A Practical Guide to Collecting Information on The Ground
When I first stepped into the investment world, I knew next to nothing about the giants of the industry. I was never a Buffett or Ben Franklin fangirl, not because I dismissed their wisdom, but because investing itself wasn’t what initially drew me in. I remember Googling which job would allow me to do what I loved—thinking, problem-solving, and working in an environment where I could dress up nicely (Not a joke). That was it. Financial analysis was the part that truly excited me—being able to decipher companies through numbers, and, eventually, seeing the world through the lens of businesses.
I was lucky to find my path early, guided by mentors who showed me the real value of the job. To this day, I still believe investing is the best job in the world—especially since I’ve molded it to fit my personality.
But here’s the thing: while I love traveling, what truly makes me recommit, even in moments of doubt or frustration (because yes, this life is far from easy), is the conviction that to be a great investor—to understand the potential and risks of a company—you have to understand its reality.
For years, I tried to convince myself I could achieve that based solely on broker reports and annual filings, just like most investors do. But truthfully? It was dull. And more importantly, it didn’t feel right.
Discovering the Power of Ground Research
When I first looked into on-the-ground intelligence—scuttlebutt—I struggled to find practical techniques beyond The Sleuth Investor. That’s one of the reasons I launched the Investing World Tour—to uncover these methods, to meet investors who prioritize field research. But I quickly realized: the information available was never quite enough. It never matched my vision.
That’s when I turned to intelligence techniques—the science of spies. While I’m still far from mastering them and only at the beginning of my learning curve, I wanted to share a glimpse of the practical methods I use to collect information.
Before diving in, let’s clarify something: I’m not talking about insider or private information. One of the key skills in this job is identifying people who can offer valuable, leverageable insights—ones that are legal and ethical, yet often overlooked.
The Four Types of Information Gathering
Type 1: The Missing Piece
This is when you’ve already spent days, maybe months, analyzing a company, but there’s one key detail missing—one piece of the puzzle.
Sometimes, it’s straightforward. You devise a plan, set up structured interviews, run consumer surveys, or tap into investor networks.
Other times, it’s excruciatingly difficult. Either because the people who hold that crucial information are rare or inaccessible, or because your framing of the problem is flawed. Sometimes, the question itself is biased, preventing you from grasping the bigger picture. You think you need this one piece, but in reality, it’s made up of multiple sub-pieces you haven’t even considered.
Type 2: The Unknown Gaps
You’re deep in research, but something feels off. You suspect you’re missing key context—industry background, cultural nuances, or a deeper understanding of a specific segment.
This stage is where open-ended conversations matter. Meeting as many relevant people as possible—competitors, suppliers, customers—can give you clues to guide your next steps.
I won’t delve into this one further, as it’s the approach most investors already rely on.
If you’re interested in exploring it in more detail, here are some useful resources:
Most investors stop here. But I realized the most critical insights come from the next two approaches.
Type 3: The Unseen Truth
This is where it gets interesting. You don’t even know what you’re looking for, yet it’s essential to your investment case.
How do you find something you don’t know you need? You get lost—strategically.
That’s why traveling is so powerful. The world is full of signals, but you have to put yourself in the right environment to receive them. And yes, sometimes, it doesn’t work. Sometimes, you come back with little to nothing. This isn’t an exact science. It requires taking risks.
A few days ago, I wrote this in my journal:
"People ask why I travel to places without a specific goal, without a company to visit or a meeting lined up. But that’s the beauty of it. The magic is in not knowing what you’ll find. When you don’t search for something specific, you’re more open to the unexpected, to reality as it is—not as you assume it to be. You are unbiased.
Sitting at a café in Levent, Istanbul, I noticed people smoking indoors, even though it’s technically forbidden. When I asked why, someone said, ‘Since inflation hit, the rules are less strict. They just want people to consume.’ That was my first real, tangible clue about the impact of inflation on enforcement culture. I had never lived through hyperinflation. I hadn’t even thought to ask about it before coming to Türkiye.
If you want good answers, you need to ask good questions. But how can you ask the right questions if you’re always sitting at your desk?”
How do I, practically, collect these insights?
Have a clear purpose for being there—for instance, understanding Türkiye’s investment landscape or exploring specific opportunities.
Immerse yourself in everyday life, observing how people interact, what they buy, and how businesses function.
Take time to reflect on your findings, questioning assumptions and looking for patterns.
Engage with locals who can provide insights and firsthand knowledge.
Piece together the information, creating a mental map that helps connect the dots and reveal the bigger picture.
This approach isn’t just for countries—it applies to companies as well. Last year, I investigated an ESL (electronic shelf label) company without knowing exactly what information would determine if it was a strong player.
Here’s the method I followed:
Find a location where the company’s products are being used and observe them in action.
Watch how people interact with the product, paying attention to end consumers and how the labels are positioned in stores.
Speak with people on the ground, ask questions, and cross-check their answers.
Reflect on the insights gathered, questioning assumptions and looking for inconsistencies.
Compare findings with structured research methods (Type 1 & 2 information) to validate conclusions.
Over time, this process stops feeling like a deliberate effort and becomes second nature. Observing, analyzing, and scanning your environment turns into an instinct. You’ll find yourself taking small detours just to check—are the tags still in place? Do they function properly? How does this coffee shop compare to last time? Is it quieter? Are people still buying?
These everyday observations start feeding into your understanding, shaping a more intuitive approach to research.
Type 4: The Unexpected Puzzle Piece
The fourth type of information is the one you don’t realize you need—at least not yet. It flips the research process on its head, shifting from targeted searching to open-ended discovery. Instead of asking, Where can I find this missing piece?, you start wondering, How might this seemingly random information help build a case? It’s like stumbling upon a lost puzzle piece you didn’t even know was missing—one that might lead to an entirely new story. Not every puzzle is worth completing, but being open to collecting stray pieces can help fill gaps in others down the line.
How does this work in practice?
It starts with openness—openness to conversations, new topics, and unexpected observations. Paying attention to details that might initially seem irrelevant. While traveling, I realized that in order to receive, you have to give. Give your time, your attention, your energy. People are social beings, but what they crave most isn’t just conversation—it’s the feeling of being seen, of being heard, of knowing they matter.
Once I let go of the hesitation to engage with strangers, I started meeting people everywhere—on the street, at parties, in airport lounges. The world opened up in ways I hadn’t anticipated. Some of the most interesting insights came from the most unplanned encounters, the ones that happened simply because I was willing to start a conversation.
If you’re looking to create those opportunities, here are a few ways to plant the first seeds when you arrive somewhere new:
Stay in hostels—they are a goldmine for meeting people from all over the world. You don’t even need to share a room; common areas alone offer endless opportunities to connect. A few days ago, I found myself in a room with an Israeli, a British embassy nomad, a Hong Konger living in the UK, a Greek, and a Lithuanian. Within hours, we were deep in a discussion about the fate of our countries. That night, I made friends I’ll visit in places I hadn’t even thought of going. And no, hostels aren’t just for young travelers.
Tap into your existing network—comb through social media, reach out to mutual friends, and see if anyone can introduce you to someone local.
Use social apps—not just for dating. Apps like Tinder, Bumble, and other local networks are often used to meet new people.
Travel alone—it makes you far more approachable and open to new interactions.
Say yes—to invitations, to detours, to unexpected opportunities.
Be kind, be curious, be funny, and smile. Be the type of person that people want to spend time with. You’d be surprised how much that changes the dynamic of every interaction.
Last but not least, nurture your relationships. Relationships, like investments, need nurturing. A quick message to check in, a small gesture of kindness, a simple act of listening—these things matter. Over time, networks compound just like capital, and in my view, that’s the most valuable compounding effect of all. Everything in this business, at its core, revolves around people.
Then, all you have to do is let the information settle in your mind. Trust that when the time comes, it will resurface naturally. Sometimes, an idea will spark unexpectedly—maybe after a conversation about shipping or the future of Argentina. When that happens, reconnect with the people who shared those insights. Reach out, revisit the discussion, and see where it leads you next.
I explore the depth of human interactions more in the HUMINT section below.
Diving Deeper: Borrowing Techniques from Intelligence
To push my research further, I began exploring techniques from other fields, particularly intelligence gathering.
I’ll share with you two methods that stood out:
OSINT (Open Source Intelligence)
The internet, as most people use it, is just the tip of the iceberg—only about 2% to 7% of the total data available online. OSINT is the practice of gathering intelligence from publicly available but often overlooked sources across the deep web.
While I don’t use OSINT extensively for long-term investment cases, I do find it invaluable for risk assessment—background checks on CEOs, investigating subsidiaries that seem suspicious, or validating concerns about fraud. For instance, I relied heavily on OSINT while researching the SPinjam arm of Sea Ltd., uncovering details that weren’t immediately obvious in standard filings. It’s particularly useful when evaluating short opportunities, where detecting hidden red flags early can make all the difference.
Since this field evolves rapidly, staying updated with the latest tools and techniques is essential. There are many free resources available for those who want to explore further. If you’re curious about incorporating OSINT into your research process, I highly recommend exploring these:
HUMINT: The Art of Gathering Intelligence Through People
Human Intelligence (HUMINT) is about collecting valuable information through conversations, observations, and relationship-building. Unlike OSINT, which focuses on digital traces, HUMINT relies on direct interactions to uncover insights that would never be found in documents or data alone.
Here are some key techniques, drawn from intelligence practices—including those used by the CIA:
WAIT (Why Am I Talking?) – A simple but powerful reminder to listen more than you speak. There’s even an extended version: WAIST (Why Am I Still Talking?). The less you interrupt, the more people will reveal.
Empathy is key – Speak in accessible language, ask follow-up questions, and rephrase what you’ve heard to confirm understanding. Engage fully in the conversation, showing genuine interest.
It’s not just about extracting information – The goal isn’t to interrogate but to build relationships. Understanding the person’s experiences, motivations, and challenges adds depth to the information they share. Ethics matter—people aren’t just sources; they are individuals with their own perspectives and concerns.
Detecting deception – Pay attention to inconsistencies, both in words and behavior. Non-verbal cues—hesitations, changes in tone, shifts in body language—can signal when something isn’t adding up.
Check your own biases – Be aware of how your preconceived notions might influence the way you interpret what you hear.
Apply levels of confidence to conclusions – Not all information carries the same weight. Always consider the reliability of the source and cross-check where possible.
The real key to effective HUMINT is the continuous loop between analysis and on-the-ground experience—you refine your perspective as you gather new insights, adjusting and reassessing
Is It Worth the Time and Effort?
Some might ask, What’s the return on investment for all this work?
First, I think the industry often forgets that the essence of our job is to gather the right information—or at the very least, filter out the wrong ones—and make informed decisions about the right companies. We operate in an era of information overload, one that will only become more efficient with AI. The only real edge left is in accessing insights that aren’t readily available online. We don’t need 50 stocks; we just need a few that can compound over time. And conviction matters. When you’ve done the deep work, you’re far less likely to panic-sell when the market dips.
Second, setting aside the monetary return, this is something I genuinely love doing. I would do it even if it weren’t monetizable. So why not keep doing what makes me happy?
Third, the cost of doing this research myself is significantly lower than paying $1,000 an hour for an expert who might not even provide a missing piece to my puzzle. Walking the streets, talking to people, and gathering insights firsthand costs next to nothing—except for the travel. But when traveling is an integral part of your life rather than an expensive extra, it’s essentially free.
This has been a long deep dive into a niche subject, but for the curious minds out there, I hope it’s been useful.
If you’re looking for deeper, more tailored insights beyond what’s publicly available, I offer personalized intelligence and information-gathering services. Whether you want to refine your research approach, uncover unique investment angles, or gain access to on-the-ground insights, let’s connect. Feel free to reach out at marie.boye@influidence.com to explore how I can help!
Influidence | Email: marie.boye@influidence.com | Website: https://www.influidence.com. This report is intended for the exclusive use of Influidence’s clients. It is for informational purposes only and does not constitute financial advice.© 2024 Influidence. All rights reserved. Report Date: February 2025
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