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Dan Rasmussen, founder of Verdad Advisors, gave this presentation at Planet MicroCap Toronto 2026 powered by MicroCapClub. Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com 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/ This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Jeff Tory, Chair of Pembroke Management, sits down with Brad Bourne, CEO of Firan Technology Group (FTG.TO / FTGFF) to discuss the rise of the company. This conversation took place on October 27th, 2026, at Planet MicroCap Toronto powered by MicroCapClub. Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com 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/ This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

John Huber is the portfolio manager of Saber Capital Management, which he founded in 2013 after a journalism degree and about eight years buying foreclosed real estate from banks around the financial crisis. He runs Saber as a family partnership modeled on Buffett’s partnership of the 1950s. This discussion took place live on October 23rd, 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, John explains why he moved away from never selling great businesses. He uses Copart to show how a stock at 40 to 50 times earnings can fall 50% on a small hiccup. He also covers how he splits his portfolio between long-term compounders and a basket of Ben Graham-style bargains, how Pitney Bowes moved from one bucket to the other, and how he sizes positions so no single mistake can do serious damage. The conversation opens with his essay on the Tampa Bay Rays and what happens when everyone optimizes for the same metric. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 02:38 What the Tampa Bay Rays teach investors 09:58 Home runs vs base hits 11:29 When to sell a great business 15:41 Lessons from a self-taught investor dad 17:28 Why journalism makes better investors 19:11 Buying houses at 50 cents on the dollar 22:12 Why he walked away from real estate 24:16 Compounders vs bargains 27:51 When a turnaround becomes a compounder 32:04 Why he keeps an investment journal 34:14 Margins vs return on capital 38:39 Should you look for value overseas? 41:19 Inside his Ben Graham basket 42:31 How he sizes his biggest positions 45:38 Concentrated, but never fragile 48:01 Greenblatt, Schloss and many ways to win 51:04 How to stay in the game for decades 53:24 Why there’s no high-risk version of Saber 56:07 Do the work on your desk 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.

Ian Cassel, CIO at IFCM and founder of MicroCapClub , presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Jason Kirsch, Portfolio Manager at Rosen Partnership, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Mathieu Martin, Portfolio Manager of the Rivemont MicroCap Fund, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Brent Todd, Senior Investment Advisor at Canaccord Genuity Wealth Management, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Gerry Wimmer, investor, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Jesse Gamble, Senior Vice President and Portfolio Manager at Donville Kent Asset Management, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Jason Senensky, Investor and Writer at Chapter Twelve Capital, presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Ryan Irvine, President and CEO of Keystone Financial, Keystocks.com , presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Sharon Wang, Senior Investment Analyst at PenderFund Capital Management , presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

Kyle McPhee, Managing Director of Institutional Equity Research at ATB Cormark Capital Markets , presents at Planet MicroCap Toronto 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/ Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.com This presentation is for informational purposes only and should not be construed as a recommendation to purchase or sell any security referenced herein. Planet MicroCap Holdings LLC and MicroCapClub LLC (collectively, “we” or “our”) are not licensed brokers nor registered investment advisors. We, our partners, contractors, members, subscribers, guests, or affiliates may or may not hold positions in one or more of the securities mentioned in this presentation and may trade in such securities at any time. We may have received cash compensation from one or more participants for presenting at past, present, or future events. We recommend you consult a licensed investment adviser, broker, or legal counsel before purchasing or selling any securities referenced in this presentation.

John Barr is a portfolio manager at Needham Funds, where he runs small- and mid-cap growth strategies. Before Wall Street, he spent fourteen years in electronic design automation software. He then spent seven years as a sell-side analyst covering that same industry before moving to the buy side. He is one of the investors profiled in Stock Market Maestros by Lee Freeman-Shor and Clare Flynn Levy. This discussion took place live on October 21st, 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, John explains his “hidden compounder” framework. He looks for established businesses funding something new the market doesn’t yet understand, with a margin of safety, long-tenured or founder management, and little Wall Street coverage. He walks through two case studies: CRA International, which went sideways for years before re-rating, and Nova, a $40 million microcap he bought at $2 a share in 2009. John also explains how he sizes positions from 10 basis points up, why he trims at the top and rarely sells, and why his portfolio concentrates on US infrastructure, defense and skilled labor. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 02:23 From lumber yard to electronic design automation 04:44 What is a hidden compounder? 07:56 Why value and growth investors miss them 09:20 Where the margin of safety comes from 12:12 A five-person team and industry-first research 14:29 Size of the opportunity, management and Wall Street coverage 17:52 Case study: CRA International ($CRAI) 25:07 Hidden, transition and quality: the three phases 28:49 Case study: Nova ($NVMI), from $2 to a 150-bagger 34:37 Position sizing and the 50% mortality rate 37:49 Sitting through drawdowns and when to trim 40:19 Why hold 100+ positions 42:13 Covering a big portfolio with a small team 42:45 The focus: tech picks and shovels, infrastructure, defense and skilled labor 45:54 What changed as assets grew 47:52 Running a public mutual fund 50:03 ETFs versus mutual funds 51:30 The edge individual investors have 54:59 Investing forever 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.

James Davolos is a portfolio manager at Horizon Kinetics, where he has spent nearly 21 years studying exchanges and what the firm calls croupier businesses. These are companies that earn fees on trading volume without putting their own capital at risk. One of his first projects at the firm was the New York Stock Exchange’s reverse merger into Archipelago, and his team later bought exchange seats ahead of demutualizations at the CBOE, the Minneapolis Grain Exchange and others. This discussion took place live on October 16th, 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, James explains why exchanges have outperformed their local markets over 20 years, why derivatives are the strongest moat in the industry and why inflation and volatility work in exchanges’ favor. He also breaks down MIAX: how it took close to 17% of the multi-listed options market, whether perpetual futures threaten the business and what the Bloomberg futures bet could be worth. The conversation closes with James’s reflections on Horizon Kinetics founder Murray Stahl. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Chapters 00:00 Intro 02:42 The croupier model 06:30 Why exchanges beat their local markets 08:28 How exchanges make money 13:34 What drives trading volume 17:20 Why inflation helps exchanges 18:29 The worst decade for exchanges 21:29 Buying exchange seats for equity 24:51 Why traders leased their seats 27:41 What MIAX does 31:43 Why traders pay for data 34:50 MIAX’s speed edge 39:59 Can competitors catch up? 43:57 Why MIAX fell from $57 50:32 Can MIAX keep taking share? 52:11 How to value MIAX 54:40 The Bloomberg futures bet 57:30 When we’ll know if it works 59:23 What would prove him wrong 1:02:10 Remembering Murray Stahl 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 Breakdowns, David Barbato sits down with Lindbergh’s (LDB.MI) CEO Michele Corradi and COO Andrea Allegrini. The company was originally profiled by MicroCapClub member "mavix" on October 2nd, 2023, at $2.09 EUR per share. This discussion took place live on October 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join Michele and Andrea explain how they pay about 4 to 4.5 times EBITDA, mostly through vendor loans that the acquired company’s own cash pays off. They also talk about why they now prefer adding companies in regions where they already operate, and how they find each local manager inside the company they buy. Later they cover the end of Italy’s gas boiler incentives, getting acquired companies to collect cash on time, and the shift toward cooling work in the summer months. ✉️ Share your feedback - david@microcapclub.com ✉️ David’s X (Twitter) - https://x.com/Valuehunte Previous BB with Lindbergh: https://www.youtube.com/watch?v=lGxsSMCA9Ek Chapters 00:00 Intro 02:33 From waste pickups to an HVAC roll-up 08:52 First-half results 14:00 Spare parts delivered by 7 a.m. 24:19 How they buy HVAC companies 26:28 Paying with vendor loans 29:53 Q&A begins 32:15 Why deals have slowed down 36:33 Competing with private equity 41:55 What makes a good target 44:30 The case for B2B maintenance contracts 48:15 Raising Alpiclima’s margins 53:44 The job ends when the cash is in the bank 58:13 Italy ends gas boiler incentives 1:01:17 Hotter summers, less seasonality 1:04:37 The next 20 years 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 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 - david@microcapclub.com 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 - david@microcapclub.com ✉️ 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 - david@microcapclub.com ✉️ 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.