I just see them as a hobby, not something to put a lot of money into. Where I-Hubbers go wrong is putting huge sums into the riskiest junk out there. But there are plenty of relatively conservative smaller stocks, and many of these are already excellent long term performers (links below).
Don't forget what Peter Lynch was able to do with the Magellan Fund, which originally was composed of small caps, and eventually moved up to mid caps. Once he was forced into large caps, the fund's performance fell off. Of course Lynch wasn't your average investor, but with some research investors can also find great smaller companies -
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