Oil & Gas, Mining, and Biotech are challenging industries for micro cap investors. Many investors (me included) are often blinded by the potential resource in the ground or drug that is in development. In many cases the key to stock price appreciation is managements ability to market the company and the stock while also attracting funding on favorable terms. These qualitative determinants of success means it’s usually much less painful to scale into these investments over time once management has proved their worth. In micro cap you bet on the jockey, just make sure they are the right jockey.