Had a great time putting this together – if anyone is looking for resources/strategies to get started researching microcap stocks this might be a helpful presentation!

Thanks Bobby Kraft and Andrew Walker for arranging this chat in Vegas last month! We talked about many different topics like investing philosophy, research process, interacting with management, etc. Was a lot of fun! youtu.be/cdL4MwMfq2I

Had a great time speaking with one of my favorite management teams last month at the MCC Summit!

Quarterly reminder to pay close attention to insider buying next few days. R2K is down 10% since last earnings season and most insiders have been in blackout from trading until reporting earnings earlier this week.

Some recent failures in special situation trades could make the rest of the space more attractive. $TMBR was an "easy" merger arb play down 70% today because they couldn't get the vote. $FIXX (biotech shell) botched an RTO and was down 45% last week. Worth watching for contagion.

Real companies are willing to get close to you. Those hiding something aren't. In 5 years we've only had 2 CEOs unwilling/"unable" to meet with us in person, and both turned out to be zeros or outright fraud.

Pure info edge still exists today. Last Thurs AM $SASK.CN PRed they're acquiring $92E.AX for ~42c USD in stock. $92E's US OTC symbol $NTELF was unhalted and traded several 100k shares at low 20c before rising to 35c much later in the day. A cool 50%+ gain from just reading PRs.

Long-termism doesn't mean holding forever. It means thinking out when the market is too short-term. This can mean buying/holding during temporary weakness but also means SELLING when things are over-hyped. There's no one way to be long-term. It's just a way of thinking.

Everyone likes to hate on day traders, but day trading stocks does benefit companies by giving their shares liquidity. Higher liquidity = higher valuation to raise money, pay employees, support morale, etc. Not everything has to be long-term buy and hold forever.

It's worth following biotech just to see how often stocks can trade out of sync with news. Positive trial result? Down 20%. Piper (who ran the deal) initiates coverage? +20%. "DCF value" doesn't matter. It's entirely about fund positioning/marginal trader going into a catalyst.

Interesting PR today from $KA (I don't own). $8m market cap busted biotech that just got $5m upfront for the right to *negotiate* to buy their lead drug by October. Curious if anyone has seen a structure like this before/has a sense of base rate outcome?

$TLIS is a strange situation. Down 50% today from talking about bankruptcy potential despite being a shell with $45m cash and zero debt. Just shows you never know what's going on behind the scenes.

Something a little sketchy is going on at $EZEN right now. Management appears to have forced bought back all minority holders at a 40% discount to cash, and is now dividending all the excess cash to themselves. EZEN has always been a dark stock with a bit of cash. This January

Looking forward to this, it's gonna be a great time!

$VOXX – announces strategic alternatives the same morning Gentex doubles their ownership in the company to 25%, buying stock at a $5 when it's trading $2.80... very curious what's going on behind the scenes

$ALIM is interesting seemed like a set and done deal to be bought out for $5.50 + CVRs and is now suing the buyer (ANI Pharma) to follow through. ANI itself just raised $300m to fund this deal. $ALIM currently has 25% upside to the buyout price.

Twice in the last 10 years I had a 75%+ position go down -70%. Hell just last month I had a 10% position drop -80%. Every time I spend weeks/months after wondering if I'm a sham, if I got what it takes... and then you start again. It's just another part of the game.