 Good day, fellow investors. In a 1999 business week interview, Warren Buffett said the following. If I was running 1 million today, or 10 million for that matter, I'd be fully invested. Anyone who says that size does not hurt investment performance is selling. The highest rate of return I've ever achieved were in the 1950s. I killed the Dow. You have to see the numbers. But I was investing peanuts then. It's a huge structural advantage not to have a lot of money. I think I could make you 50% a year on 1 million. No, I know I could. I guarantee that. So Buffett says that he guarantees on less than a million or a million 50% per year. So what do we have to do? Let's see. The main issue he says is size. So if you have a lot of money, you need to look at big companies. And big companies are followed by thousands of analysts, thousands of people. Everybody knows everything about Apple, about Facebook, about whatever. So you have to look at small companies. And those small companies, there are just a few analysts or no analysts watching the company. And if you really dedicate yourself on small caps, 50% per year should be very, very easy. A great example is this article from 1951 from Warren Buffett, The Security I Like Best. In this article, he described Gaiko, the insurance company, and why he really loved the company. He invested, I think it was the biggest part of his portfolio in Gaiko and made huge, huge returns. So this was 1951. For Buffett to research the company, he had to go there and really dig into what's going on. Today, everything is online. You can get annual reports on companies all over the world. So the only thing you have to do is sit down, read, read, read, read, read, read, read. And somewhere, you will find a gem that's worth investing in. But you have to be very, very selective about that. And another rule that Buffett promotes is the 20 punch card investing life rule. The 20 punch card investing rule tells you that over a lifetime, you should not do more than 20 investments. Imagine that you dedicate yourself to investing. You do 10 hours of research a day. And you are allowed to invest only 20 times in your lifetime. This means just once in every two years practically. And every time you invest something, you punch one hole. When you're 20, you're done. Would you be much more careful about your investments than you are now? I suppose so. So really what he wants to say with the 20 punch card rule is that you really should take care about where you invest. You should know everything about the company, about the sector, about the competition, about whatever can happen. And only then you invest. So you're practically de-risking the investment by knowing everything. Risk is not volatility. Risk is not the stock market. Risk is just knowledge. The more knowledge you have, the less risky is investing. So the more you know about something, the more you can rationally assess it, the lower is the risk. And I really think that 50% per year can really be made. However, you just have to apply yourself. And as most investors have less than a million to invest, really, really, who is attracted by this should really learn how to reach 50% per year. Do you think it's possible? Let me know in the comments. Thank you for watching and I'll see you in the next video.