# 100 Year Thinkers, Ep. 7: The Last Moat | Chris Mayer and Ian Cassel on the Stock Picking Edge AI Can’t Replicate

Page: https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/100-year-thinkers-ep-7-the-last-moat-chris-mayer-and-ian-cassel-on-the-stock-picking-edge-ai-can-t-replicate
Text version: https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987/100-year-thinkers-ep-7-the-last-moat-chris-mayer-and-ian-cassel-on-the-stock-picking-edge-ai-can-t-replicate.md
Podcast: [Talking Billions with Bogumil Baranowski](https://stenobird.com/podcast/talking-billions-with-bogumil-baranowski-5857987)
Published: 2026-05-08T04:12:00+00:00
Episode link: https://podcasters.spotify.com/pod/show/talking-billions/episodes/100-Year-Thinkers--Ep--7-The-Last-Moat--Chris-Mayer-and-Ian-Cassel-on-the-Stock-Picking-Edge-AI-Cant-Replicate-e3j0m15
Audio file: https://anchor.fm/s/bc3d43f4/podcast/play/119608805/https%3A%2F%2Fd3ctxlq1ktw2nl.cloudfront.net%2Fstaging%2F2026-4-7%2F423655858-44100-2-40bb8367eb26e.mp3
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Duration seconds: 4587

## Resource

This episode of 100 Year Thinkers brings together Chris Mayer and Ian Cassel for a deep discussion on long-term stock picking, microcap investing, business quality, AI disruption, management teams, and the behavioral skills that separate great investors from great analysts. They explore why the edge in investing may increasingly come from judgment, presence, relationships, patience, and the ability to hold the right businesses through uncertainty. Matt Zeigler and I had the privilege of hosting Ian Cassel and Chris Mayer for a special 100-Year Thinkers Edition of the Excess Returns Podcast. Available now on Excess Returns Podcast and Talking Billions. 🎧 I’m excited to share this episode with you—it’s reposted here with permission and blessing from the Excess Returns team. Don’t miss it! And follow their work, links below. Resources Discussed The Last Moat https://microcapclub.com/the-last-moat/ Stock Picker by Ian Cassel https://microcapclub.com/stock-picker/ The Investor’s Odyssey by Chris Mayer https://www.amazon.com/Investors-Odys... Follow Chris Mayer on Twitter https://x.com/chriswmayer Follow Ian Cassel on Twitter https://x.com/iancassel Topics Covered Why being present with management teams may still be an investor edge in the age of AI How microcap investing differs from small-cap, mid-cap and large-cap investing Why talking to management can build conviction but also create bias How Chris Mayer thinks about vertical market software, mission-critical systems and AI disruption Why AI may become table stakes rather than a durable competitive advantage How small companies can use AI to improve workflows, sales, inventory and productivity Why many microcaps have short shelf lives and rarely become true long-term compounders The role of intelligent fanatics, owner-o…

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