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@MicroCapClub @Valuehunte Unless I’m gonna to go long Botox, I should probably update my headshots every two decades lol

Here is our latest Club Conversation with @PFHCapital. Thank you @Valuehunte for hosting. microcapclub.com/club-conversat…

@MikeFritzell @smartkarma We discussed them in the annual letter if interested $066620.KS

@smartkarma No. But a VIC post on it just last week. I'll send it toyou

S Korean corporates are showing how it’s done

@BobbyKKraft Congrats Ian and Bobby!

I'm not going to lie, this is a bit surreal. I still remember the first day working with my parents, having no idea what I just got myself into. Now here we are 15 years later - it's hard to distill all of that into one post, so here's my best shot. Thank you to my parents, Shelly Kraft and Lulu Kraft - you guys opened the door for me and I'm truly grateful for your support every step of the way. You both work harder than anyone I know, 24/7 grinding; and you've instilled that tenaciousness in me. We will continue to build upon the legacy and foundation you both helped shape and establish. Love you guys. Thank you to Ian Cassel - he took a shot on Planet MicroCap before it was anything. From first guest on the Planet MicroCap Podcast to now, being acquired, no other words but surreal, and I'm so excited that we get to continue building Planet MicroCap together. We look forward to keep raising the standard with our events by bringing the best investors, companies and sponsors together online, and in person. For information on our upcoming events, please contact me at: robert@planetmicrocap.com

[NEW PODCAST] Planet MicroCap Podcast: LIVE! with Thomas Bachrach @PFHCapital, Jason Hirschman @EightTrack180, Whit Huguley @Whit_Huguley + Kevin Shea @thegoodprick #MicroCap #Investing #Podcast #Education YouTube: youtube.com/watch?v=bv5ETu… Apple: podcasts.apple.com/us/podcast/pla… Substack: microcapnewsletter.substack.com/p/planet-micro…

@DouglasPollitt @LukeGromen ChatGPT’s explanation makes sense to me…

@DouglasPollitt @LukeGromen If this is the case, would that show up as an import? If an owner simply moves gold from a vault in London to a vault in NY, how does that show up in the import data (no USD were exchanged)? Honest question.

It is fascinating to me that no mainstream economists, banks, OR financial media companies seem to want to dig into a macro "dog that didn't bark": WHO IS IMPORTING SO MUCH GOLD INTO THE US THAT IT IS CUTTING GDP IN A $27 TRILLION ECONOMY BY 2.0%, AND WHY ARE THEY DOING IT?!!

@amlivemon What’s the source on your 400%+ figure?

It’s 400%+ debt to gdp. Not 80% 🤡

@pedroleongarci2 @Franfra51045228 Here's the section on Spyrosoft $SPR for those interested...

@Franfra51045228 @PFHCapital I am not sure ask Tom himself. REALLY interesting.

Spyrosoft seems very busy...strong year ahead for it specially for them. This is only in the last month! $SPR

@BobbyKKraft Stay safe buddy 🙏

We are north east of the main fires. No power but no evacuation order either, camping out at our place. We hold our breath every fire season, these fires are unlike the others, massive devastating destruction. Keep LA in hearts and prayers

@capitalemployed @Juzt1one My $0.02… it remains cheap due to cultural/linguistic barriers and illiquidity (many micro/nano caps with limited float due to high insider ownership). And certainly proximity to Ukraine hasn’t helped.

@PFHCapital @Juzt1one Yes Poland is still cheap. Why is it remaining cheap? Considering the country is one of a few success stories of Europe. Inflation in Poland is higher than the rest of Europe.

@capitalemployed 🤛

We’ve made it to 100 investor interviews! Yippee! Thanks to everyone who has subscribed, read, and listened. Also thanks to all the excellent guests who kindly took time out of their busy schedule to do an interview. 🧵🥁 👇

@zenvesting_4DNL Awesome

Kayaking with eagles on a beautiful last day of summer!

@IdeaBrunchEmail I need to update that picture, energy stocks have aged me about three decades 👆

Hot off the press: Idea Brunch with Tom Bachrach of PFH Capital A must-read for any international equity investor readideabrunch.com/p/idea-brunch-…

[New Compounders Podcast] I love this interview with @PFHCapital. Tom is an eclectic investor who travels around the world looking for mispriced smaller companies, especially those in markets that a lot of other investors shy away from. He also is willing to invest in sectors that other people shun for various reasons (coal for example). With all of that as background, here is what we covered in the conversation: ·      The founding inspiration for PFH Capital; ·      The countries and markets he tends to gravitate towards; ·      What it means to seek companies with healthy financials; ·      Why he is interested in investing in companies with exposure to commodities; and ·      What people are totally missing about coal Please enjoy the full interview here: youtu.be/fRIy6-rMqG8?si…

Very context dependent. Generally speaking, I would say a valuation needs to lean much more heavily on capital returns than multiple re-ratings on the lesser exchanges (which is how I tend to invest anyway). In the case of Polymetal, I actually hope they hang around at the lower multiple exchange (AIX) for long enough to buyback a good chunk of shares before relisting on the LSE (their long-term goal). To be clear, these are my preferences, management has not stated this as an objective and I suspect they want to get back to the LSE sooner rather than later. As an aside, I actually like gold exposure on non-G7 exchanges, given gold and the USD can go head to head from time to time (see 1933 for example).

[Compounders Podcast Clip] Anyone who follows the podcast and my writings knows that I am obsessed with differentiation. There are so many smart investors out there that it is hard to be truly different. When I asked @PFHCapital about structural advantages, he cited two primary elements. You can find the full discussion here:youtu.be/fRIy6-rMqG8?si…

@IlyaKan2004 @BenClaremon @JRogrow Ilya is one of the most humble and wise young investors I have ever met, I just hope he doesn't forget about me when he becomes rich and famous🤑

@BenClaremon @JRogrow @PFHCapital @PFHCapital is fantastic! And a great person too

@SherbKen @BenClaremon ... To be clear, a lot of my investments are on major exchanges, but I like the flexibility to go to illiquid, obscure exchanges.

@SherbKen @BenClaremon Very fair questions... Polymetal (which I discuss on the podcast) is 4x run-rate earnings, unlevered, with multiple decades of reserves, a fantastic CEO... and listed on the AIX in Kazakhstan. I am not (currently) aware of similar gold miner bargains on top 21 exchanges.