If I were working with a small amount of money, the universe would be huge compared to the universe of possible ideas I work with. My best period was from right after met Ben Graham in early 1951. From the end of 1950, through the next 10 years, actually returns average about 50% a year, and they were 37% better than the Dow per year or something like that.

如果我的资金量不大，能操作的空间比我现在要大得多。我（业绩）最好的时期是在我1951年初遇到本杰明·格雷厄姆之后。从1950年底到接下来的10年，我的平均年化收益率大约50%，每年比道琼斯指数高出37%左右。

I was working with a tiny tiny tiny amount of money, and so I would pour through volumes of businesses. And obviously as the money increased, the universe of possible ideas started shrinking dramatically. I think that if you& #39;re working with a small amount of money, with exactly the same background the Charlie and I have, and same ideas, same whatever ability we have, you can make very significant sums. But as soon as you start getting the money up into the millions, the curve on expectable results falls off just dramatically, but that& #39;s the nature of it.

我当时的投资总额非常非常少，所以我会对大量的公司做调研。显然，随着资金的增加，想法实现的空间开始急剧缩小。我认为如果你资金量不大，有着我和查理一样的背景、想法和能力，你可以赚很多钱。但是，一旦你的钱变成数百万美元这种量级，你的预期收益曲线将急剧下降，这就是投资的本质。

When I started, I went through the pages of the manuals page by page, and I actually looked at every business, but didn& #39;t look very hard at some. Well, that& #39;s not a practical way to invest tens or hundreds of millions of dollars. So I would say if you& #39;re working with a small sum of money, and you& #39;re really interested in the business and willing to do the work, you will find something. There& #39;s no question about it in my mind. You will find some things that promise very large returns compared to what we will be able to deliver with large sums of money.

我开始投资时，我一页一页的翻手册，我看了每一家公司，但有些没有仔细研究。但如果资金量有上亿美元，这么做不现实。如果你的资金量不大，对公司很感兴趣并且想做投资，你肯定会找到一些合适的公司。我觉得这个毫无疑问。相比于大额投资，小额投资有机会获得更高的收益。