On today’s episode, Kyle Grieve discusses the lessons that shaped his investing philosophy, from painful early mistakes in crypto to building a disciplined framework focused on quality businesses and high-potential, undervalued microcaps. He shares how goals, temperament, and a business-owner mindset guide his decisions, and why compounding, capital efficiency, and management integrity are the cornerstones of his strategy.

IN THIS EPISODE YOU’LL LEARN:
00:00 - Intro
02:16 - Lessons learned from the early days as a pure speculator.
08:40 - Kyle’s simple investing goal and the pros and cons of pursuing it.
09:16 - Why benchmarks are irrelevant to his approach.
14:00 - How adopting a business-owner mindset helps compound capital.
17:29 - The two categories of investments that form the foundation of his investing strategy.
18:21 - Why quality lies on a spectrum and why the highest quality business isn’t always the best investment choice.
19:33 - The importance of skilled and aligned management.
32:21 - The three main reasons Kyle sells a stock.
36:10 - How to combat confirmation bias and the sunk cost fallacy.
38:24 - Why averaging up has been more effective than averaging down.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES
<ul>
 <li>Join Clay and a select group of passionate value investors for a retreat in Big Sky, Montana. Learn more <a href="https://www.theinvestorspodcast.com/summit/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>.
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 <li>Join the exclusive <a href="https://www.theinvestorspodcast.com/mastermind-2/">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠TIP Mastermind Community⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a> to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members.</li>
 <li>Follow Kyle on <a href="https://x.com/IrrationalMrkts">X</a> and <a href="https://www.linkedin.com/in/kylegrievetip/">LinkedIn</a>.</li>
 <li>Related <a href="https://prodcast.io/collections/we-study-billionaires-the-investor-s-podcast-network">⁠books⁠</a> mentioned in the podcast.</li>
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