HN is a testament to what happens when you make a thing for a very specific group of people and only them.

It sort of reminds me those companies you hear about every once in a while that say "No" to being sold in Wal-Mart. It seems crazy but there is value in passing on certain kinds of growth.

The only hiccup to this plan in HN's case is that the very specific community it is targeted to is itself growing and growing. So staying "small" might be impossible.