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.

如果我的資金量不大，能操作的空間比我現(xiàn)在要大得多。我（業(yè)績）最好的時期是在我1951年初遇到本杰明·格雷厄姆之后。從1950年底到接下來的10年，我的平均年化收益率大約50%，每年比道瓊斯指數(shù)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.

我當(dāng)時的投資總額非常非常少，所以我會對大量的公司做調(diào)研。顯然，隨著資金的增加，想法實(shí)現(xiàn)的空間開始急劇縮小。我認(rèn)為如果你資金量不大，有著我和查理一樣的背景、想法和能力，你可以賺很多錢。但是，一旦你的錢變成數(shù)百萬美元這種量級，你的預(yù)期收益曲線將急劇下降，這就是投資的本質(zhì)。

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.

我開始投資時，我一頁一頁的翻手冊，我看了每一家公司，但有些沒有仔細(xì)研究。但如果資金量有上億美元，這么做不現(xiàn)實(shí)。如果你的資金量不大，對公司很感興趣并且想做投資，你肯定會找到一些合適的公司。我覺得這個毫無疑問。相比于大額投資，小額投資有機(jī)會獲得更高的收益。