Clay is joined by Ian Cassel to discuss multi-bagger first principles, what he’s learned from investor Tony Deden and biases he has had to overcome to continue improving as an investor. Ian is a full-time microcap investor and CIO of Intelligent Fanatics Capital Management. He is the founder of MicroCapClub.com and co-founder of the IntelligentFanatics.com. IN THIS EPISODE YOU’LL LEARN: 0:00:00 - Intro 0:00:50 - A 2023 overview of Ian’s fund. 0:04:10 - Ian’s investment journaling and reflection process. 0:09:07 - What Ian has learned from managing a fund for over 5 years. 0:17:00 - How we can discover who we are as an investor. 0:24:27 - What Ian learned from Anthony Deden. 0:28:36 - The multi-bagger first principles. 0:36:19 - A few case studies on multi-baggers. 0:53:11 - Why high insider ownership doesn’t correlate with stocks that outperform. - How attribution bias influences investor behavior. 0:59:04 - Ian’s experience on the saying, “Risk is what you don’t see.” 1:02:08 - How Ian decides whether he should average down in a position or not. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Clay and the other community members: https://theinvestorspodcast.com/mastermind 📈 Learn to invest like legend investors do — from the company that has interviewed them. Use YOUTUBE15 to get 15% off! https://theinvestorspodcast.podia.com/how-to-get-started-with-stocks 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ 📊TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ▶️ RELATED EPISODES: - How to Find 'Lightning in a Bottle' Businesses | Microcap Investing w/ Ian Cassel: https://youtu.be/6OLSQzrwQeI - Why Microcaps Are Outperforming w/ Ian Cassel: https://youtu.be/MnU4_lTiXr4 - How Copart's Stock Compounded by 21% Since 1994 | Junk to Gold by Willis Johnson: https://youtu.be/vOvT6W83mso - A Decade Study of Global Top-Performing Companies | Global Outperformers w/ Dede Eyesan: https://youtu.be/a6OjL8JNGCo 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/episodes/multi-bagger-first-principles-w-ian-cassel/ 📖  BOOKS MENTIONED: - Intelligent Fanatics by Sean Iddings & Ian Cassel: https://amzn.to/4897Jlr - 100 Baggers by Chris Mayer: https://amzn.to/3upQrTf - Same as Ever by Morgan Housel: https://amzn.to/3S4ceYu Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙  On We Study Billionaires, we interview and study famous financial billionaires including Warren Buffett, Bill Gates, and Ray Dalio. We teach you what we learn and how you can apply their investment strategies in the stock market. 🌍 Website: https://www.theinvestorspodcast.com/we-study-billionaires/  📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.