The Board Member Trick with Tim Heitman, Full-time MicroCap Investor

In this episode of the Planet MicroCap Podcast, I spoke with Tim Heitman - full-time private investor, MicroCap Club member, and longtime Dallas Stars team photographer - for a wide-ranging conversation that started at the World Cup and ended up deep in the weeds of microcap due diligence.

We break down how his time at Fidelity during the Lynch era and later at David Tice’s Behind the Numbers shaped a simple but durable framework: understand the business first, the numbers take care of themselves. We get into his approach to management interviews - including why he tells CEOs to treat him like a new board member, how he uses Claude to grade his own interview performance, and why asking the jerk question is sometimes the most important thing you can do.

We also cover why obsessing over models is the most common mistake smart new investors make, and what sports photography taught him about controlling emotions under pressure. We mention several companies during this conversation, and Tim is a current shareholder in Mama Creations, Noble Romans, and Innovative Foods.

For more information about Tim and Investing 501 Newsletter, please visit: https://investing501.substack.com/

Chapters:

00:00 Introduction and guest background

39:28 The Role of Management Changes and Management Quality

40:36 Case Study: Mama Creations and Management Turnarounds

41:42 Assessing Management Genuineness and Track Record

43:10 The Importance of Asking Hard Questions

44:28 Using AI to Prepare for Management Calls

45:50 Techniques from Negotiation Expert Chris Voss