Small caps are finally having their moment — and according to
Greg Dean, Founder & Lead Investor at Langdon Equity
Partners, the opportunity set may be bigger than most investors
realize. In this episode of In the Money with Amber Kanwar, Greg
explains why he focuses exclusively on global small-cap companies
and how he searches the world for businesses that can potentially
double over the next 3–5 years. He shares the disciplined
framework behind his strategy, why he avoids highly leveraged
businesses, and why volatility and market stress often create the
best entry points for long-term investors.
The conversation also dives into the big debate around software
valuations and how the market is reassessing the long-term value
of many tech companies. Greg walks through his view on the
selloff in enterprise software and discusses what investors may
be missing about durable software franchises. The discussion
includes Constellation Software (CSU.TO) and why its
acquisition-driven model and disciplined capital allocation have
made it one of the most resilient compounders in the market.
In the Mailbag, Greg weighs in on a wide range of stocks across
sectors. He shares his perspective on TerraVest Industries
(TVK.TO) and why its acquisition-driven model has created
significant value but now trades at a premium. He discusses
retailer Group Dynamite (GRGD.TO), a Canadian success story with
strong same-store sales growth but a valuation that reflects much
of the optimism. Greg also breaks down why he likes A&W Food
Services (AW.TO) as a capital-light restaurant and royalty
business with an attractive yield and steady growth. The
conversation also touches on U.S. insurance distributor Goosehead
Insurance (GSHD) and the debate around AI disruption, as well as
Canadian financial names EQB Inc. (EQB.TO) and Dominion Lending
Centres (DLCG.TO) and how the evolving mortgage and lending
landscape could shape their outlook.
For his Pro Picks, Greg highlights three high-conviction ideas he
believes have strong long-term upside. First is YETI Holdings
(YETI), where he sees a misunderstood brand expanding beyond
drinkware into bags, coolers and international markets. Next is
Royal Unibrew (RBREW.CO), a European beverage company producing
and distributing beer, soft drinks and other beverages across
several markets. Finally, he discusses Hypoport (HYQ.DE), a
German fintech platform that connects banks and brokers through
mortgage software and could see meaningful earnings growth as
housing volumes recover.
If the market rotation into smaller companies continues, Greg
believes the real opportunity may be in high-quality small caps
that investors have never heard of — but that could quietly
compound for years to come.
Timestamps
00:00 Trailer
02:25 Intro
05:20 Greg’s approach to investing & starting
Langdon
06:50 The merits of investing in global small-caps
08:10 How does he think about the current tensions?
10:50 Fund performance
13:40 What criteria is Greg looking for?
15:20 Thinking about software
18:00 CSU & the new terminal value of software
21:40 ITM Mailbag: Terravest Industries stock (TVK)
25:40 Groupe Dynamite stock (GRGD)
30:50 A&W Food Services (AW)
34:30 Goosehead Insurance (GSHD)
42:00 EQB Inc (EQB)
46:00 Dominion Lending (DLCG)
49:30 Greg’s Pro Picks (YETI, RBREW, HYG)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. For more
information on ATB Cormark Capital Markets visit
https://ATB.com/inthemoney for more information
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions. In this episode we discuss
Constellation Software which is a stock Amber owns.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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