The bigger the fund the more challenging it is to keep finding honest alpha.
Quite true. In nature and in markets, a long enough run will exhaust even the most robust bulls. Or, to put it analytically instead of metaphorically, the potential for real economic gains has already been served by enough investment capital. Unlike two to five years ago, there simply do not appear to be major innovations on the cusp of winning market share that can justify high valuations based on future earnings.