TIP846: STOCK PICKER: HOW TO LIVE OFF YOUR PORTFOLIO

W/ IAN CASSEL

TIP846: STOCK PICKER: HOW TO LIVE OFF YOUR PORTFOLIO W/ IAN CASSEL

12 September 2026

In this episode, Stig Brodersen welcomes back Ian Cassel, founder of MicroCapClub and CIO of Intelligent Fanatics Capital Management, to discuss his new book, Stock Picker. They dig into why most microcaps must be sold within 36 months, why Ian never holds a large cash position, and how he arrived at the $2 million that let him live off his portfolio.

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IN THIS EPISODE, YOU’LL LEARN:

  • Why Ian’s first big win at 16  shaped his risk tolerance for life.
  • How Ian arrived at the $2 million he needed to become a full-time private investor, and why the number was about pain tolerance, not expected returns.
  • Why there is no such thing as saving when you live off your portfolio, and the safeguards Ian built to survive consistently inconsistent returns.
  • Why most microcaps you buy must be sold within 36 months, even the winners, and why the greats had their best returns in their highest-turnover years.
  • Why Ian never holds a large cash position, and how a 3 to 5% cash buffer forces him to sell his least convicted idea.
  • Whether Ian would take a guaranteed 20% annual return for the rest of his life.
  • And much, much more!

Disclosure: This episode and the resources on this page are for informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. For full disclosures, see link.

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:03] Stig Brodersen: In today’s episode, I’m joined by Ian Cassel to talk about his new book, Stock Picker. 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 microcap investor. But of course, this is not a story about how life and investing is just up and to the right.

[00:00:24] Stig Brodersen: 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 were raised in the church of Buffett and Munger like I was.

[00:00:50] Stig Brodersen: Toward the end, I grill Ian about his fund, his fees, and why he benchmarks himself against the S&P 500 when so few microcap managers do. Full disclosure, I’m not invested in Ian’s fund.

[00:01:06] Intro: 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. This show is not investment advice. It’s intended for informational and entertainment purposes only. All opinions expressed by hosts and guests are solely their own, and they may have investment in the securities discussed. Now for your host, Stig Brodersen.

[00:01:51] Stig Brodersen: Welcome to The Investor’s Podcast. I’m your host Stig Brodersen, and I’m here with Ian Cassel to talk about his new wonderful book, Stock Picker. Ian, how are you this morning?

[00:02:01] Ian Cassel: I’m doing great, Stig. Thanks for doing this. I really appreciate the opportunity to tell more people about the book.

[00:02:07] Stig Brodersen: Fantastic. So, Ian, I have to start by saying this is a deeply personal book, and I’m kind of curious to hear which story was the hardest to write. And of course, I’m going to continue rambling even though I just asked you a question. But my guess is that perhaps the essays that open the book, What Is Chasing You?

[00:02:27] Stig Brodersen: It was just, it was very eloquent. And because admitting that a stranger got under your skin, that cannot have been easy. Or perhaps, I just said it was the hardest story. Perhaps it was the easiest story because it had to get out there right out of the gates. And so perhaps, Ian, please tell the story of how a fund manager insulted you at this cocktail party back in 2009, and how you woke up thinking about that person for years.

[00:02:53] Ian Cassel: Yeah, I appreciate that, and I think that’s a good way to lead-off. I mean, I really wanted to write a book that was personal, that was authentic. It didn’t read like, be a guru like Ian or a how to invest in my microcaps, like an instruction manual. I wanted it to have a connection, so I appreciate that you picked up on that as well.

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