ASX shares - in particular, ASX small cap shares - could be on a tear in 2026. In this second Small Cap Playbook episode on the Australian Investors Podcast, Owen Rask is joined by Luke Laretive and Ben Richards from Seneca Financial Solutions to unpack how professional small-cap investors actually generate ideas — and why selling discipline matters just as much as finding a winner. The conversation starts with where Seneca’s best ideas come from: deep company coverage, long-held watchlists, industry networks and the ability to spot optionality when the market is giving away upside for free. From there, Luke and Ben explain why cheap stocks are not enough on their own. What matters is the catalyst, the time frame, and whether the market can realistically re-rate the business before capital gets trapped. They also break down the structure of a good stock thesis: what the company does, why it is cheap, the catalyst, the risks, and the signals that would force an exit. Along the way, they explain how they test management quality through meetings, site visits and conversations with suppliers, customers and competitors, plus why portfolio construction is what protects you when not every idea works. If you want a sharper framework for researching ASX small caps in 2026, this episode is a practical lesson in catalysts, conviction, management assessment and knowing when to sell. Episode resources - Speak with the Rask Advice team: https://rask.au/advice - Ask a question (select the Investors podcast): https://bit.ly/R-quest - Subscribe to Seneca's newsletter: senecafs.com.au/subscribe - Find out more about Good Research here: goodresearch.com.au Show partner resources - ETF investor? Go beyond ordinary with Global X: View all funds https://www.globalxetfs.com.au - Visit TermPlus to learn more https://termplus.com.au/?utm_source=rask&utm_medium=podcast&utm_campaign=investors&utm_term=general&utm_content=youtube_description - Join Pearler using the code "RASKSWITCH" and get $32 of Pearler Credit: https://bit.ly/Pearler Rask resources - All services: https://bit.ly/R-services - Financial Planning: https://bit.ly/R-plan - Invest with us: https://bit.ly/R-invest - Access Show Notes: https://bit.ly/R-notes - Ask a question: https://bit.ly/R-quest - We love feedback! https://raskau.typeform.com/to/ZbfHy6IP Follow us on social media - Instagram: https://www.instagram.com/rask.invest - TikTok: https://www.tiktok.com/@rask.invest DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg