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.

我們認為，當你用較少的資金投資時，可投資的機會更多。我的意思是，據(jù)我多年來的觀察，股票盤子越小，關(guān)注的人越少，市場無效的機會越多。一個月買10萬股票的人，比一個月買1億股票的人，機會更多。

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.

我只是不再看小盤股了，有時人們會給我寄年報，或者收到管理層的來信，告訴我說，他那兒有很棒的公司。我通常會提前看規(guī)模，如果規(guī)模不大，我就不看了，因為沒有時間去看各種小機會。

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，我真的認為，如果你的資金很小，你就總能找到非常明顯的市場無效的機會。我曾經(jīng)說過，我剛開始投資的時候，翻閱了所有的穆迪手冊和標準普爾手冊，大概有兩萬頁厚，很多機會就這樣出現(xiàn)了。它們中沒有一個在券商研報中被提到，它們只是被忽略了。你現(xiàn)在還能找到這種投資機會，但沒有人能告訴你這種機會在哪。

以上內(nèi)容節(jié)選自巴菲特股東大會

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