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.

我們認(rèn)為，當(dāng)你用較少的資金投資時(shí)，可投資的機(jī)會(huì)更多。我的意思是，據(jù)我多年來(lái)的觀(guān)察，股票盤(pán)子越小，關(guān)注的人越少，市場(chǎng)無(wú)效的機(jī)會(huì)越多。一個(gè)月買(mǎi)10萬(wàn)股票的人，比一個(gè)月買(mǎi)1億股票的人，機(jī)會(huì)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.

我只是不再看小盤(pán)股了，有時(shí)人們會(huì)給我寄年報(bào)，或者收到管理層的來(lái)信，告訴我說(shuō)，他那兒有很棒的公司。我通常會(huì)提前看規(guī)模，如果規(guī)模不大，我就不看了，因?yàn)闆](méi)有時(shí)間去看各種小機(jī)會(huì)。

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.

不過(guò)，我真的認(rèn)為，如果你的資金很小，你就總能找到非常明顯的市場(chǎng)無(wú)效的機(jī)會(huì)。我曾經(jīng)說(shuō)過(guò)，我剛開(kāi)始投資的時(shí)候，翻閱了所有的穆迪手冊(cè)和標(biāo)準(zhǔn)普爾手冊(cè)，大概有兩萬(wàn)頁(yè)厚，很多機(jī)會(huì)就這樣出現(xiàn)了。它們中沒(méi)有一個(gè)在券商研報(bào)中被提到，它們只是被忽略了。你現(xiàn)在還能找到這種投資機(jī)會(huì)，但沒(méi)有人能告訴你這種機(jī)會(huì)在哪。

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