Field Notes

Building a coverage universe that can be mapped

The quality of a momentum map rises or falls with the universe definition. A list that mixes micro-float curiosities with liquid mid-small names will produce rankings that look precise and feel unusable.

Prefer a sharp boundary

Useful boundaries include a market-cap band, a sector family, or a client’s existing watchlist with known exclusions. “Interesting small caps in the region” is not a boundary; it is an invitation to argue about membership instead of momentum.

Size that still allows judgment

In practice, twenty to sixty names give enough comparative texture without burying caveats. Beyond that, we usually recommend splitting the work or accepting that annotations will be thinner.

Before you write to us

If you plan to request a briefing, send the list (or the rule that generates it) in the first message. Scope calls go faster, and the map arrives with fewer mid-stream surprises.