It's most important for us to have a strong understanding of the...

It's most important for us to have a strong understanding of the business, competitors and what the company is worth. Still good to know what the brokers are telling their clients, who will be the ones we can slowly offload our shares to down the track when they arrive much later to the party.

Retail holders are often the first to discover multi baggers in small caps. Then come the fund managers and institutional buyers when it gets big enough and there is enough liquidity for them to buy in. Then come the rest of the retail masses.