This fall I was in Chicago for the MicroCap club‘s “MicroCap Leadership Summit”.  The first day of the conference consists of investing presentations by guest speakers and fellow attendees, and the second day is a series of round robin interviews of 20 microcap company’s CEOs and came away with a few ideas worth further investigation.

As a bonus,  I also met Robert Kraft Jr. of StockNewsNow who runs the “PlanetMicroCap” podcast. I mentioned to him that I had just listened to his podcast that morning while exercising and before you know it, he’s asking me if I want to be on the podcast.

Planet MicroCap Episode 77 with Doug Mohn

Robert plays up the fact that I like illiquidity. Just to be clear, all things being equal, I strongly prefer liquid stocks over illiquid ones, but all things are never equal.  Given the chance to buy for the long-term, a mispriced stock that no one has heard of that trades on low volume or the chance to buy a richly valued stock of a company in everyone’s newsfeed that trades on high volume, I’ll take the unknown, albeit illiquid, stock every time.

Lastly, while in Chicago, I spent the day before the conference visiting a couple Frank Lloyd Wright homes. Seriously, when you fly into O’Hare you are only minutes from his first home and studio in Oak Park, Il as well as all the homes he designed in the adjacent neighborhood. If you’ve never visited a Wright home, I bet you’ll be surprised with how modern a 100 year old house can look.