The speaker, Warren Buffett, states that if he had $1 million and was starting his investing career, he would focus on in-depth research of small companies, similar to how he studied railroad companies in his early days. He believes this method would allow him to achieve a 50% annual return, emphasizing the importance of being passionate about the subject rather than solely driven by the potential profit.

• The speaker, Warren Buffett, would prioritize deep research into undervalued companies, specifically referencing his experience with the Moody Transportation Manual.
• He highlights the importance of finding and investing in overlooked small businesses, emphasizing a passion for the subject matter and a willingness to dig deep, potentially yielding high returns.