Andrew Page on small caps, AI & changing his mind on Bitcoin

Andrew Page (Founder, Strawman) is back to make the case for two of the market’s more volatile corners: Australian small caps and Bitcoin. He unpacks why overlooked companies can create outsized opportunities, how AI has transformed his research process, and why one painful lesson from Pro Medicus changed the way he thinks about holding great investments. Then, Andrew explains his remarkable reversal on Bitcoin and why it remains his highest-conviction position.

In this episode:

00:00 Introduction

03:55 Small Caps and Conviction

07:44 Finding Winning Investments

14:00 Building a Better Process

18:19 AI Changes Investing

23:41 Andrew’s Small-Cap Pick

29:44 Investing in the AI Boom

35:15 Why Adrad Could Reprice

38:36 Andrew’s Bitcoin Thesis

43:41 Bitcoin Versus Gold