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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (9100)12/2/1999 5:21:00 PM
From: Bob Rudd   of 78702
 
Paul: I'm very much with you on the need for diversification. No matter how carefully we analyze a co and talk to well-informed buds on the boards, there's lot's of room for error. Companies get blind-sided by events all the time and we're an order of magnitude further removed from company level understanding of the situation. You often tagline your comments with a line about having been wrong in the past. That applies to all of us and is something we should all remind ourselves of occasionally. An excessively large bet on any one position speaks of overconfidence that, if misplaced, would leave one unable to recover for quite awhile.
That said, I would agree with Buffett that focusing on a limited number of companies and getting to know them well is a good approach.
bob
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