In this episode of The Long Game, I sit down with Ian Cassel, founder of MicroCapClub, chief investment officer of Intelligent Fanatics Capital Management, and author of the new book Stock Picker, for a conversation that turned out to be far less about stocks than about the person doing the picking. We talk about why Ian believes no one starts investing with a blank slate, how to tell discipline apart from delusion, why most microcaps have to be sold within three years even when they're winning, what it actually costs to buy your own freedom, and the one trait he thinks separates good investors from great ones. This one is for anyone who has ever understood a company perfectly and still lost money on it. Ian's answer to why that happens is the reason I wanted to make this episode. *** My previous conversations with Ian: (2021) Ian Cassel on Microcap Investing, Dealing with Self-Doubt, and the Secret of Happiness: https://youtu.be/YGynCfzCxXo (2015) Microcap Investing, the Ian Cassel Way: https://www.safalniveshak.com/ian-cassel-microcap-investing/ Ian Cassel's key links: Stock Picker (new book): https://link.amazon/B0ivBrPPs Website - Microcapclub - https://microcapclub.com/ Twitter - https://x.com/iancassel Connect with me and Safal Niveshak: The Long Game (new book): https://www.safalniveshak.com/books/ Twitter - https://x.com/safalniveshak Subscribe to The Long Game for long-form conversations on investing, decision-making, and the art of thinking clearly over a lifetime. Disclaimer: This conversation is for educational purposes only and is not investment advice. Please do your own research or consult a registered advisor before making any investment decision. #IanCassel #StockPicker #Investing #MicrocapInvesting #MicroCapClub #ValueInvesting #StockMarket #TheLongGame #IntelligentFanatics #InvestingPodcast #StockPicking #VishalKhandelwal #SafalNiveshak

Two professional investors, Ankush Datar and Mihir Patki, spent years applying the same first principles to two very different games: building wealth and building health. In this conversation, we explore why the disciplines that make you a good investor, compounding, patience, playing the long game, focusing on what you control, are the very same ones that keep you healthy, and why so few of us manage to win both games at once. We get into the science and the fear behind lifestyle diseases, the role of luck versus skill, whether money can now buy health, India's strange paradox of rising demat accounts and falling health, and the small, boring, repeatable habits that actually compound over decades. Ankush Datar is a professional investor who currently manages money at PhillipCapital, and a long-time marathon runner and weightlifter. Mihir Patki has built careers across Deloitte, investment banking, and a startup he sold to ICICI Securities, and is the co-author, with Ankush, of The Health and Wealth Paradox.

👉 Get the book, The Health and Wealth Paradox: https://amzn.in/d/085zVjqq ***

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🎧 THE LONG GAME (formerly The One Percent Show) Slow conversations about the things that compound: money, health, relationships, and wisdom, hosted by Vishal Khandelwal of Safal Niveshak. Subscribe: https://www.youtube.com/@khandelwal.vishal

Website: https://www.safalniveshak.com/

Newsletter: https://www.safalniveshak.com/newsletter/

Twitter/X: https://x.com/safalniveshak

📚 My books (The Sketchbook of Wisdom, Boundless, The Long Game): https://www.safalniveshak.com/books/

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⚠️ DISCLAIMER This conversation is for educational and informational purposes only. Nothing in this video is investment, financial, medical, or health advice. The views expressed are the personal opinions of the host and guests. Please consult a qualified financial advisor and a licensed doctor before making any decisions related to your money or health. ***

#TheLongGame #HealthAndWealth #Investing #PersonalFinance #Longevity #Compounding #FinancialIndependence #ValueInvesting #HealthyLiving #VishalKhandelwal #AnkushDatar #MihirPatki #SafalNiveshak #IndianInvestors #WealthCreation

Vinod spent over thirty years in Indian markets. He was the India head of Morgan Stanley Investment Management in the 1990s, and since then has been investing his own capital, teaching, and thinking about markets in a way that very few people do. I recorded this conversation with him in August 2025 while working on the book.

Vinod talks about:

• Pain, patience, and intention as the three things you actually control in investing and in life.
• Why hard work has almost nothing to do with returns.
• Return on time mattering more than return on money.
• Reading people rather than spreadsheets.
• The age we live in — which, Vinod argues, is not an age of ignorance but an age of stupidity, and why that's actually a good thing if you know how to see it.
• The market as guru, as mirror, as sadhana.

It's one of the best conversations I've had on this show. I hope it finds you at a time when you can sit with it properly.