MicroCapClub

Sean Westropp is the CIO of Deep Sail Capital, a long/short fund focused on growth, with most of the long book in microcaps and the balance in established mid-cap growth. He launched the fund to outside investors in 2022, after running a predecessor vehicle that began as a value strategy and pivoted to growth in 2017.
This discussion took place live on May 7th, 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, Sean walks through the four-pillar framework he uses to evaluate microcap management teams, the weekly forward-IRR ranking he runs across his ~500-name investable universe, and why he thinks shorting industry bubbles works better than shorting individual names. He also breaks down three names on his radar, Westell Technologies, AmpliTech Group, and SuperCom, and uses Kraken Robotics as a case study for riding a microcap winner from a $150 million market cap to mid-cap scale.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to Sean Westropp and Deep Sail Capital
02:39 Sean's Journey into Investing
06:28 Investment Strategy: Growth vs. Value
10:30 The Importance of Management in Micro Cap Investing
14:15 Navigating Growth Phases in Micro Caps
18:41 Managing a Diverse Investment Universe
24:48 Short Selling: Strategies and Challenges
31:24 Technical Analysis in Short Selling
35:32 Exploring Westell Technologies
44:12 Diving into AmpliTech Group
57:11 Understanding SuperCom's Growth Potential
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 co-host Sébastien Charland, President of Agave Capital, sit down with ADF Group’s (DRX.TO) CFO Jean-François Boursier. The company was originally profiled by "Flipper" on February 16, 2021, at $1.72 CAD per share, representing a gain of 735% since then.
This discussion took place live on June 18th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Jean-François Boursier is the CFO of ADF Group, a Quebec-based fabricator of complex steel structures with plants in Terrebonne, Great Falls, Montana, and the Lac-Saint-Jean region. After nearly 16 years at ADF, he's set to retire at the end of 2026, and this Business Breakdown covers where the company stands heading into that transition.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to ADF Group and Leadership
03:31 Overview of ADF Group's History and Operations
14:01 Financial Highlights and Market Positioning
22:33 Future Growth and Strategic Acquisitions
28:32 Q&A Session: Backlog and Tariff Impacts
40:40 Understanding the Family Buyback Dynamics
51:39 Leadership Transition and Future Outlook
57:17 Market Demand and Strategic Positioning
01:07:57 Consolidation Opportunities in the Industry
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.

Ian Cassel gives the opening keynote at Planet MicroCap Las Vegas 2026 Powered by MicroCapClub. Not part of the MicroCapClub community? Join Us https://microcapclub.com/join-now/

Planet Microcap hosts the highest quality microcap in-person events in North America. The mission is to bring the best microcap investors, companies, and allocators together to gather, connect, and grow. https://planetmicrocap.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.

Dylan Marello is CIO of Marello Capital, a fund he launched after a career as a corporate litigator. He runs a concentrated, long-only portfolio of roughly 12 to 15 names, market-cap agnostic, but skewed toward asymmetric setups in hated or overlooked sectors.
This discussion took place live on May 6th, 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, Dylan discusses how his legal background shapes the way he writes and structures investment theses, why he sizes his ideas between 5 and 10 percent, and how he thinks about capital cycles in industries like offshore drilling, cinemas, and cannabis. He also walks through two of his largest positions: Entravision Communications, which moved sharply during the recording on a strong print from its Smadex ad-tech segment, and MIAX, the options exchange he frames as a royalty on growing derivatives volumes, including its stake in Robinhood's prediction markets venture.
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to Dylan Marello and His Investment Philosophy
04:24 The Journey of Starting Marello Capital
07:56 Investment Strategy and Management Fees
10:47 The Impact of Legal Background on Investment Analysis
13:46 Writing Investment Theses and the Role of AI
17:01 Case Study: EVC and Its Growth Potential
25:57 Understanding Hated Industries and Investment Opportunities
35:59 Market Sentiment and Its Impact
37:06 Capital Cycles and Industry Restructuring
38:51 Opportunities Amidst Market Negativity
40:42 The Resurgence of Movie Theaters
42:06 Supply and Demand Dynamics in Offshore Drilling
44:31 Patience in Investing: The Waiting Game
47:38 MIAX: A High-Quality Business Overview
48:41 The Growth of Derivatives and Options Trading
53:25 MIAX's Unique Market Position
58:14 Future Prospects and Strategic Partnerships
01:02:59 Valuation and Market Potential of MIAX
01:08:46 Legal Considerations and Insider Confidence
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.

This discussion took place live on April 23rd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join 
Pedro Sousa is a partner at Oxy Capital, a Portuguese investment firm based in Lisbon, where he leads the public markets strategy. He joined Oxy as an intern during his economics degree at Nova, spent two years at Bain in Spain, and returned to help build out the public book, which has grown from €20M of partner capital in December 2018 to over €100M today, compounding at roughly 20% net annualized.
In this episode, Pedro explains how Oxy applies a private-equity approach to European small caps, five-year underwriting horizons, six-to-ten position concentration, and a sleeve of special situations covering spin-offs, asset-heavy liquidations, and partial M&A RemainCos. He walks through two current positions: The Gym Group, the UK's number two low-cost fitness chain, where he breaks down the local-monopoly unit economics of a single club; and Relais Group, the leading independent aftermarket player for commercial vehicles in the Nordics. He and David also discuss why European management teams get less inbound than US peers, how the team re-underwrites when a company misses expectations, and why Oxy hires undergraduates straight out of Portuguese universities
✉️ Share your feedback - david@microcapclub.com
✉️ David’s X (Twitter) - https://x.com/Valuehunte
Chapters
00:00 Introduction to Pedro Sousa and Oxy Capital
04:15 Pedro's Journey into Investing
07:07 Growth and Performance at Oxy Capital
10:01 Investment Strategy: Private Equity Meets Public Markets
12:58 Special Situations in Investing
15:32 Team Dynamics and Investment Sourcing
19:09 Market Dynamics: Public vs. Private Equity
22:03 Case Studies: Successful Investments and Lessons Learned
33:31 Understanding Gym Economics and Market Dynamics
36:45 In-Depth Analysis of Relays Group
46:54 Investment Re-Underwriting and Portfolio Management
49:55 Recruitment Strategies and Talent Development
54:09 Long-Term Investment Philosophy and Capital Management
59:21 Future Aspirations and Closing Thoughts
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.