Carlo Cannell started Cannell Capital in 1992 with just $600k, and the fund grew over time to over $1 Billion. Unlike most fund managers, Carlo returned a portion of the assets back to investors, even though it meant less management fees. But that is not what Carlo is known for. Carlo has a superb track record investing in small-cap stocks, which he tends to hold for many years. Besides investing "long," his repertoire includes short-selling and occasional activist campaigns, which he discusses in this interview in detail.
Disclaimer: No Investment Advice. The information shared in this episode has no regard to the specific investment objective, financial situation or particular needs of any specific recipient.
The Book Carlo mentioned:
A Money Mind at Ninety by Philip Carret: https://amzn.to/3D6uCZK
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TIMESTAMPS
01:55 Carlo on Carlo
05:00 Carlo’s investment style
13:05 Investment Process
16:00 Favored industries
19:20 Due Diligence
25:50 Investment Activism
28:45 Common Mistakes that Boards and Managements make
33:55 Valuing companies
35:45 Exiting positions
40:35 Shorting stocks
52:05 Sizing of Short Positions
55:40 Role of LPs
01:01:10 Returning half a billion to investors
01:05:35 Investment Management business is unique
01:08:15 Advice for individual investors
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