A portfolio size of $1 million or less and.Okay, so the first two criteria for earning 50% annual returns are: So Buffett has to forego the 50% growers and settle for capital-intensive slower growers that can absorb the investment capital he needs to throw at them. It’s not that Buffett can’t find great small-cap stocks, but that these stocks can’t absorb the large amount of capital that Berkshire needs to deploy in order to “ move the needle” on Berkshire’s overall performance. Most of the time, big sums are one hell of an anchor.” He made a similar comment about size a decade later in 2009: “With tiny sums to invest, it’s extraordinary what you can find. But you can’t compound $100 million or $1 billion at anything remotely like that rate. I think I could make you 50% a year on $1 million. It’s a huge structural advantage not to have a lot of money. The highest rates of return I’ve ever achieved were in the 1950s. If I had $10,000 to invest, I would focus on smaller companies because there would be a greater chance that something was overlooked in that arena. Back in 1999, Buffett was quoted as saying the following: The larger the pot of money to invest, the worse off investment returns will be. It’s not because he’s old it’s because the size of his portfolio is so huge.Īccording to Warren Buffett’s 2017 shareholder letter, Berkshire Hathaway’s (NYSE: BRK-A, BRK-B) investment portfolio of publicly held common stocks has a market value totaling more than $170 billion! Buffett bemoans the fact that he can no longer buy the high-growth, small-cap stocks that produced such stellar investment returns for Berkshire in its early years. You see, Buffett himself admits that, while he aims to beat the S&P 500 by several percentage points per year on average, he can’t outperform the market by as much as he used to. He recently received the ARCF’s 2017 Forest Bird Lifetime Scientific Achievement Award.Small investors can beat Warren Buffett at investing and earn 50% annual returns based on Buffett’s own investment principles. He serves on the editorial board for the Journal of Aerosol Medicine and Pulmonary Drug Delivery and Inhalation. Fink has authored 3 textbooks and >120 chapters and peer reviewed papers. Jim is a Registered Respiratory Therapist and Neonatal Pediatric Specialist, with a PhD in Pharmaceutical Innovation from Bradford University, UK and a Fellow of both the American Association of Respiratory Care (FAARC) and the College of Chest Physicians (FCCP). Fink led the development and implementation of aerosol devices for administration of inhaled measles vaccines in mass campaigns in developing countries and has been active in design development of liquid breath actuated insulin inhaler as well as systems for surfactant delivery to low birth weight infants, with multiple US and international patents. Jim has developed high efficiency liquid aerosol delivery systems for infants and adults, including administration of Surfactant to preterm infants and Amikacin to adults both on and off mechanical ventilation.ĭr. A respiratory care clinician, supervisor, manager, educator and researcher for 45+ years with the past 25 years dedicated to understanding aerosol device/patient interface and design in both critical care and ambulatory settings. Fink is an Adjunct Professor of Respiratory Therapy at Rush Medical School, Chicago, Texas State University and Visiting Professor, Department of Physical therapy, Universidade Federal de Pernambuco, Recife, Pernambuco, Brazil (CNPq 400801/2013-2). Chief Science Officer Aerogen Pharma CorporationĬurrently serves as Chief Scientific Officer for Aerogen Pharma Corporation in San Mateo, CA and Senior Fellow of Aerosol Device Development for Dance Biopharm in Brisbane, CA.
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