Most microcaps are not worth owning. Here's how to find the ones that are.

The thesis Kai built from two decades of operating and investing on both sides.

What we look for.

Product-market fit

Customers need it badly enough to keep paying for it — and tell others.

Culture of customer centricity

The company exists to serve customers, not become a meme stock. The best ones know the difference.

Honest and capable management

Do they communicate with candor? Do they raise the bar with every hire?

Builds for the long term

Are they optimizing for decades or quarters? The answer shows up in every decision they make.

Embraces creative destruction

The best microcaps don't protect the status quo — they disrupt it