We assume that there are more opportunities as you work with smaller amounts of capital. I mean, over the years as l looked at things, clearly, you run into companies that are less, followed as you get smaller and there& #39;s more chances for inefficiency. Someone who buys $100,000 of stock in a month has a better chance than someone who buys $100 million of stock in a month.

我们认为，当你用较少的资金投资时，可投资的机会更多。我的意思是，据我多年来的观察，股票盘子越小，关注的人越少，市场无效的机会越多。一个月买10万股票的人，比一个月买1亿股票的人，机会更多。

I just don& #39;t look at that small-cap stocks any. Sometimes people send me annual reports or get letters from managers, and they say you know I& #39;ve got this wonderful thing. I would first look at the size, if the size isn& #39;t right and it isn& #39;t going to be virtually anytime, I don& #39;t look any further, because there& #39;s just no time to be looking at.

我只是不再看小盘股了，有时人们会给我寄年报，或者收到管理层的来信，告诉我说，他那儿有很棒的公司。我通常会提前看规模，如果规模不大，我就不看了，因为没有时间去看各种小机会。

But I do think if you& #39;re working with very small amounts of money, you& #39;ll always find very obvious market inefficiencies. I& #39;ve mentioned some people when I started out I actually went through all of the Moodies manuals and the standard points manuals. It& #39;s probably 20,000 pages. There were a lot of things that popped out and none of them were in any brokerage report, they were just plain overlooked. You could find out about them, but nobody was going to tell you about them.

不过，我真的认为，如果你的资金很小，你就总能找到非常明显的市场无效的机会。我曾经说过，我刚开始投资的时候，翻阅了所有的穆迪手册和标准普尔手册，大概有两万页厚，很多机会就这样出现了。它们中没有一个在券商研报中被提到，它们只是被忽略了。你现在还能找到这种投资机会，但没有人能告诉你这种机会在哪。

以上内容节选自巴菲特股东大会

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成