Andrew Page on Small Caps, AI & Changing His Mind on Bitcoin
Summary
Andrew Page discusses his investment philosophy, focusing on Australian small caps and Bitcoin. He emphasizes patience, concentrated portfolios, and using AI to accelerate research while maintaining intellectual honesty. Page highlights Ashtead Group as a value play benefiting from AI-driven data center demand and argues Bitcoin is distinct from crypto, offering simplicity and long-term potential.
Topics discussed
Intro, sponsors, and guest introduction
Navigating market noise and finding signal
Investment philosophy: Buffett, liquidity, and conviction
Concentrated portfolios and avoiding thesis creep
Why Aussie small caps and using AI for research
Case study: Adrad Holdings and operational leverage
AI investment thesis and Pro Medicus example
Bitcoin vs Gold: Adoption curves and value props
Bitcoin as digital gold and closing remarks
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