This week's episode goes smaller. With a $1 billion market cap cutoff, Andrew Coleman from Teaminvest and returning guest Richard Hemming from Under the Radar Report work through what reporting season really reveals about the small end of the ASX, the part of the market that rarely gets the scrutiny given to the ASX 50 or ASX 100. The conversation starts with the fundamentals: what a genuine margin of safety looks like on a small cap balance sheet, why founder-led management can be a strength and a risk in the same result, and why this reporting season is showing a market that has become far less forgiving of companies that can't answer the question, what have you done for me lately. From there, Andrew and Richard go head to head on a run of results, including a founder-led furniture retailer working through the costs of an offshore expansion, a construction business with a genuine Olympic infrastructure tailwind, and a healthcare device business still waiting on its next big product to clear the line. Andrew also shares his first reaction to CSL's result, and why he thinks the market's initial verdict missed the point entirely. The episode closes with a viewer question from Sid, following on from last week's Credit Corp discussion, on whether learning from mistakes is a genuine competitive advantage. Andrew's answer covers the three things every investor and every business has access to that compound over time, and why only one of them can only ever compound upward. ● 00:00 — Welcome, and why this week goes smaller: the sub-$1 billion focus ● 01:06 — Richard Hemming from Under the Radar Report joins the panel ● 02:38 — What Richard looks for first in a small cap result: margin of safety ● 05:14 — The K-shaped market, and why this reporting season is more idiosyncratic ● 07:25 — Buffett's first rule of investing, and why small caps raise the stakes on it ● 09:06 — Comparing two retail results under the same discretionary spending pressure ● 14:16 — A founder-led furniture retailer: why Teaminvest exited a long-held position ● 16:23 — A small industrial name with a genuine Olympic infrastructure tailwind ● 21:11 — A healthcare device maker still waiting on its next big product launch ● 24:34 — CSL's result, and why the market's first reaction missed the story ● 29:58 — Voting machine versus weighing machine: Benjamin Graham's lesson revisited ● 31:24 — Viewer question: is learning from your mistakes a competitive advantage? Subscribe, leave a review, and send your questions to wealthy@ausbiz.com.au. Learn more about value investing at teaminvest.com.au 🎧 Available on YouTube, Apple Podcasts and Spotify. 🎙️ Enjoyed this episode? Don't forget to subscribe, rate, and leave a review on your favourite podcast platform. It helps us grow and reach more Wealth Builders like you. 💡 More Teaminvest: For more insights into Teaminvest's disciplined, research-driven approach to investing, visit our website and learn how to become part of our investor community. Follow us on: LinkedIn | YouTube | Instagram | Facebook 📩 Join the conversation Have thoughts or questions? Email us at info@teaminvest.com.au 🎧 Available on YouTube, Apple Podcasts and Spotify. 🎙️ Enjoyed this episode? Don’t forget to subscribe, rate, and leave a review on your favourite podcast platform. It helps us grow and reach more Wealth Builders like you. 💡 More Teaminvest: For more insights into Teaminvest’s disciplined, research-driven approach to investing, visit our website and learn how to become part of our investor community. Follow us on: LinkedIn | YouTube | Instagram | Facebook 📩 Join the conversation Have thoughts or questions? Email us at info@teaminvest.com.au
