I think you make a really important point

I think you make a really important point. If you think about most investing businesses, the challenge of scaling is that you need to go to your next best idea. Imagine for example, that you are a long-only equity manager, and somebody gives you $100 million. You do a great job with it, and then the next year, instead of having a hundred million to invest, you've got more investors, and you've got a billion dollars to invest. So, you've got to go from building a portfolio with your top twenty best ideas to one with your top one hundred best ideas. And your one hundredth best idea probably isn't as good as your twentieth best idea. What this illustrates is that most investment businesses aren't scalable because, fundamentally, the investment strategy isn't scalable.

— from Expanding Your Range (Growth/Change/Education/Learning/Habit) · Holy Grail of Investing: The World's Greatest Investors Reveal Their Ultimate Strategies f

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