### Comment:
Larger AUM actually impairs returns when you get to moderate size due to moving the market. It's much easier to find small inefficiencies than large inefficiencies. 
  
 The best hedge funds (Renaissance for example) close their funds to outside capital since they are unable to generate alpha with additional capital.

### REPLY:
In terms of impact to the market, $1 million is the same as $10k. You can make the same types of trades with both accounts and not affect things too much.

### END.