Some of the conversations I enjoy the most are with investors who aren’t going after what’s popular. Even though some you might have discovered two research platforms I operate, Microcap Investing Cliff Notes Substack and Geoinvesting, through “sexy” names like multibagger data center stock TSSI 0.00%↑ , I essentially started my investment journey by investing in unknown, boring companies, many on the OTC or even the OTC gray sheets.
Actually, if we’re being real here, TSSI was a boring company until the data center theme found it. Boring stocks can work really well when they get paired with new trends that reignite growth or if you’re able to understand the cycles that some boring companies go through.
That brings us to our next Investor Insight Skull Session. Actually, Nicholas Cortellucci strongly recommending that I should set this one up.🙏
Based in Montreal, Aurelion Research is an equity research firm focused on overlooked global small and mid-cap stocks, founded by Jeremie Boyer and Leo-Pierre Trudel. The tracking index they publish for their subscriber is up around 65%, since they launched the index in July 2025.
I highly suggest that you visit their Substack.
Leo and Jeremy are both in their early 20s, but don’t let that fool you. Their background, process, and early results suggest a level of discipline and curiosity you don’t always see this early in the game.
They’re spending lots of time where the crowd isn’t looking: boring industries, beaten-down sectors, messy balance sheets, special situations and misunderstood geographies.
Two Different Backgrounds, One Shared Mindset
Leo and Jeremy came to investing from different angles, which is part of what makes their partnership work.
Leo began his career on the buy side at small-cap focused firms like Tonus Capital and Pembroke Management, before spending time at PineStone Asset Management, a global large-cap manager overseeing tens of billions in assets. His background focuses heavily toward deep fundamental analysis, valuation, and free cash flow modeling across industrials, healthcare, consumer, and technology.
Jeremy, on the other hand, cut his teeth in the micro-cap world, including time around Rivemont Micro Cap Fund, managed by Mathieu Martin. Jeremy’s strengths show up in commodities, shipping, energy, and cyclicals… areas where sentiment, timing, and industry structure might be more relevant to a successful investment vs. the “numbers.”
They met about a year ago, connected through direct outreach and shared interests, and quickly realized their skills were complementary. When Jeremy generates ideas and themes, Leo stress-tests them with modeling, valuation work, and downside analysis. Each challenges the other, which they see as essential.
Generalists
Aurelion doesn’t pigeonhole itself into one sector. Instead, they operate as generalists with a clear rule: if they can understand the business and identify a mispricing, they’re willing to do the work.
That’s why their research spans industries many investors avoid: shipping, chemicals, insurance, banking, defense, and commodities. These are often inefficient, cyclical, and emotionally driven, which creates opportunity.
They run a concentrated index, typically around 10 equally weighted positions, that reflects their highest-conviction ideas. Every stock in the index is owned personally. There’s no trimming or partial exits. A name is either in or out.
Cash Flow First, Stories Second
One of the strongest themes throughout the conversation was their focus on free cash flow, especially in industries where reported earnings can be misleading.
In sectors like chemicals, shipping, or insurance, earnings can swing wildly due to accounting, cycles, or temporary pressures. Cash flow tells a cleaner story. It shows whether a business can survive, self-fund, and eventually compound.
They’re not running rigid screens or forcing companies into predefined boxes. Each situation is evaluated on its own terms. Sometimes they’ll invest when the numbers look ugly, and in other instances they’ll sell or ignore stocks that look cheap, when other indicators are telling them something otherwise.
Finding Inflection Points Before Sentiment Turns
Rather than waiting for consensus to improve, Aurelion tries to enter when things still feel uncomfortable.
In chemicals, for example, they’re currently looking past negative headlines and focusing on pricing trends, supply dynamics, and normalized margins. In shipping, they pay close attention to spot rates and cycle timing rather than headline multiples that often look “cheap” right before stocks collapse.
They acknowledge that timing matters in cyclical industries. Even great businesses can destroy capital if entered at the wrong point in the cycle. Their edge comes from combining bottom-up company work with a realistic view of where an industry sits.
Some of you that invest in cyclical stocks understand this. A low P/E is not necessarily the best time to invest because it may mean the company is potentially already benefiting from a cycle that might be nearing a top. The time to buy these cyclical stocks is often when their P/Es are high, before the inflection turn comes.
Boots on the Ground Still Matter
One thing I loved was how much value Jeremy and Leo place on firsthand research.
When possible, they attend investor conferences, meet management teams, and visit facilities. In at least one case, a site visit completely changed their confidence level in a turnaround story. Seeing unused capacity, completed infrastructure, and operational readiness helped confirm that management’s plan wasn’t just hype.
They also believe physical visits matter even more in small and micro-cap stocks.
Peter Lynch Still Works
Not all insight comes from models and meetings.
Jeremy shared how one of his strongest early ideas came from simply noticing a product everywhere, Guru Organic Energy ($GURU.TO).
Friends were drinking it. He observed that stores were stocking it and that demand was spreading organically, without heavy marketing.
That observation led to deeper research, conviction, and ultimately a multi-bagger as the company improved margins, exited a costly distribution relationship, and moved toward profitability.
Learning from Being Wrong
They were also candid about mistakes.
Jeremy discussed a trucking company investment where a dividend cut, something he believed would strengthen the balance sheet, ended up crushing the stock as income-focused investors fled.
Even though the business later recovered, the experience reinforced an important lesson: the market’s expectations matter, even when you think management is making the “right” decision.
Understanding how other investors are positioned can be just as important as understanding the company itself.
The Bigger Picture
Leo and Jeremy are building a process around patience, curiosity, and doing work others won’t. They’re comfortable looking wrong before they’re right. They focus on cash flow, cycles, and real-world validation and willing to admit when something doesn’t play out as expected.
That combination, especially applied to overlooked parts of the market, is where some great investing edges tend to form.
