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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (2460)	11/15/1997 1:34:00 PM
From: Michael Burry	of 78670

Great post, Paul. Those are exactly the practical problems of a concentrated portfolio. Academics don't always translate into practice, of course. Thanks for pointing that out. I've been running a very concentrated (4-6 stocks) portfolio, but now am moving to a 9-10 stock (goal) portfolio diversified across industries. By diversifyin across industries, I am still picking the best deal in each industry and therefore running a concentrated portfolio with less risk. But the practical problems that you mention are exactly what I deal with. In the vein of natural talents, could it be that person A's natural talent may be in a concentrated portfolio, person B's is in a diversified portfolio, and that's the way it should be for each to maximize his/her returns? "Know thyself and follow your talents," maybe? Good Investing, Mike

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