I first connected with Lukas Milosic, the voice behind Pixel Research, when he invited me onto his own interview series. The questions were thoughtful, well-prepared, and clearly came from someone who had already spent a lot of time thinking through the process. That initial conversation stuck with me, so it felt like a natural fit to bring him on for a Skull Session.
Lukas started investing at a young age, but how quickly he evolved through different market environments. From experiencing the tailwinds of the 2020 bull market to adjusting through the 2022 downturn, he’s developed a flexible, framework-driven approach that blends growth, value, and special situations without boxing himself into any one style. He’s focused on finding mispriced opportunities, often around inflection points, while staying grounded in process, position sizing, and continuous self-reflection.
Lukas walks through how he sources ideas, why he prioritizes flexibility over rigid frameworks, and how journaling and self-awareness have shaped his development as an investor. We also get into his views on microcaps, portfolio concentration, and the balance between short-term opportunities and long-term conviction.
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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. When did your investing journey really begin?
“So I started when I was 13, I think around that age. My brother, at that time, had an interest in the stock market… he sent me one YouTube video from some German finance guy that made educational content about how to value stocks. I found that topic intriguing, because I would say I was always a little bit more of a number and spreadsheet kind of guy. I could just spend the whole day looking at numbers and be satisfied with it. And yeah, it really just came from my own passion.”
2. What were your early investing experiences like?
It was really one of those periods where almost everything was going up… it didn’t really matter how speculative it was. I did fairly well during that time, but, I mean, who didn’t, right? Looking back, it was an amazing experience because I got to see firsthand what a strong bull market actually feels like. I wouldn’t say that I got all the lessons out of it, but at least I experienced it and became aware of it.”
3. How would you describe your investing philosophy today?
“I don’t like to box myself in. I’m not a quant guy. I just have a spreadsheet, I have my DCFs, I have my databases. But at the end of the day, what are all these approaches there for? They’re only there to give you a framework to find out whether a stock is overvalued, undervalued, or fair valued. So at the end of the day, you’re trying to find a mispricing… and why would I box myself into one specific category?”
4. Where do your best ideas come from?
“Sometimes it’s random, sometimes I find something on X, sometimes on Discord or a forum. Or you get into contact with somebody and you talk about stocks. But I also like to really screen a lot… either I test out certain screeners or sometimes I even go A to Z on stocks. I would say it’s really a mixture of everything, but most of the time I find something myself through a screener.”
5. What exactly are you screening for?
“I like to screen a lot for growth. I try to make the screener in a way where I screen for an inflection point in terms of either growth or revenue. Then I try to take into account whether the company is unprofitable and what levers it has to become profitable. I don’t like to buy things expensive… usually something below a 10 price-to-earnings ratio is appealing for me. But of course, that’s just a guideline.”
6. How do you structure your portfolio and positions?
“I like to run a concentrated portfolio… let’s say three or four names becoming like 80% of the whole pie. I usually like to size by conviction because I’ve done a lot of research and taken into account as many factors as I can. I also like to build positions slowly and sometimes start with a tracking position. It’s always a little bit different when you have a stock in your portfolio compared to just having it on a watchlist.”
7. You’re active in microcaps. How do you think about mispricing and discovery in that space?
“I think every framework should have points where they converge in terms of agreeing that a particular stock is mispriced. And mispricing… it has a lot to do with discovery, in a sense. A lot of times, these companies are just not well understood or followed. So if you do the work, you can find something before the market fully recognizes it.”
8. You mentioned most mistakes trace back to mindset. What specifically tends to go wrong?
“Every time I made a mistake, I could sort of trace it back to the most simple fact… sometimes it’s a lack of research. But the other fact was also that I wasn’t open-minded enough. By thinking differentiated, I mean you really have to think in all possible cases: the bull case, the bear case, the base case. And if you don’t do that, you sort of miss what can actually happen.”
Key Interview Takeaways
Flexibility Over Labels: Lukas doesn’t identify as a value, growth, or momentum investor… he uses all frameworks as tools depending on the situation
Mispricing Is the Goal: Everything centers around finding stocks where price doesn’t reflect underlying value
Inflection Point Focus: Lukas screens for companies where growth, profitability, or sentiment is about to shift
Screening + Network: Ideas come from a mix of deep screening work and conversations with other investors
Concentrated Portfolio: Lukas typically holds 10 names, with top positions making up the majority of the portfolio
Conviction-Based Sizing: He sizes positions based on research depth and confidence, not equal weighting
Process Over Prediction: Emphasizes journaling, reviewing mistakes, and refining decision-making over time
Micro Over Macro: Focuses primarily on company-specific opportunities rather than macro forecasting
Stocks Discussed
Cloudflare (NYSE:NET): Early interest sparked by seeing widespread usage before fully understanding the business
Minnova (CVE:MCI): A speculative gold play where the thesis was driven by strong risk/reward and existing infrastructure
Enterprise Group (TSE:E): Screened idea that led to discovering overlapping investor ecosystems in Canadian microcaps
NTG Clarity (CVE:NCI): Another example of finding overlooked small caps through screening and research
Sezzle Inc (Nasdaq:SEZL): Highlighted as a higher market cap opportunity
AltynGold PLC (LON:ALTN): A gold producer with long-term upside
Xpel Inc (NASDAQ:XPEL): Referenced as an example of a microcap winner that can significantly impact portfolio returns
Biosyent Inc (CVE:RX): Another example of a successful small-cap that can drive outsized gains over time
