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
At first I thought "Buffett would just be doing whatever presented the best profit opportunity of the day" but then I realized that he didn't do any PE deals in the 80s... Someone has probably asked him this question, maybe worth a search...
