Episode
Trust, Then Verify with Leo Trudel, Co-Founder of Aurelion Research
- Published
- May 16, 2026
- Duration seconds
- 3372
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Summary
In this episode of the Planet MicroCap Podcast, I spoke with Leo Trudel, Co-Founder of Aurelion Research, to dig into his global, top-down approach to finding mispriced companies across micro, small, and mid-cap markets - and why he built a firm where the research and the portfolio are one and the same. We break down his obsession with free cash flow over adjusted EBITDA, how he uses AI to hold management teams accountable to years of past guidance, why tankers may still be more compelling than people think, and his contrarian take on where the AI capex buildout is headed. We mention several companies and sectors during this conversation, and I’m not a shareholder in any of them. For more information about Aurelion Research, please visit: https://aurelionresearch.com/ Chapters: 00:00 Introduction to Leo Trudeau and Aurelion Research 01:58 Leo’s Investment Journey and Philosophy 06:42 The Aha Moment: Founding Aurelion Research 08:37 Defining Mispricing in Investments 10:57 Top-Down Approach to Investment Selection 13:05 Identifying Quality Companies in Trending Industries 15:16 Navigating Mispricings and Investment Philosophy 18:52 The Importance of Cash Flow Over Adjusted EBITDA 22:55 Red Flags in Accounting Practices 23:56 Finding Opportunities in Crowded Industries 28:10 The Shipping Industry’s Demand Surge 31:02 Navigating Chemical Market Challenges 32:20 Timing and Sentiment Indicators 36:56 Evaluating Management: Green and Red Flags 41:53 Qualitative Due Diligence: Real-World Insights 47:14 The Power of Being Contrarian 50:35 Evolving Beliefs: Lessons from Experience Planet Microcap hosts the highest quality in-person microcap events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and gr…