Excellent analysis as per usual @crypto-investor I definitely agree with your views about capital limitations. As the level of capital rises, it gets much harder to produce higher level of returns. From reading a interview with Warren Buffet a few years ago, I remember him saying that it's quite possible to earn 50% a year if you're a smaller investor. However, it's nearly impossible to do that with Bershire Hathaway's current size. Likewise, it should be more difficult for larger companies, mutual funds, trading bots, etc. to earn higher returns as they grow in size.