Very interesting article. My experience with small caps, always trying to find a reason to back each one of course, is similar. A few go bust (Meldex, AT Comms for example); a lot chug on with hope (Hydro Intl, LPA, DRS, Indigovision); some are blue sky, hope springs eternal (Aminex, Ceramic Fuel Cells, Lombard Medical); and some multibag, more than making up for the rest (Immunodiagnostic, Tullow, Gooch&Housego).
BTW, a small-cap index is a nonesense IMO, because there is little continuity with the worst going bust and the best soon ceasing to be small-cap.
But what fun it all is. And supporting Great Britain limited too!
[All companies mentioned above are (or were) held by me, along with many others and no advice or recommendation is intended.]