How can the performance of a single entity like Berkshire Hathaway invalidate a general structural constraint related to the scale of assets under management? Specific factors unique to this conglomerate, such as the ability to acquire entire companies, are controllable and do not apply to the majority of fund managers. For most, increasing assets under management effectively reduces the number of significant investment opportunities, making it more complex to achieve a sustained alpha. It is essential to exercise discipline and not confuse an exceptional case with a universally applicable norm, especially for our capital preservation mandates.