Size is physics

This one is not opinion, it is arithmetic. For a stock to 100x, the whole company has to get 100 times more valuable. A 2 billion dollar company becoming a 200 billion dollar company is a story we have seen many times. A 200 billion dollar company becoming a 20 trillion dollar company is larger than any company that has ever existed. The math simply runs out of room.

This is why the truly enormous winners are almost always found small. By the time a great business is a household name on the front page, the easy multiples are already in someone else's pocket. The hunt for the next one therefore lives where the giants cannot: in the small and micro-cap world, the under-followed names most investors never scroll far enough to see.

It cuts both ways. There is also a floor, below which "cheap and disruptive" is just a lottery ticket with no real business under it. The sweet spot is the band in between: big enough to be a real, surviving company, small enough that growing up many times over is still physically possible. That band is exactly where we hunt.