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
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Disagree on the real estate. If he didn't do it back then when returns were way higher, he wouldn't be doing it now either.
But returns to stocks we're also higher then so this is the wrong way to think about it I think.
