Planet Microcap Podcast | Microcap Investing Strategies

In this episode of the Planet MicroCap podcast, I spoke with Tobias Carlisle, a seasoned investor and co-host of Value After Hours. We delve into the 2025 value investing playbook, discussing key themes such as the importance of valuation metrics, the cyclical versus structural decline in businesses, and the significance of buying with a margin of safety. Tobias emphasizes the need for investors to focus on financial statements rather than narratives, especially in a market driven by growth stocks. The conversation also touches on the current state of energy investments, the challenges of identifying value traps, and the potential for mean reversion in 2026, particularly in small and micro-cap stocks. Throughout the discussion, Tobias shares insights on navigating the complexities of the market and the importance of patience in value investing. 00:00 Introduction to the Podcast and Guest 02:36 2025 Value Investing Playbook 09:07 Cyclical Pain vs. Structural Decline 12:57 The Role of Narratives in Investing 13