TIP846: Stock Picker: How to Live Off Your Portfolio w/ Ian Cassel

You're listening to TIP. In today's episode, I'm joined by Ian Cassell to talk about his new book, Stockpigger. Ian has never had a normal job. His parents handed him $20,000 at 16, and by 28 he was living off his own portfolio as a full-time private microcab investor. But of course, this is not a story about how life and investing is just up and to the right.

This is a deeply personal book and it's a deeply personal conversation. We talk about the fund manager who insulted Ian at a cocktail party back in 2009 and how the anger kept him going. We talk about his first mentor and why you should only take advice from happy people, and we talk about why most microcaps you buy should be sold within 36 months. Even the winners, which may sound surprising if you are raised in the church of Buffett and Monger like I was.

Toward the end, I grill Ian about his fund, his fees, and why he benchmarks himself against the S<unk>P 500 when so few microcap managers do. Full disclosure, I am not invested in Ian's fund. Since 2014, with more than 200 million downloads, we have interviewed the world's best investors, studied deeply the principles of value investing, and uncovered many compelling investment opportunities. We focus on understanding businesses and intrinsic value, investing accordingly. and sharing everything we learn with you.

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