drawdowns is always fun. At first you're happy, then nervous, and then horrified. The best buys are mouthwash buys when you throw up in your mouth after you get hit. Those end up being the most profitable.
The psychology of investing is anticipating how other people's opinions are going to change on a company before they know it themselves.
A great interview with @canterbury_sid w/ @BobbyKKraft - Sid is one of the most talented young investors I know. youtube.com/watch?v=w4N9MQ…
Invest in management teams that deserve to be running much larger companies. You can see it in their words, actions, and in the numbers.
To be a successful microcap investor you have to be an independent minded person. You have to get used to no analyst coverage (no help), no institutional following (no cloning), no liquidity (no easy way out). You have to do the work yourself and build your own conviction.
My favorite quote from the interview: “I like being trusted by people.” twitter.com/FocusedCompoun…
"Everyone says I’m a gifted freak of nature, but that’s because they don’t see how hard I work behind the scenes." 🔥
"If you aren’t doing this to be the best, you might as well stop now. I know when I get old I’m going to be a cripple. I’m sacrificing my body. It’s going to be tore to pieces but I’m willing to sacrifice that to be the best at what I do." - JB Mauney, 2x World Bull Riding Champ
When you worry about macro all the time it just means you're in the wrong investments. Focus on the right investments.
To be remembered, be the best and put a smile on people’s faces
Retweeted by Ian Cassel
Never average down after a mediocre quarter. 90% of the time another one is coming right behind it.
You aren't going hit your goals if you're surrounded by negative people. The person who has never done anything is the one who is sure it can’t be done.
Drawdowns cleanse the portfolio because it forces you out of the positions you don’t fully believe in.
His employees loved him. The community loved him. The world loved him, and yet his story is mostly unknown. Now read the book 😀
But during the day of "robber barons", Mackay was loved. There was no other titan worth tens of millions of dollars working alongside men making $4 per day.
During a multi-year stretch in the 1870’s, Mackey had the highest income in the world, with an income of $500,000 - $700,000 per month. His $75 million net worth was mostly in cash and bullion.
It is hard to fathom but several years later he would ascend to control the greatest gold district in mining history and become the third richest person in the world.
While other men got drunk, gambled, wasted their money and time, he sat home and studied mining and self-improvement.
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