Underlying Value with Andrew Pogue, Founder of Underlying Value Substack

About this episode

Andrew Pogue discusses his unique approach to microcap investing, emphasizing management quality, capital allocation, and the use of AI.

In this episode of the Planet MicroCap Podcast, I’m joined by Andrew Pogue, Founder of the Underlying Value Substack, to break down his differentiated approach to microcap investing that blends deep fundamental work with an operator’s mindset and the use of AI. Andrew walks us through how he evaluates businesses with a sharp focus on management quality and capital allocation, why he sees massive opportunity outside the U.S. in the Nordics, South Africa, Canada and Australia, and how he leverages AI as a high-powered research assistant to uncover overlooked ideas globally. We also dive into his disciplined approach to position sizing, identifying real catalysts, spotting red flags like “consulting-speak,” and why the ability to talk yourself out of an investment may be one of the most important skills for long-term success in microcaps. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about the Underlying Value Substack, please visit: https://underlyingvalue.substack.com/ Chapters: 00:00 Diving into Micro Cap Investments 02:50 Understanding the Micro Cap Ecosystem 05:35 Investment Discovery Process…

People in this episode

Guest: Andrew Pogue

Topics covered

• microcap investing
• fundamental analysis
• management quality
• capital allocation
• AI in investing
• international markets
• position sizing
• investment catalysts
• investor psychology

Keywords

• Nordics
• South Africa
• Canada
• Australia
• investment opportunities
• red flags
• consulting-speak

Mentioned in this episode

Products: Underlying Value Substack

Books & works: Underlying Value

Places: U.S., Nordics, South Africa, Canada, Australia, South Africa’s, North America, Las Vegas, Toronto

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