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

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 DiscussedThe Last Moathttps://microcapclub.com/the-last-moat/Stock Picker by Ian Casselhttps://microcapclub.com/stock-picker/The Investor’s Odyssey by Chris Mayerhttps://www.amazon.com/Investors-Odys...Follow Chris Mayer on Twitterhttps://x.com/chriswmayerFollow Ian Cassel on Twitterhttps://x.com/iancasselTopics CoveredWhy being present with management teams may still be an investor edge in the age of AIHow microcap investing differs from small-cap, mid-cap and large-cap investingWhy talking to management can build conviction but also create biasHow Chris Mayer thinks about vertical market software, mission-critical systems and AI disruptionWhy AI may become table stakes rather than a durable competitive advantageHow small companies can use AI to improve workflows, sales, inventory and productivityWhy many microcaps have short shelf lives and rarely become true long-term compoundersThe role of intelligent fanatics, owner-operators and repeat winners in great investmentsWhy management transitions can create powerful microcap opportunitiesThe difference between being a great analyst and being a great investorWhy execution, position sizing, selling losers and holding winners matter more than hit rateHow Matt and Bogumil apply the lessons to AI, business quality and the limits of small business scalabilityPodcast Program – Disclosure StatementBlue Infinitas Capital, LLC is a registered investment adviser and the opinions expressed by the Firm’s employees and podcast guests on this show are their own and do not reflect the opinions of Blue Infinitas Capital, LLC. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice.Information presented is for educational purposes only and does not intend to mak