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am I comfortable with a non-diversified portfolio of course I'm if you sake the mongers I care about the mongers the mongers have three stocks we got a block of birer we got a block of Costco we have a block of we lose fund and the rest is dribs and grabs so am I comfortable am I securely Rich you're damn right I am and could other people be just as comfortable as I am if didn't have a past portfolio with a lot of names in it many of whom neither they nor their understand or their advisers understand of course they'd be better off if they did what I did but and and is three stocks enough what are the chances that Costco is going to fail what are the chances that Berkshire hatway is going to fail what are the chances that leelu's portfolio and China's going to fail the chances any one of those things happening are almost zero the chance that all three of them are going to fail of course it's going that's one of the good ideas had had when I was young when I started investing my little ply savings as a lawyer I tried to figure out how much diversification I would need if I had a 10% Advantage every year who wor stocks generally I just worked it out I didn't have any form I just worked it out of my high school algebra and I realized Iz that if I was going to be there for 30 or 40 years I'd be about 99% sure to do just fine if I never own more than three stocks and my average holding period was 3 or four years and once i' done that with my little pencil I just I never I believe this baller Dash they teach about wide diversification and if you're diversification is for people who don't know anything Warren calls them know nothing investors if you're a no nothing investor of course use it on the average but if you're not a no if you're actually capable of figuring out something that will work better you're just hurting yourselves for looking for 50 when three will suffice hell one will suffice if you do it right one you have one CCH what else do you need in life and so the whole idea of that the know something investor needs a lot of diversification to think that we're paying these professors to teach this crap to our young and that people think they should be paid by telling us to diversify where it's right it's an idiot decision and where it's wrong you shouldn't be teaching what's wrong so it's what's going on in corporate finance teaching is that people are getting paid for dispensing boulder dash and since I never believed it it was a great help to me it helps if you're out in the market and the other people are believing boulder dash and you know what the hell is going on it's a big hell but so of course you don't want a lot if if your uncle Horus who has no children has a immense business which is immensely secure and powerful and he's going to leave it all to you if you come to work in the business you don't need any diversification you don't need any Corporate Finance professors you should go to work for alter Horus it's the same you only need one C and sometimes the market gives you the equivalent of an uncle horse and when it does step up to the pie cart with pie cart with a big pan pie carts like that don't come very often when they do you have to have the gumption and the determination to to seize the opportunity Surly I was lucky imagine learning that from from your dead great-grandfather
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