Puck,

We may at some point enable picking of microcaps (MicroCAPS?), but for now we're staying focused on the most consequential, liquid -- and in many cases, legitimate -- businesses in America. I understand that there are some fine companies worth less than $100 million traded on the public exchanges, and it does indeed sound like you've named a few. When we allow you to blog your stocks on your CAPS page (ooooops! wait! did I just give away one of our future features?!), you will be absolutely welcomed to write at length about your favorite companies, which sound like they're well-run small banks that receive little national recognition.

But there are also many ridiculous, fly-by-night, and/or dodgy microcap stocks, too. Were we at this stage to include them in CAPS, I fear that the tool would be used by those who like to ramp or manipulate penny stocks. It's the same thinking that has always kept Fool Community discussion boards focused on the same parameters -- and I think part of the reason we are considered the great online financial community that we are together is rooted in this decision to exclude discussion of rinky-dink stocks and thereby lose the interest of people who inhabit discussion boards to pump and dump them.

At this stage of CAPS, anyway, I think the service and most of those who use it are better served to focus on the thousands and thousands of stocks that do have market caps of $100 million and over. I am conscious that this decision will not be popular with every person. But I also believe that, take it all in all, it's in the best interests of CAPS to do it -- or at least start it -- as we are.

Having sat down to talk CAPS with two of the five SEC commissioners in the past three days, I can tell you that they were very positively encouraged by this aspect of CAPS (among others!). ;)

Please do understand that we may offer microcaps in CAPS in future, or a CAPS version tweaked for microcaps. Thank you for your very well-stated opinion on this subject. And I of course hope you'll greatly enjoy the things that CAPS is, even if you're tempted to decry something that CAPS is not.

Foolishly,

David Gardner