Why International MicroCaps Resemble the U.S. Opportunity of the 1990s with Robert Gardiner, Chairman & Co-Founder of Grandeur Peak Global Advisors

My guest today is Robert Gardiner, Chairman and Co-Founder of Grandeur Peak Global Advisors. Robert has over four decades of experience investing in small and micro-cap companies across global markets, and in this conversation, he shares how his core investment philosophy has remained remarkably consistent over that entire period. His approach is rooted in bottom-up research — identifying high-quality growth businesses early in their lifecycle, partnering with strong management teams, and maintaining strict valuation discipline. A major theme of this episode is why Robert believes the most compelling opportunity in micro-cap investing today is outside the United States. He explains how international micro-cap markets now resemble the U.S. micro-cap environment of the 1990s — a time defined by a large and growing universe of public companies, limited institutional coverage, and meaningful inefficiencies. We discuss why regulatory changes and the rise of private equity have shrunk the opportunity set in the U.S., and why regions like Japan, the UK, and the Nordics now offer what he describes as “mouthwatering” opportunities. Robert also walks through Grandeur Peak’s two-phase investment process — starting with rigorous quantitative screening across a global universe of roughly 35,000 companies, followed by deep qualitative research that emphasizes direct engagement with management and extensive on-the-ground company visits. We talk about why “touching the company” still matters in an era of AI and data abundance, and how global “dot connecting” can make investors better decision-makers, even in domestic portfolios. Finally, Robert shares lessons from a recent three-year sabbatical that prompted meaningful refinements to both process and culture at Grandeur Peak — including the importance of balancing breadth with depth in research, reinforcing buy and sell discipline, and building a firm culture where every team member feels true ownership. This is a wide-ranging conversation that touches on global markets, micro-cap inefficiencies, investment process, leadership, and long-term perspective from someone who has seen multiple cycles firsthand. For more information about Grandeur Peak Global Advisors, please visit: https://grandeurpeakglobal.com/  We just announced our full slate of investor conferences for 2026, powered by MicroCapClub. Our next major event is Planet MicroCap: LAS VEGAS, happening June 16–18, 2026, at the Bellagio. Registration is now open for that. And, later in the year, we'll be heading back to Toronto, October 27-29, 2026 at the Arcadian Loft. The mission is to bring the best microcap investors and companies together to gather, connect, and grow. This includes your participation. We know you are putting your 2026 investor conference calendars together, and we'd like to humbly invite you to join us for one or both of them. Please visit www.planetmicrocapshowcase.com for more information. See you in Vegas and Toronto! Planet MicroCap Podcast is on YouTube! All archived episodes and each new episode will be posted on the Planet MicroCap YouTube channel. I’ve provided the link in the description if you’d like to subscribe. You’ll also get the chance to watch all our Video Interviews with management teams, educational panels from the conference, as well as expert commentary from some familiar guests on the podcast. Subscribe here: http://bit.ly/1Q5Yfym Click here to rate and review the Planet MicroCap Podcast You can Follow the Planet MicroCap Podcast on Twitter @BobbyKKraft