MicroCapClub

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.

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✉️ 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

This discussion took place live on July 22nd, 2026, on the MicroCapClub Community.

Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join

Leland Roach writes The Value Road on Substack, where he covers nano and micro-cap value stocks he finds by screening OTC Markets for hidden asset value and near-term catalysts. He walks through his process for working down a list of OTC filings, a real estate play in J.W. Mays' Brooklyn office building, and the turnaround underway at broadcaster-turned-digital-advertiser Entravision as it grows its Smadex platform.

He also covers Butler National's unusual mix of aerospace manufacturing and casino gaming, and lessons learned from past mistakes at CarParts.com and RCI Hospitality's Rick's Cabaret chain.

✉️ Share your feedback - [email protected]

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

Chapters

00:00 Intro

01:30 From the factory floor to full-time investing

04:54 Screening OTC markets from A to Z

08:01 Why catalysts decide which stock he buys

09:26 Spotting a catalyst before the market does

11:41 What writing a Substack does to your investing

14:25 Readers, feedback, and expectations

16:38 JW Mays (MAYS): a Brooklyn building worth more than the company

18:31 The risks in an asset-sale thesis

20:46 When he sells

21:55 Taxes versus taking the profit

25:36 Butler National (BUKS): miniguns, Cessna doors, and a casino

29:45 RCI Hospitality (RICK): a cash-rich melting ice cube

31:22 Entravision (EVC): broadcasting deregulation and Smadex

34:27 The one customer that could break the EVC thesis

37:20 Mistakes: RCI and CarParts.com (PRTS)

38:52 Advice for new investors: read, then be patient

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 Teqnion's (TEQ.ST) CXO, Daniel Zhang.

Daniel Zhang is CXO at Teqnion, a Swedish serial acquirer of niche industrial businesses. He joined in 2020 after five years at Bain and now runs the company's M&A, speaking with three to five business owners a week.

In this episode, Daniel explains why Teqnion buys physical product companies rather than service businesses, how it pays around five times EBIT when the market pays closer to eight, and what the China sourcing office he set up has done to costs across the group. He also covers the operational problems that hit roughly ten subsidiaries, where that turnaround stands now, and how Teqnion's bonus structure penalizes managers when earnings fall.

✉️ Share your feedback - [email protected]

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

Chapters

00:00 Introduction

01:55 What makes Daniel tick

04:56 Finding Teqnion as a shareholder and joining Johan Steene

06:57 From a placeholder title to running M&A

10:30 Bain vs. Teqnion: strategy versus implementation

12:44 Why niche physical products over services

15:11 The ideal company: mission-critical components with service attached

17:53 Building the China sourcing office

21:38 What Teqnion actually sources from China

23:15 Winning over subsidiary CEOs and the savings realized so far

26:19 Could Teqnion acquire in China?

28:52 Buying from owners who are ready to retire

30:31 Why sellers accept less than the highest bid

33:47 Walking away on price

35:06 Funding acquisitions and the leverage target

37:01 Why subsidiaries carry no debt, unlike private equity

40:02 Deal sourcing: cold calls, brokers, and direct outreach

42:54 Where Teqnion's returns have come from

45:33 How serial acquirers fail

50:13 Where the turnaround stands now

53:18 Rising margins and what Teqnion buys next

55:40 The board's role and the mandate that unlocked M&A

58:09 Inside the incentive structure, including negative bonuses

1:01:47 CEO days, clusters, and sharing best practices

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.

This discussion took place live on July 1st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 

Deiya Pernas, CFA, and Dean Pernas are co-founders of Pernas Research, an independent equity research firm whose audited returns have compounded at more than 30% annually since 2017. Deiya previously served as Deputy CIO at The Bahnsen Group, while Dean left a career in chemical engineering in 2020 to invest full-time.

In this episode, they discuss why they built an audited, buy-side research model instead of following the sell-side approach, how they structure a concentrated portfolio using core, starter, and speculative position sizing, and how they think about holding cash in an expensive market. They also walk through two case studies: a contrarian long in Xometry that returned 764%, and a failed investment in sim-racing company Endor, which went bankrupt despite a pandemic-driven demand surge. The conversation closes with the rule they use to manage the risk of averaging down.

✉️ Share your feedback - [email protected]

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

Chapters

00:00 Introduction and guest background

01:31 How the firm was founded and the Pernas brothers' backgrounds

03:14 The buy-side research model and its advantages

04:28 Why they chose to audit their track record

05:35 Dean's background in chemical engineering and investing

07:05 Sources of investment ideas and workflow

10:06 Team collaboration and decision-making process

12:08 Ownership and decision autonomy in trading

13:26 Portfolio structure and risk management

16:01 Communication, transparency, and performance impact

18:01 Market overreactions, AI opportunities, and sector insights

25:03 Favorite themes and recent successes

46:08 Lessons from failures and risk management

54:03 Position sizing, averaging down, and exit strategies

01:01:00 Managing ground-level research and expert calls

01:05:06 Final thoughts on market opportunities and risk

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 episode, Ian Cassel talks about how even companies that check all the boxes can still go wrong. 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 1400+ microcap companies, 300+ 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.

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

Clare Flynn Levy is CEO and founder of Essentia Analytics and co-author, with Lee Freeman-Shor, of "Stock Market Maestros." She spent a decade as a fund manager, including running long/short European tech strategies, before founding Essentia to help other managers improve using behavioral data.

In this episode, she explains how Essentia analyzes fund managers' historical trades by building "investment episodes" to measure hit rate and payoff ratio, and how its "nudges" system has been shown to add 160 basis points of alpha per year for clients who use it. She discusses the structural disadvantages professional fund managers face against individual investors, from benchmark mandates to fund inflows and outflows, and breaks down the "repurchase bias," where managers refuse to revisit a stock after losing money on it. She also talks about how AI is changing both her clients' processes and Essentia's own analysis.

✉️ Share your feedback - [email protected]

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

Chapters

00:00 Introduction & Guest Background

01:57 Analyzing Investment Decisions vs. Outcomes

05:00 The Importance of Payoff Ratios over Hit Rates

07:30 Using Behavioral "Nudges" to Improve Performance

12:11 Professional Fund Managers vs. Retail Investors

17:32 The Onboarding and Data Analysis Process

23:06 The Danger of "Averaging Down"

28:15 Assessing Manager Personality and Engagement

31:41 Turning Data into Behavioral Change

35:25 The Most Common Weaknesses in Investing

41:24 Differentiating True Skill from Bull Market Luck

43:46 Overcoming "Repurchase Bias"

48:40 AI's Impact on the Investment Industry

53:29 Building a Culture of Continuous Improvement

58:06 Career Advice for Young Finance Professionals

01:03:51 Conclusion

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 episode, Ian Cassel talks about how high expectations are a killer of future returns.  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 1400+ microcap companies, 300+ 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.

In this Business Breakdown, David Barbato, Sergio Heiber, and Lindsay Leeds sit down with Paragon Advanced Labs (PALS.V) CEO Peter Shippen.

This discussion took place live on July 9th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 

Peter Shippen is founder and CEO of Paragon Advanced Labs (PALS.V), which operates a hub-and-spoke network of mining assay labs using photon assay, a rapid gold, silver, and copper testing technology from Australia's Chrysos. Co-hosts Sergio Heiber and Lindsay Leeds sit down with Peter for a follow-up conversation covering capacity utilization economics, the McEwen Inc. partnership and shareholder base, pricing versus traditional fire assay, the buildout of sample prep sites in Timmins, Thunder Bay, and Coeur d'Alene, and Paragon's path to cash flow and a U.S. listing.

✉️ Share your feedback - [email protected]

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

Chapters

00:00 Introduction and Participant Welcome

00:36 CEO Peter Shippen's Background and Company Overview

02:08 Paragon's Technology and Market Positioning

04:04 Photon Assay: Benefits and Industry Impact

06:58 Industry Bottlenecks and Paragon's Solutions

09:16 Operational Setup and Current Capacity

12:33 Market Expansion and Supply Constraints

15:22 Financial Outlook and Cash Flow Potential

17:14 Team Expansion and Leadership

19:21 Next 12 Months: Capacity and Growth Milestones

21:43 Geographic Strategy and Hub Model

25:29 Pricing Strategy and Customer Negotiations

29:07 Financial Structure and Capital Deployment

31:43 Sales and Marketing and Operational Efficiency

33:43 Growth Strategy: Slow vs. Fast Deployment

36:17 Fire Assay Business and Future Outlook

38:03 Utilization Rates and Profitability

41:07 Expansion Plans and Customer Demand

44:16 Partnerships, Contracts, and Mexico Operations

46:34 OTC Listing and Market Visibility

47:07 Key Talent and Leadership Recruitment

50:22 Global Lab Wait Times and Industry Trends

52:08 Geochem Services and Revenue Contribution

53:46 CapEx, Capital Raising, and Shareholder Dilution

55:32 Shareholder Float and Industry Market Size

56:32 Industry Spending and Market Opportunity

57:46 Balance Sheet Liabilities and IFRS Impact

59:05 ISO Certification and Industry Standards

1:00:54 Path to Positive Cash Flow and Future Outlook

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.