The idea that the size of capital absolutely limits sustained alpha lacks nuance; it is not a binary concept but a matter of discipline and management.
Berkshire Hathaway, with its consistent performance over six decades, illustrates that a large-scale entity can maintain significant growth despite its size.
The ability to generate high returns depends more on the quality of capital allocation decisions than on absolute volume.
For a Family Office, the important thing is to focus on controllable factors, such as a solid investment strategy and rigorous diversification, rather than on the market noise.
For example, well-executed strategic acquisitions or significant participations can generate value even with substantial capital.