The whole thing about Buffett hitting huge returns with low AUM is missing the point - he wouldn’t be in Equities, he’d be doing weird, special sits-y real estate deals in small markets
There's a good munger quote that goes something like this: "Why did you or do you not do real estate" "Too many people understand it too well and you have to compete with Jews, Chinese, and Indians are not only smart and hard-working but have a predilection towards the asset."
