Club Conversation with Jeffrey Tory, 40 Years Investing in Canadian Microcaps

This discussion took place live on April 22nd, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - microcapclub.com/#join
Jeffrey Tory is the Chair of Pembroke Management, a Montreal-based firm founded in 1968 that specializes in Canadian and U.S. small and mid-cap growth companies. He joined Pembroke in 1987 after starting his career at Burns Fry, and in 2022, he launched the firm's microcap strategy aimed at helping rebuild the Canadian small-cap ecosystem.
In this episode, Jeff discusses the long decline of the Canadian small-cap market and what is beginning to shift, the interview style he uses to disarm management teams and test their understanding of capital allocation, and why dilution and debt are the most common causes of failed investments. He also walks through how he constructs his microcap portfolio, when to trim winners versus let them run, and the "natural speed limit" principle behind the companies that compound from micro to mid-cap.
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Chapters
00:00 The Journey of a Lifetime Investor
10:48 The Evolution of Canadian Markets
20:32 The Pembroke Experience and Growth Strategies
30:58 Micro Cap Investing: Philosophy and Approach
37:22 Navigating Investment Opportunities in Canada
39:57 Evaluating Business Growth and Management
42:52 Investment Sizing and Portfolio Management
45:14 Acquisition Strategies in Micro Cap Investments
51:26 Challenges in the Canadian Capital Markets
56:06 Building a Strong Small-Cap Ecosystem
58:12 Tools for Screening Micro Cap Stocks
01:02:09 Advice for Young Investors
01:04:30 Memorable Investments and Lessons Learned
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