This discussion took place live on July 22nd, 2026, on the MicroCapClub Community.
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Leland Roach writes The Value Road on Substack, where he covers nano and micro-cap value stocks he finds by screening OTC Markets for hidden asset value and near-term catalysts. He walks through his process for working down a list of OTC filings, a real estate play in J.W. Mays' Brooklyn office building, and the turnaround underway at broadcaster-turned-digital-advertiser Entravision as it grows its Smadex platform.
He also covers Butler National's unusual mix of aerospace manufacturing and casino gaming, and lessons learned from past mistakes at CarParts.com and RCI Hospitality's Rick's Cabaret chain.
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Chapters
00:00 Intro
01:30 From the factory floor to full-time investing
04:54 Screening OTC markets from A to Z
08:01 Why catalysts decide which stock he buys
09:26 Spotting a catalyst before the market does
11:41 What writing a Substack does to your investing
14:25 Readers, feedback, and expectations
16:38 JW Mays (MAYS): a Brooklyn building worth more than the company
18:31 The risks in an asset-sale thesis
20:46 When he sells
21:55 Taxes versus taking the profit
25:36 Butler National (BUKS): miniguns, Cessna doors, and a casino
29:45 RCI Hospitality (RICK): a cash-rich melting ice cube
31:22 Entravision (EVC): broadcasting deregulation and Smadex
34:27 The one customer that could break the EVC thesis
37:20 Mistakes: RCI and CarParts.com (PRTS)
38:52 Advice for new investors: read, then be patient
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