In 2025, I spoke with Michael, author of the MultiBagger Monitor Substack. I have him saved in my phone as “Multibagger Mike.” I’ve followed Michael closely through the microcap community and had the pleasure to interact with over the past couple years
Through sharing ideas and discussing emerging opportunities like TSSI and TGEN, I’ve seen firsthand his ability to spot under-the-radar trends early and think through catalysts in a clear, structured way. Mike has built a reputation for deep research and focusing on asymmetric setups, often identifying mispriced narratives before they become widely recognized. In this 2025 “rewind” Skull Session , he walks through how he finds potential multibaggers, evaluates risk, and builds conviction.
Skull Sessions is a collaboration with Geoinvesting.com, a full-stack microcap research platform and MS Microcaps LLC , home of the Microcap Quality Index (MSMqi).
1. What sparked your interest in investing, and how did your journey evolve?
“I really have always been interested in markets and investing. And really post graduation, I worked in investment banking in New York, pretty briefly. The impetus for that was just an interest in companies and valuing businesses, but I pretty quickly realized that I’m more of a self- directed person. I’m really interested in the kind of freedom to research what interests me at the time, or to hop on to something compelling.”
2. How did your early experience trading news shape your investing approach today?
“What it really showed me, and kind of gave me an education in, is what specifically moves markets and what specifically moves stocks. Because if every day you’re looking at all the news coming out and seeing how that affects things, and tracking how it affects things, you get a good sense of what really matters and what kind of things will be overlooked.”
3. How do you generate ideas today?
“A lot of what I do on my Substack and on my Twitter is I just try and notice larger trends. That’s something that’s been very, very successful with TSSI or TGEN, and I try and think through the beneficiaries, or I’ll just notice something that is maybe not a large trend, but something has changed in the world, and it’s been overlooked. And I’m happy to get into more examples of those specifics to kind of illustrate those points. But I guess I’ll just finish by saying the other thing I really try and do is connect with people and talk to people across Twitter.”
4. Why do you emphasize network and idea flow so much?
“I think something I want to emphasize to everyone on Twitter that is interested in this world is that you can monetize through charging money. That’s great, or you can try to derive alpha from simply having a really broad network and putting more and more stuff out there… What that results in is you talk to a lot of extremely smart people, and you get really good idea flow. And then there’s kind of a reciprocity there… it’s kind of easier to identify when an idea or situation is really compelling than it is to find those situations yourself or to, you know, wave through 1000s of ideas. It’s better to have ideas flowing to you.”
5. How do you think about thematic investing?
“There’s first order beneficiaries. So, for something like GLP1s that might be, who is actually selling the drugs. Then, there’s second order beneficiaries that might be like a HIMSS or something like that, right? And of course, you can abstract more and more. I typically tend to focus on the second order beneficiaries of large trends. That’s something like data centers are getting built out… I’m more interested in the TSSI and TGENs. That’s like a second order beneficiary.”
6. What does your day-to-day process look like when sourcing opportunities?
“I would say that I do really two approaches, and I guess, are a bit contradictory. One is, I look for large themes that I think will play out… The other thing I do is more just like tracking the news and what’s been happening recently… And so this company, they were trading like they wouldn’t benefit at all… it’s really frequently the case that there is information arbitrage… And the way I source ideas is just through curiosity. I mean, when you come across an interesting account on Twitter… you really want to see all the names they’re mentioning and just look into it.”
7. Why do you focus on microcaps instead of large, well-covered stocks?
“I genuinely don’t have an edge on predicting what a company like META will do in the next 12 months. There’s there’s no chance. But I know for a fact that there are obviously compelling opportunities that very few other people are looking at. And even if they are looking at them, like a company under 100 million…typically, a larger fund… is simply too liquidity constrained to take a serious look.”
Key Interview Takeaways
From Trading to Investing: Started with short-term, news-based trades, but has shifted toward longer-term, high-conviction ideas
Idea Flow is the Edge: A lot of his best ideas come from conversations and his network, not screens
Second-Order Thinking: Looks for the “hidden winners” of big trends, not the obvious ones everyone is already chasing
Microcap Inefficiency: Focuses where bigger funds can’t play, which creates more opportunity
Practical Research Approach: Spends time where it matters: filings, management calls, and talking to the right people
Management Really Matters: Prefers teams that understand their problems and speak honestly about them
Runs Concentrated: Keeps a small number of positions and sizes up when he has conviction
Catalyst + Momentum: Wants a reason for the stock to move, and pays attention when momentum starts building
Stocks Discussed
TSSI: A good example of a stock that lagged its peers, then quickly caught up once the numbers started to show up
TGEN: A longer-term story where things are starting to come together, especially with partnerships helping validate the thesis
LASR: Not getting much attention, but could benefit from increased defense spending in a meaningful way
HNRG: A company most people have written off, but may have a second life tied to powering data centers
PSIX: Brought up to show how another high performing stock in the data center was found using information arbitrage
LFVN: Mentioned as a smaller, less obvious way to play the GLP-1 trend
