MicroCapClub

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/#join

In 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]

David’s X (Twitter) - https://x.com/Valuehunte

Alejandro's Substack - https://substack.com/@ayela

Chapters

00:00 Introduction

02:13 From Latin American Oil Bonds to Canadian Oil

04:50 Investing in Oil Without Exploration Risk

05:53 Why You Need to Be a Specialist to Build Conviction

07:45 How to Value an Oil Company: 1P, 2P and 3P Reserves

10:21 Are Oil Stocks Just a Bet on the Oil Price?

12:29 Why Refining Is Political: The California Example

14:18 Pipelines as Toll Booths

15:19 Canadian Companies With Assets Abroad and Expropriation Risk

17:16 How to Screen for Oil and Gas Ideas

19:55 The Computer Modelling Group Story

22:34 Is AI a Threat to CMG?

23:29 CMG's Organic Revenue Decline

25:04 Cash Flow, Buybacks and Capital Allocation at CMG

26:04 The 15% Free Cash Flow Yield Rule

29:56 What LNG Canada Phase 2 Means for Canadian Gas

34:56 Why He Wouldn't Buy Canadian Oil Right Now

36:53 What Cash-Rich Oilfield Suppliers Should Do With Their Money

37:27 Geopolitical Risk and Surviving the Oil Cycle

40:07 What If the War Lasts 10 Years?

43:10 His Fund, Mandate and Private Investments

46:19 Helping OMS Energy's CEO With Capital Allocation

47:24 Why Private Businesses Trade at a Premium

50:11 Open Questions: High-End Retail and Crocs

52:13 Information as a Moat: Red Violet and Pagaya

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.

In this Business Breakdown, David Barbato and Adam Wilk sit down with Strata Critical Medical’s (SRTA) co-CEO and CFO Will Heyburn and VP of Finance and Investor Relations and CFO of Clinical Services, Mat Schneider.

This discussion took place live on September 29th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Will Heyburn is co-CEO and CFO of Strata Critical Medical (SRTA), which provides air and ground logistics and clinical services to the US organ transplant industry and supports open heart surgeries at more than 250 hospitals. Before Strata, he worked in private equity at RedBird Capital Partners, and he has been part of the transplant business since it started in 2019. He is joined by Mat Schneider, VP of Finance and Investor Relations and CFO of Clinical Services, who spent twelve years on the buy side.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction to Strata and its mission

03:10 Overview of Strata's services in organ transplant

07:00 Strata's role in organ placement and recovery

11:10 Growth in donation after circulatory death and perfusion

12:38 Advancements in matching algorithms and logistics challenges

14:30 Market share, partnerships, and growth opportunities

16:00 Impact of regulatory changes and industry trust

17:28 Acquisition strategy and integration of clinical and logistics services

20:01 Financial performance and growth metrics

21:17 Industry evolution and competitive landscape

24:37 Device agnosticism and future industry trends

26:48 Competitive advantages of Strata's model

29:46 Pricing, RFPs, and market positioning

34:08 Aircraft ownership and logistics infrastructure

38:24 Industry growth outlook and future opportunities

41:26 Penetration of normothermic regional perfusion and clinical growth

43:40 Regulatory environment and trust in the system

46:45 Third-party recovery market share and growth

50:15 Inorganic growth, return thresholds, and strategic fit

57:12 Long-term vision and industry evolution

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.

Michael Fritzell writes Asian Century Stocks, a research service covering undercovered equities across Asia. He spent sixteen years on the buy side in Hong Kong, Singapore, and Indonesia before leaving in 2021 to publish full-time, and now writes deep dives on companies that receive almost no analyst coverage.

This discussion took place live on September 2nd, 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 conversation, Michael explains how he uses generative AI in his research process: the saved prompts he runs on any new ticker, including a bull-versus-bear project and one built to surface red flags in the accounts, and where he refuses to use these tools at all, namely calculations and writing. He also talks about where he finds ideas that AI can't commoditize, mainly insider transaction data and broken IPOs in Asia, and why he shifted from buying low P/E stocks to targeting a prospective IRR and selling once it falls below his cost of capital. He argues that faster research doesn't automatically mean better returns, which leads to the question of why an investor would cover two hundred stocks a year instead of twenty.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

02:01 Is AI making us dumber?

02:56 Where you shouldn't outsource to AI

03:17 Benchmarking ChatGPT, Gemini, Claude and Grok

05:30 Getting up to speed on a company in hours

07:23 The bull vs bear prompt

08:19 What he won't use AI for

09:05 Why AI writing loses the reader

09:50 Brainstorming, obscure data and summaries

11:21 Using Claude for error checking

12:02 Writing by hand in an age of AI slop

13:26 What AI changed in his own business

15:44 From low P/E to prospective IRR

17:41 Knowing when to sell

18:18 Idea generation: insider transactions

21:04 Broken IPOs and borrowing from others

21:23 Red flags prompt for Asian due diligence

22:46 Why he still writes 40-page deep dives

23:23 How to prompt: give it context

24:41 Can AI run the whole investment process?

26:40 Why cover 200 stocks instead of 20?

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.

Alex Morris is the author of Buffett and Munger Unscripted, a topic-by-topic organization of three decades of Berkshire Hathaway shareholder meetings, and he writes TSOH Investment Research, where he publishes his portfolio and discloses every change before he makes it. He spent roughly twenty years investing, most recently at a firm managing over a billion dollars, before going independent in 2021.This discussion took place live on September 10th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Alex explains how the Ted Williams "fat pitch" idea shapes a portfolio of ten to fifteen names where the largest positions run north of 10%, and why he makes only a handful of changes a year. He walks through Microsoft and Dollar Tree as investments that worked, and Comcast and Disney as theses he held too long, including what he missed on fixed wireless taking share from cable broadband. He also describes writing to Warren Buffett for permission before starting the book, what three decades of meetings revealed about how Buffett and Munger weighted capital allocation, and why he thinks their 2000 warning about the internet making American business less profitable has aged well.✉️ Share your feedback - [email protected]✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters00:00 Introduction to the episode and guest02:48 The science of hitting and its analogy to investing04:28 Origin of the TSOH name and its significance05:44 Investment philosophy and portfolio construction08:40 Shift towards smaller companies and micro caps11:19 Case study: Microsoft as a formative investment13:32 Case study: Dollar Tree and strategic evolution16:57 Dealing with large gains and position management21:17 Lessons from bad investments: Comcast and Disney24:56 Understanding long-term investment horizons and patience28:31 The importance of macro perspective and market timing29:46 Writing the Warren Buffett and Charlie Munger book34:01 Charlie Munger's 2009 market insight35:21 Market outlook and macroeconomic views48:36 Misunderstood aspects of Warren Buffett's approach54:55 Lessons from Warren Buffett's early valuation methods01:00:00 Buffett's quick decision-making and industry knowledge01:01:49 Evolution of Buffett's valuation approach01:04:12 Learning from Buffett's experience with brands and acquisitions01:05:14 The value of decades of experience in investingDisclaimer: 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.

Tristan is a tax accountant in Australia and a member of MicroCap Club. He is a long-time shareholder of Kelly Partners Group ($KPG.AX), the accounting firm rolling up small practices in Australia and now overseas, and of AF Legal Group ($AFL.AX), the listed family law firm expanding into criminal law and contested wills. He also spent part of his career working inside a Kelly Partners firm.

This discussion took place live on September 3rd, 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, Tristan explains why he sees AI as another tool rather than a threat to accounting, how Kelly Partners structures its 51% partnership stakes and ten-year partner lock-ins, why the special purpose vehicle around each deal matters, and where the margin improvement in an acquired firm actually comes from. He then walks through AF Legal, the turnaround since the 2022 management change, the software implementation and one-off costs that weighed on the second half, the receivables build in the contested wills business, and what he thinks it takes to hit the AUD $50 million revenue target.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction to the episode and Tristan's background

02:08 What is Kelly Partners and its focus on business advisory

05:02 Workflow changes and automation at Kelly Partners

08:40 Partnership structure and stakeholder management

12:14 Client selection and due diligence in acquisitions

15:53 Entry multiples and value creation in acquisitions

17:09 Margins, productivity, and cost management

18:38 Valuation multiples and future outlook

20:24 Acquisition of Hello AI and strategic hires

21:08 Why Kelly Partners succeeds and others fail

23:22 Managing debt, enterprise value, and financial structure

24:38 Overview of AFL and recent performance

26:03 Project Titan and software implementation

29:03 Receivables buildup and future cash flow

30:04 Growth targets and margin improvement opportunities

31:47 Outlook, catalysts, and risk factors

33:29 AI's impact on pricing and competitive dynamics

35:06 The importance of human relationships in professional services

36:27 The role of the commercial team and client acquisition

37:36 Summary and closing thoughts on the future of firms

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.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with WidePoint Corporation’s (WYY) CEO Jin Kang and COO Todd Dzyak. The company was originally profiled by Sergio Heiber on April 13, 2025, at $2.82 USD per share. 

This discussion took place live on August 26th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 

Jin Kang is CEO of WidePoint Corporation (WYY), a mobility-as-a-service company that secures, manages, and monitors mobile technology assets for federal agencies and large enterprises, delivered under a SaaS model. He joined WidePoint in 2008 when it acquired the company he founded, and took over as CEO in 2017. He is joined by COO Todd Dzyak.

In this business breakdown, Jin and Todd walk through the company's near-term catalysts: a roughly $50 million five-year SaaS contract with one of the three major U.S. wireless carriers, the 10-year $3.1 billion DHS CWMS 3.0 award currently sitting in a GAO protest, and prime positions on NASA SEWP VI and Navy Spiral 4. They explain how the protest process works and what happens in each outcome, why FedRAMP authorization on the ITMS platform matters competitively, and how WidePoint's PKI-based credential on a smartphone differs from Okta and standard app-based two-factor authentication. The conversation also covers federal contract pricing and margins, what actually decides a competitive award, the sales cycle for both government and commercial customers, and why the company is holding a net cash position while self-funding growth.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction

01:49 Jin Kang and Todd Dzyak backgrounds

04:17 Presentation begins

05:10 What WidePoint does: mobility as a service

06:10 Financial snapshot and valuation

07:05 Catalyst 1: the ATV carrier contract

07:35 Catalyst 2: the $3.1B DHS contract and protest

08:10 Catalyst 3: device as a service with CDW

09:00 NASA SEWP and addressable market

09:50 Core competencies and differentiators

11:15 FedRAMP authorization and why it matters

12:40 Mobile Anchor and the 365 Analyzer

14:05 Identity and access management: DoD-grade MFA on smartphones

15:30 Contract vehicles and strategic partners

17:50 Financial results and trends

18:45 Growth strategy

20:41 Q&A: moving into the commercial market, and how they differ from Okta

24:18 DHS 3.0: revenue mix, headcount, and economics

28:35 Pass-through revenue assumptions

29:46 The GAO protest timeline and the 100-day clock

31:34 Replacing the CRO and building the commercial sales team

35:04 International presence, Ireland, and the CSG relationship

37:01 What happens if the protest is upheld

40:30 What DHS is and how protests are decided

43:01 Sales cycles: government vs. commercial

46:27 How their authentication differs from Google and Microsoft

48:42 On-device key generation vs. keys sent over the air

51:30 The biggest bottlenecks to faster growth

54:02 Pricing, margins, and annual increases

56:16 What wins a competitive contract

57:56 Opportunities in other federal departments

59:48 Net cash position and capital allocation

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.

Joe Kaye is a former actuary who now runs a concentrated separately managed account and is preparing to launch a standalone fund. Since 2023, he's compounded client capital at close to 40% a year, holding ten positions or fewer, filtered for low valuation, low debt, and a strong position in a niche market.

This discussion took place live on July 17th, 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, Joe explains why he moved away from special situations investing toward high-quality, low-leverage businesses, and walks through two case studies: a semiconductor-testing microcap on the Tel Aviv Stock Exchange that became his best trade, and Atento, a Brazilian BPO company whose currency hedge and a cyber attack turned it into his worst. He also talks about how he manages FOMO and confirmation bias in his process.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Introduction and Joe's background 02:26 Transition from actuary to investing 05:21 Evolving investment strategies 08:39 Shift towards high-quality, low-leverage businesses 14:01 Managing client funds and fund structures in the UK 18:20 Concentrated portfolio and risk management 20:34 Investment philosophy and key criteria 29:28 Finding the 'Holy Grail' investments 43:03 Case study: Semiconductor business in Israel 52:36 A significant failure and lessons learned 01:05:55 The role of spirituality and yoga in investing

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.

In this Business Breakdown, David Barbato and Joel Kirkpatrick sit down with LibertyStream Infrastructure’s (LIB.V/VLTLF) CEO Alex Wylie. The company was originally profiled by John LaGourgue on October 14, 2025, at $0.40 CAD per share.

This discussion took place live on August 20, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Alex Wylie is the CEO of LibertyStream Infrastructure (LIB.V/VLTLF), which extracts lithium from oilfield brine in the Permian Basin. He spent 25 years in oil and gas before starting the company in 2021 and has taken it from lab work through six generations of field equipment to a signed offtake agreement with a U.S. industrial customer.

Alex walks through the three steps behind the business, pretreatment, extraction, and refining, and why the Permian's existing water infrastructure, roughly 20 million barrels a day, makes low-grade brine a workable feedstock. He discusses the Freedom One facility being built with Select Water Solutions and the plan to reach commercial production in 2027, why he frames the build-out as multiplication rather than scaling, and the company's S-1 filing and move to a U.S. exchange. He also addresses dilution, how the build-out gets financed, and what shareholders should watch for over the next six to twelve months.

✉️ Share your feedback - [email protected]

✉️ David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 Intro

01:53 Beaker to Field

14:15 The S-1 Filing

17:14 IPO, Capital & Dilution

19:05 Freedom One Timeline

20:50 Scaling vs. Multiplying

23:10 24-Hour Runs

24:35 Select's New Mexico Push

27:32 Other Water Partners

29:09 Unit Cadence & Demand

31:49 Building in Parallel

32:53 How Offtakes Get Done

35:35 Funding the Build-Out

38:10 Next 6-12 Months

41:47 The Extra 400 Tons

44:33 Existing Shareholders

45:43 Customer Prepayments

47:02 Returns & Leverage

48:52 Hiring in West Texas

49:55 Why Not Build Bigger

51:34 Green-Lighting Units 2, 3, 4

53:48 North Dakota

54:46 Staying the Leader

56:20 Board Changes

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.

In this Business Breakdown, David Barbato sits down with Kelly Partners Group’s (KPG.AX/KPGHF) CEO Brett Kelly. The company was originally profiled by Adrián Hernández on April 7, 2021, at $2.01 AUD per share.

This discussion took place live on August 12th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Brett Kelly is the founder and CEO of Kelly+Partners Group Holdings (KPG.AX/KPGHF), the accounting group he started in 2006 and listed in 2017. It now runs 42 businesses with around 100 partners under its partner-owner-driver model, and has grown revenue from $30 million at IPO to a run rate of roughly $165 million.

In this episode, Brett explains why he sees AI as an enabler for accounting firms rather than a threat, and why he has stopped publishing the group's playbook. He walks through how a list of everything he and three partners disliked about the firms they had worked in became a 204-point implementation checklist, and why leadership quality decides whether it ever gets used. He also addresses the margin loan he took during a family emergency this year and the 50% share price fall that cost him 14% of his shareholding, along with what comes next: acquiring multi-office firms, a listing outside Australia, and a Constellation-style long-dated debt structure.

Share your feedback - [email protected]

David’s X (Twitter) - https://x.com/Valuehunte

Chapters

00:00 – Intro

01:37 – Twenty years in

02:11 – AI as part of the ecosystem, not the whole ecosystem

05:05 – Why they won't publish the playbook

06:42 – The 30–50% of accounting work nobody ever paid for

09:41 – Leadership is the X factor, not cost cutting

12:44 – Humility as the trait that lets people keep learning

14:25 – The 204-point checklist and the "shit list" that built it

21:25 – Why professional services firms can't keep people

22:46 – Being a doctor for numbers

23:53 – What makes a partnership work: progress

27:03 – Win-win, lose-lose

28:53 – Incentives, disincentives, and personal values

30:39 – The margin call: what actually happened

39:17 – Valuation, shareholders, and why there's no buyback

42:18 – The case for staying public

43:33 – The next move: acquiring whole groups

44:26 – The US listing and a Constellation-style debenture

46:29 – The ten-year vision: Berkshire, LVMH, Constellation

51:48 – How you build a brand in a "boring" industry

53:48 – Select people who like people

55:18 – Taking the model into other professions

57:51 – Why he became an accountant