Robertson’s competitive expansion involved risks, however. It forced him to diversify beyond his core strengths: There were too few opportunities in the U.S. equity markets to sustain a fund worth several billion dollars. Small-cap stocks, in particular, became virtually off limits: An analyst might identify a promising small company and figure that its value could double over three years, but if there was only $20 million worth of shares available to buy, it was hardly worth bothering with.
Same as Buffett - hard to keep finding ways to meaningfully grow such a large pool of capital
