It’s easy to forget that many of today’s ASX blue chips – household names like CSL, REA Group and WiseTech – started life as small-cap stocks. While they may have flown under the radar at the time, patient investors who could spot their potential early on have been handsomely rewarded.

In this episode, we’re diving into the world of small caps, where volatility runs high, but the rewards can be even higher.

More specifically, we’re exploring how to separate the true long-term compounders from the companies fueled by hype, rather than fundamentals. Which business models are built to last? Which leaders have the vision and execution to deliver real growth? And what signs suggest a small company could one day play in the big leagues?

To help us tackle these questions, Livewire's Chris Conway was joined by two seasoned investors who know the small-cap landscape inside and out: Emanuel Datt from Datt Capital and Michael Steele from Yarra Capital Management.

For good measure, they each share an ASX name they are backing to become the next big thing.

Please note this episode was filmed on 7 May 2025.