This discussion took place live on July 1st, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join
Deiya Pernas, CFA, and Dean Pernas are co-founders of Pernas Research, an independent equity research firm whose audited returns have compounded at more than 30% annually since 2017. Deiya previously served as Deputy CIO at The Bahnsen Group, while Dean left a career in chemical engineering in 2020 to invest full-time.
In this episode, they discuss why they built an audited, buy-side research model instead of following the sell-side approach, how they structure a concentrated portfolio using core, starter, and speculative position sizing, and how they think about holding cash in an expensive market. They also walk through two case studies: a contrarian long in Xometry that returned 764%, and a failed investment in sim-racing company Endor, which went bankrupt despite a pandemic-driven demand surge. The conversation closes with the rule they use to manage the risk of averaging down.
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Chapters
00:00 Introduction and guest background
01:31 How the firm was founded and the Pernas brothers' backgrounds
03:14 The buy-side research model and its advantages
04:28 Why they chose to audit their track record
05:35 Dean's background in chemical engineering and investing
07:05 Sources of investment ideas and workflow
10:06 Team collaboration and decision-making process
12:08 Ownership and decision autonomy in trading
13:26 Portfolio structure and risk management
16:01 Communication, transparency, and performance impact
18:01 Market overreactions, AI opportunities, and sector insights
25:03 Favorite themes and recent successes
46:08 Lessons from failures and risk management
54:03 Position sizing, averaging down, and exit strategies
01:01:00 Managing ground-level research and expert calls
01:05:06 Final thoughts on market opportunities and risk
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