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Investment Philosophy, page 3
Page 1 | Page 2 | Page 3

After a point, diversification adds little value ...

  • We don't over diversify and dilute performance.
  • Average portfolio has approximately 30 positions.
  • Portfolio returns decline and revert to mediocrity as more securities are added.
  • We optimally diversify in 30 positions or less, and consistently generate less volatility than the market with over 2,000 diverse securities.