Course: Understanding and Assessing Small-Cap Boards

For investors, by investors

Transformative knowledge in just 50 minutes

In less than an hour you will become familiar with a variety of board related topics affecting your investments, and walk away with the tools needed to make better decisions for your portfolio.

The course includes interviews with Ian Cassel (Intelligent Fanatics Capital Management, MicroCapClub) and Connor Haley (Alta Fox Capital Management), and is hosted by Adam J. Epstein who wrote the proverbial book on small-cap boards.

“This video contains so much sound, practical advice, not only for investors, but also for boards and executives.  And unlike what companies often hear from their lawyers, it doesn’t say what you shouldn’t do – it says what you should do and gives examples of what success looks like, with emphasis on how boards can be great resources to their companies.  By the way, this video should not be limited to small-caps; it should be seen by ALL caps.”

Bob Lamm
Chair, Securities and Corporate Governance practice, Gunster
Senior Advisor, Deloitte Center for Board Effectiveness


“If you want to improve your investment process and performance then this video, presented by those who have been in the arena, is a must. This is the best material I have seen regarding the value creation impact potential of the board of directors. Small-Cap Institute provides clear and practical methods to assess the current state of a board and actionable steps and options for dealing with the results of this assessment. Highly recommended.”

Henry D. Wolfe
Chairman, DaVega & Wolfe Industries Inc.
Author, Governance Arbitrage


“Most tutorials on board governance and effectiveness are oriented towards S&P 500 companies.  SCI has provided a clear and comprehensive video resource specifically for the vast majority of corporations: small-cap.  The basics are supplemented by refreshingly candid analyses of small-cap governance -- both the good and the bad -- from serious investors based on what has impacted their own investments.”

Doug Chia
Founder, Soundboard Governance, LLC
Former Assistant General Counsel & Corporate Secretary, Johnson & Johnson


“One of the great disconnects in portfolio management is between the enormously important roles that boards of directors assume in the strategic direction of the companies that comprise our portfolios and the lack of formal education regarding the specifics of board composition, policy and operations. While our knowledge of these topics combines anecdotes, experience and observation, it rarely includes a comprehensive formal teaching — a void that SCI admirably works to fill with this tutorial.”

David Sable, MD
Portfolio Manager, Special Situations Funds
Adjunct Lecturer at Columbia University


Understanding and Assessing Small-Cap Boards offers investors sage advice that could have saved me a small fortune had it been available decades ago when I started investing in earnest. Small-caps offer exponential growth opportunities rarely available at large-caps. However, they are also riskier, without the same level of scrutiny by analysts and the press. The video includes advice any investor can use to assess if adequate monitoring by any specific board is likely to occur.”

James McRitchie
Publisher, Corporate Governance (


“A terrific primer for anyone who ever wondered whether corporate governance was important at small-cap companies.  (Spoiler alert: It is.)  Plus, there are scores of useful hints as to how to get a quick reading of the governance practices at smaller companies.”

Jon Lukomnik
Founder, Sinclair Capital
Author, Moving Beyond Modern Portfolio Theory


What this course covers


What boards should and definitely should not be doing


How to spot value-added boards vs. box-checkers


Moving from analysis to portfolio action items

About Small-Cap Institute

since 2017

We are CEOs, board members, institutional investors, and journalists. SCI provides an entirely new approach to help navigate uniquely small-cap challenges. For officers and directors, we offer a private membership community, free of charge.

 The only presentation of its kind

Small-cap investors asked us for this program because they see how focused the largest asset managers in the country are on boardrooms.  This program cuts right to the chase: what matters most to being smarter about governance risks/opportunities in your portfolio.