MicroCapClub

John Barr is a portfolio manager at Needham Funds, where he runs small- and mid-cap growth strategies. Before Wall Street, he spent fourteen years in electronic design automation software. He then spent seven years as a sell-side analyst covering that same industry before moving to the buy side. He is one of the investors profiled in Stock Market Maestros by Lee Freeman-Shor and Clare Flynn Levy.This discussion took place live on October 21st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, John explains his “hidden compounder” framework. He looks for established businesses funding something new the market doesn’t yet understand, with a margin of safety, long-tenured or founder management, and little Wall Street coverage. He walks through two case studies: CRA International, which went sideways for years before re-rating, and Nova, a $40 million microcap he bought at $2 a share in 2009. John also explains how he sizes positions from 10 basis points up, why he trims at the top and rarely sells, and why his portfolio concentrates on US infrastructure, defense and skilled labor.✉️ Share your feedback - [email protected]✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Intro02:23 From lumber yard to electronic design automation04:44 What is a hidden compounder?07:56 Why value and growth investors miss them09:20 Where the margin of safety comes from12:12 A five-person team and industry-first research14:29 Size of the opportunity, management and Wall Street coverage17:52 Case study: CRA International ($CRAI)25:07 Hidden, transition and quality: the three phases28:49 Case study: Nova ($NVMI), from $2 to a 150-bagger34:37 Position sizing and the 50% mortality rate37:49 Sitting through drawdowns and when to trim40:19 Why hold 100+ positions42:13 Covering a big portfolio with a small team42:45 The focus: tech picks and shovels, infrastructure, defense and skilled labor45:54 What changed as assets grew47:52 Running a public mutual fund50:03 ETFs versus mutual funds51:30 The edge individual investors have54:59 Investing foreverDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

James Davolos is a portfolio manager at Horizon Kinetics, where he has spent nearly 21 years studying exchanges and what the firm calls croupier businesses. These are companies that earn fees on trading volume without putting their own capital at risk. One of his first projects at the firm was the New York Stock Exchange’s reverse merger into Archipelago, and his team later bought exchange seats ahead of demutualizations at the CBOE, the Minneapolis Grain Exchange and others.This discussion took place live on October 16th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join In this episode, James explains why exchanges have outperformed their local markets over 20 years, why derivatives are the strongest moat in the industry and why inflation and volatility work in exchanges’ favor. He also breaks down MIAX: how it took close to 17% of the multi-listed options market, whether perpetual futures threaten the business and what the Bloomberg futures bet could be worth. The conversation closes with James’s reflections on Horizon Kinetics founder Murray Stahl.✉️ Share your feedback - [email protected]✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Intro02:42 The croupier model06:30 Why exchanges beat their local markets08:28 How exchanges make money13:34 What drives trading volume17:20 Why inflation helps exchanges18:29 The worst decade for exchanges21:29 Buying exchange seats for equity24:51 Why traders leased their seats27:41 What MIAX does31:43 Why traders pay for data34:50 MIAX’s speed edge39:59 Can competitors catch up?43:57 Why MIAX fell from $5750:32 Can MIAX keep taking share?52:11 How to value MIAX54:40 The Bloomberg futures bet57:30 When we’ll know if it works59:23 What would prove him wrong1:02:10 Remembering Murray StahlDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdowns, David Barbato sits down with Lindbergh’s (LDB.MI) CEO Michele Corradi and COO Andrea Allegrini. The company was originally profiled by MicroCapClub member "mavix" on October 2nd, 2023, at $2.09 EUR per share.This discussion took place live on October 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Michele and Andrea explain how they pay about 4 to 4.5 times EBITDA, mostly through vendor loans that the acquired company’s own cash pays off. They also talk about why they now prefer adding companies in regions where they already operate, and how they find each local manager inside the company they buy. Later they cover the end of Italy’s gas boiler incentives, getting acquired companies to collect cash on time, and the shift toward cooling work in the summer months.✉️ Share your feedback - [email protected]✉️ David’s X (Twitter) - https://x.com/ValuehuntePrevious BB with Lindbergh: https://www.youtube.com/watch?v=lGxsSMCA9Ek Chapters00:00 Intro02:33 From waste pickups to an HVAC roll-up08:52 First-half results14:00 Spare parts delivered by 7 a.m.24:19 How they buy HVAC companies26:28 Paying with vendor loans29:53 Q&A begins32:15 Why deals have slowed down36:33 Competing with private equity41:55 What makes a good target44:30 The case for B2B maintenance contracts48:15 Raising Alpiclima’s margins53:44 The job ends when the cash is in the bank58:13 Italy ends gas boiler incentives1:01:17 Hotter summers, less seasonality1:04:37 The next 20 yearsDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel talks about crossing the chasm of speculation to investment in microcap stocks. You can also read it as an article here: https://microcapclub.com/newsletter/MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1500+ microcap companies, 350+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/ Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Alejandro Yela is the founder of Hermit Ventures and the author of The Hermit, a Substack focused on nano- and microcap companies. He began as a debt investor in Latin American oil and gas bonds, later worked in restructuring, project finance, and M&A.This discussion took place live on October 2nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#joinIn this episode, Alejandro explains how to value an oil producer on its proven (1P) reserves, and why a company's exposure to the oil price depends on whether it extracts, refines, or transports. He walks through his thesis on Computer Modelling Group, the reservoir simulation software company facing pressure from AI while it pursues acquisitions and buybacks. He also explains why he thinks Canadian oil stocks are fully priced after the run in oil, and why he sees more value in oilfield suppliers like OMS Energy.Share your feedback - [email protected]’s X (Twitter) - https://x.com/ValuehunteAlejandro's Substack - https://substack.com/@ayelaChapters00:00 Introduction02:13 From Latin American Oil Bonds to Canadian Oil04:50 Investing in Oil Without Exploration Risk05:53 Why You Need to Be a Specialist to Build Conviction07:45 How to Value an Oil Company: 1P, 2P and 3P Reserves10:21 Are Oil Stocks Just a Bet on the Oil Price?12:29 Why Refining Is Political: The California Example14:18 Pipelines as Toll Booths15:19 Canadian Companies With Assets Abroad and Expropriation Risk17:16 How to Screen for Oil and Gas Ideas19:55 The Computer Modelling Group Story22:34 Is AI a Threat to CMG?23:29 CMG's Organic Revenue Decline25:04 Cash Flow, Buybacks and Capital Allocation at CMG26:04 The 15% Free Cash Flow Yield Rule29:56 What LNG Canada Phase 2 Means for Canadian Gas34:56 Why He Wouldn't Buy Canadian Oil Right Now36:53 What Cash-Rich Oilfield Suppliers Should Do With Their Money37:27 Geopolitical Risk and Surviving the Oil Cycle40:07 What If the War Lasts 10 Years?43:10 His Fund, Mandate and Private Investments46:19 Helping OMS Energy's CEO With Capital Allocation47:24 Why Private Businesses Trade at a Premium50:11 Open Questions: High-End Retail and Crocs52:13 Information as a Moat: Red Violet and PagayaDisclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.