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

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Podcast: [Planet MicroCap Podcast | MicroCap Investing Strategies](https://stenobird.com/podcast/planet-microcap-podcast-microcap-investing-strategies-47007)
Published: 2025-11-26T17:48:51+00:00
Episode link: 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 file: https://mcdn.podbean.com/mf/web/zyeziabbzscx6g2g/PMP_with_Kenny_Chan_AUDIO_ONLY8bm8z.mp3
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Duration seconds: 2724

## Resource

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.

## 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

## Topics

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

## Chapters
- 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.
- 11:10 — The Buffett Influence: A deep dive into how Buffett's approach to finding misunderstood microcaps shapes Kenny's modern framework.
- 17:50 — Identifying Turnarounds: Analyzing how mismanagement and structural shifts create entry points for value investors.
- 21:10 — Case Study: Trubar (TRBR.V): Examining a special situation involving insider buying, niche brand positioning for women, and a recent takeover bid.
- 24:40 — Moats and Brand Resilience: How consumer brands build barriers to entry through product differentiation and organic growth.
- 41:20 — Applying Modern Value Theory: Discussing the continued relevance of classic valuation models in the current market landscape.
- 44:40 — Advice for Aspiring Fund Managers: The importance of publishing investment theses publicly to build credibility and connect with the community.

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## Transcript

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