My guests on the show today are Anthony Perala and James Hannack, research analysts at Punch & Associates. Anthony and James recently returned from a multi-city due diligence trip across Western Canada, and in this episode, they walk us through what they learned — not just about specific companies, but about the power of seeing businesses up close.

We talk about why in-person research still matters, especially in microcaps where management access, company culture, and operational visibility aren’t always obvious on paper or a Zoom screen. They share how walking factory floors, reading body language, and noticing office details can shape conviction and surface red flags in ways spreadsheets simply can’t.

Anthony and James also explain why Calgary and Vancouver are becoming regular stops on their research itinerary, how they prepare for and structure field visits, and how they filter insights once they’re back at the desk. We also cover common pitfalls, lessons learned, and what separates candid management teams from those just giving the “IR version” of the story.

If you’ve ever questioned whether boots-on-the-ground research still adds value in today’s data-rich environment — this episode makes a compelling case that it does.

For more information about Punch & Associates, please visit: https://punchinvest.com/

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