The essence of effective portfolio construction is the use of a large number of poorly correlated assets.
To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one's information is adequate, strikes me as a travesty of investment policy.
A large number of us have developed a feeling that architects tend to design houses for the approval of fellow architects and critics, not for the tenants.
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