[Evan]

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Of course you're right. Anyone that suggests you're wrong is insane.

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yea that's what i thought. it's just that this guy has spent 25+ years in hedge funds and trading and i consider him smart, that gave me some second thoughts.

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Well, let's take his statement step by step. He said two things: (1) there's no evidence (2) there's no reason to believe it.

1: I have no idea if there's evidence. I'm not an academic researcher, so this really isn't something I would know.

2: There is absolutely reason to believe this. Very simply, you need fewer good ideas with 100 million than you do with 1 billion. A $1 billion portfolio is clearly going to bring in liquidity concerns when buying most securities. Not that it's proof, nor is it a reason to believe anything necessarily, but Buffett has made comments to the effect of promising he could return 50% on a million dollar portfolio. Obviously he doesn't do that on however many billions he has in his actual portfolio at Berkshire. The differences would obviously be less on the amounts you mentioned, but the same principles are going to hold true.