Rule: Absolutes for small numbers. Percentages for big numbers.

Every year, you’ll hear about some small economy or tiny small-cap corner posting “+40% growth” or “+80% gains,” and it’s one of the easiest rabbit holes to get lost in.

Big percentages on small bases can be wildly misleading — they often say more about the starting point than the durability of the opportunity.

I remember doing research suggesting that, …