"I don't look to jump over seven-foot bars. I look around for one-foot bars that I can step over."

I used to read that and nod. Now I actually invest that way.

PayPal trades at 8x earnings. It also just fired its second CEO in two years, guided for flat growth, and competes with every tech giant on the planet.

Can you clear that bar? Maybe.

But why would you, when the microcap universe is filled with owner-operated compounders growing 20%+ at similar valuations with almost no competition?

Just published a full breakdown of this thinking - and a teaser for next week's one-foot bar.