In general, large companies have a lot more data around them, a lot more coverage from analysts and journalists and the like, and generally have a lot more eyes

In general, large companies have a lot more data around them, a lot more coverage from analysts and journalists and the like, and generally have a lot more eyes on them. These companies are a lot more efficiently priced. You can do the legwork yourself- getting on management calls, reading industry news, poring over the financial statements to find strength or weakness that are not widely known. So lets say you are a 10 billion dollar fund. You do your research and find that there is a small $100 million dollar company that doesn't have much debt, is growing rapidly, and the management seems good and there are good tailwinds for the industry as whole. You have 100x the deployable capital than the company's market capitalization. Even if the stock price doubles or triples in price, your potential upside for the firm as whole is a relative drop in the bucket. You can't deploy more than a few million into this company without moving the market. For a large fund, it isn't worth wasting time chasing these small opportunities. In fact, "scaling" is a hard problem in funds. Hence, there is actually a lot of opportunity out there for small scale investors who are willing to look under rocks that bigger guys don't see enough potential opportunity in.