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Episode

Capital Cycles, Moats, and Margin of Safety + Thoughts on $AAP $TRBR.V with Kenny Chan, Founder & Portfolio Manager of Korwell Capital

Podcast
Planet MicroCap Podcast | MicroCap Investing Strategies
Published
Nov 26, 2025
Duration seconds
2724
Processing state
processed
Canonical source
https://planetmicrocap.podbean.com/e/capital-cycles-moats-and-margin-of-safety-thoughts-on-aap-trbrv-with-kenny-chan-founder-portfolio-manager-of-korwell-capital/
Audio
https://mcdn.podbean.com/mf/web/zyeziabbzscx6g2g/PMP_with_Kenny_Chan_AUDIO_ONLY8bm8z.mp3
JSON
/v1/public/podcasts/planet-microcap-podcast-microcap-investing-strategies-47007/episodes/capital-cycles-moats-and-margin-of-safety-thoughts-on-aap-trbr-v-with-kenny-chan-founder-portfolio-manager-of-korwell-capital
Markdown
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Summary

Kenny Chan applies a classic value framework—buying Phil Fisher-style businesses at Graham-style prices—to identify microcap opportunities. He breaks down how to spot misunderstood compounders, capital cycle shifts, and turnaround potential in overlooked niches.

Topics

  • Microcap Investing
  • Value Investing
  • Capital Cycles
  • Corporate Turnarounds
  • Consumer Brands
  • Investment Strategy
  • Portfolio Management
  • Fundamental Analysis

Highlights

  • Main idea: Target 'Phil Fisher-like' businesses with durable moats at 'Graham-like' deep value prices
  • Practical takeaway: Use public writing and investment memos to test your theses and build a professional network
  • Failure mode: Avoid overlooking management incentives and the impact of historical business segments on current valuations
  • Investment strategy: Look for 'special situations' where a company has divested bad assets to reveal a high-growth core
  • Market insight: Microcap inefficiencies persist in niche consumer brands that larger players have yet to notice

Chapters

  1. 4:30 Foundations of an Investing Philosophy: Kenny discusses his early influences, from his father's business to the foundational texts of Peter Lynch and Warren Buffett.
  2. 11:10 The Buffett Influence: A deep dive into how Buffett's approach to finding misunderstood microcaps shapes Kenny's modern framework.
  3. 17:50 Identifying Turnarounds: Analyzing how mismanagement and structural shifts create entry points for value investors.
  4. 21:10 Case Study: Trubar (TRBR.V): Examining a special situation involving insider buying, niche brand positioning for women, and a recent takeover bid.
  5. 24:40 Moats and Brand Resilience: How consumer brands build barriers to entry through product differentiation and organic growth.
  6. 41:20 Applying Modern Value Theory: Discussing the continued relevance of classic valuation models in the current market landscape.
  7. 44:40 Advice for Aspiring Fund Managers: The importance of publishing investment theses publicly to build credibility and connect with the community.