There are certain drawbacks to running a big fund. It’s like a linebacker trying to survive on a diet of petits fours. He has to eat a considerable pile to get any nourishment out of them. A fund manager has the same predicament with shares. He can’t buy enough shares of a wonderful small company for it to make any difference to the performance of the fund. He has to buy shares in big companies, and even with big companies it takes months to amass a meaningful quantity and more months to unload it.
