MicroCapClub

This discussion took place live on April 22nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Jeffrey Tory is the Chair of Pembroke Management, a Montreal-based firm founded in 1968 that specializes in Canadian and U.S. small and mid-cap growth companies. He joined Pembroke in 1987 after starting his career at Burns Fry, and in 2022, he launched the firm's microcap strategy aimed at helping rebuild the Canadian small-cap ecosystem.
In this episode, Jeff discusses the long decline of the Canadian small-cap market and what is beginning to shift, the interview style he uses to disarm management teams and test their understanding of capital allocation, and why dilution and debt are the most common causes of failed investments. He also walks through how he constructs his microcap portfolio, when to trim winners versus let them run, and the "natural speed limit" principle behind the companies that compound from micro to mid-cap.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 The Journey of a Lifetime Investor
10:48 The Evolution of Canadian Markets
20:32 The Pembroke Experience and Growth Strategies
30:58 Micro Cap Investing: Philosophy and Approach
37:22 Navigating Investment Opportunities in Canada
39:57 Evaluating Business Growth and Management
42:52 Investment Sizing and Portfolio Management
45:14 Acquisition Strategies in Micro Cap Investments
51:26 Challenges in the Canadian Capital Markets
56:06 Building a Strong Small-Cap Ecosystem
58:12 Tools for Screening Micro Cap Stocks
01:02:09 Advice for Young Investors
01:04:30 Memorable Investments and Lessons Learned
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Jason Senensky sit down with CareRx Corporation’s (CRRX.TO) President and CEO, Puneet Khanna, and Suzanne Brand, CFO. 
CareRx delivers prescriptions to long-term care and retirement homes across five provinces, with provincial governments as the primary payer, and 92,000 residents currently under contract.
This discussion took place live on May 19th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
In this Business Breakdown, Puneet and Suzanne cover the hub-and-spoke automation model CareRx is piloting, centralizing high-volume robotic filling to expand capacity without replicating expensive robotics at every location, the Ontario capitation fee situation and what the removal of step-down language means for the company's revenue floor, why bed count has been flat for four years and when they expect growth to resume, and how they're approaching M&A after doing prior deals at two to six times EBITDA.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to CareRx and Leadership Backgrounds
04:31 Understanding CareRx's Unique Business Model
07:15 Market Dynamics and Growth Opportunities
10:35 Operational Excellence and Technology Integration
13:27 Financial Performance and Capital Priorities
16:37 The CareRx Advantage and Competitive Landscape
19:58 Technology's Role in Scaling Operations
22:50 Hub and Spoke Model Implementation
25:41 Challenges in Bed Count and Market Growth
28:36 Future Outlook and Strategic Growth Plans
37:48 Regional Competition and Market Dynamics
40:39 Margin Outlook and Future Strategies
43:56 M&A Opportunities and Strategic Growth
46:34 Government Relations and Funding Outlook
51:49 Valuation and Integration in M&A
56:46 Internal Priorities and Misunderstandings
01:00:30 Future Growth and Internationalization Opportunities
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this episode, Ian Cassel compares successful stock picking and portfolio management to being a great basketball coach. You can also read it as an article here: https://microcapclub.com/newsletter/ 

MicroCapClub is an exclusive forum for experienced microcap investors to share and discuss microcap companies (sub $1 billion market cap) trading on global markets. Since 2011, our members have profiled 1400+ microcap companies, 300+ have turned into multi-baggers. Investors can join our community by applying to become a member or subscribing to gain instant access. For more information, visit https://microcapclub.com/ 

Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

In this Business Breakdown, David Barbato and Jamil Tahir sit down with 1Stdibs’ (DIBS) Chairman/CEO, David Rosenblatt. 
This discussion took place live on May 11th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
David Rosenblatt is CEO and Chairman of 1stDibs, the curated online marketplace for one-of-a-kind design objects across vintage and antique furniture, jewelry, art, and fashion. He joined the company in 2011 after running DoubleClick, which he sold to Google, and previously served on the boards of Twitter and IAC. He took 1stDibs public on the NASDAQ in 2021.
In this Business Breakdown, David walks through the cost restructuring that delivered two straight quarters of adjusted EBITDA positivity, why he rebalanced spend from paid marketing into product and engineering, and how AI is reshaping the buyer experience across search, pricing, and shipping. He also discusses 1stDibs' roughly $40 million buyback history, M&A discipline, and the live-event sponsorship business he's building in advertising.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction and Guest Background
02:10 Founding and Evolution of 1stDibs
04:23 1stDibs' Impact in the Design Industry
07:00 Growth Strategies and Market Expansion
08:29 Public Listing and Market Challenges
09:27 Market Opportunity and Industry Adoption
10:00 Business Model and Revenue Streams
11:22 Seller and Buyer Dynamics
12:49 Customer Valuations and High-Value Transactions
14:12 Advertising and Monetization Strategies
16:07 Key Company Metrics and Financials
18:34 Product Categories and Market Focus
20:26 Future Growth and Market Potential
25:35 AI Integration and Product Roadmap
28:17 Operational Improvements and Cost Management
30:09 Influencer and Social Media Strategies
32:18 Competitive Landscape and Acquisition Opportunities
39:12 Long-term Market Outlook and Aspirations
42:30 Customer Acquisition and Marketing Efficiency
45:33 Experimentation and Innovation in Pricing
48:35 Advertising and Sponsorship Opportunities
51:27 Marketing Channels and Customer Engagement
52:44 Revenue Growth and Take Rate Dynamics
54:10 Closing Remarks and Future Outlook
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.

Charlie Youakim is the co-founder and CEO of Sezzle (SEZL), a buy-now-pay-later company now valued at over $3 billion. He previously co-founded Passport, a mobile payments business for parking, and built Sezzle into one of the largest BNPL providers in the U.S. despite raising roughly $120 million in total, a fraction of the capital raised by competitors like Klarna and Afterpay. Sezzle first listed on the ASX in July 2019 and direct-listed on the Nasdaq in August 2023; its market cap bottomed at roughly $35 million during that stretch and has grown to over $3 billion in under three years, roughly an 85x return.
This discussion took place live on May 13th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
In this episode, Charlie discusses why he started over after his first exit, how Sezzle pivoted to profitability after a failed merger with Zip, his data-driven hiring approach built around IQ and GPA, and how the company operates as a fully remote, internationally distributed team. He also walks through Sezzle's push beyond BNPL into checking, savings, and cash management products, and how AI is reshaping the way the business runs internally.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 The Journey of a Serial Entrepreneur
04:21 Understanding Sezzle's Business Model
07:02 The Evolution of Sezzle and Market Competition
09:55 Navigating Profitability and Growth Challenges
12:59 Hiring Standards and Company Culture
15:54 The Impact of Location on Business Success
18:54 Remote Work and Its Advantages
21:50 Learning from Industry Peers
41:01 Building Relationships in Business
43:59 The Value of Common Sense
45:36 Defining Success and Winning
47:03 Innovative Cash Management Solutions
51:05 Misunderstandings About Sezzle
53:11 Scaling with Focus and Founder Mentality
58:44 Leveraging AI for Efficiency
01:02:04 Optimism About AI and Job Markets
01:10:17 Competitive Advantages in Fintech
01:12:00 Philosophy on Stock Ownership
Disclaimer: All content on this channel is for discussion, education, entertainment, and illustrative purposes only and SHOULD NOT be construed as professional financial advice, solicitation, or recommendation to buy or sell any securities, notwithstanding anything stated on this channel. There are risks associated with investing in securities. Loss of principal is possible. Past performance is not a predictor of future investment performance. Ian Cassel and the guests on this channel are not responsible for investment actions taken by viewers. Should you need such advice, consult a licensed financial advisor, legal advisor, or tax advisor. You agree to verify all information yourself before investing. Any past performance discussed during this program is no guarantee of future results. Investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. All views expressed are personal opinions as of the date of recording and are subject to change without the responsibility to update views. No guarantee is given regarding the accuracy of the information on this channel. Releasees undertake no obligation to provide accurate or sound investment statements. You waive any and all duties that may exist flowing from you to any Releasee. You agree not to hold any Releasee liable for any possible claim for damages arising from any decision you make based on information or other content on the Channel.