Thanks for your article, its interesting for me to hear this view as I come from a typical concentrated, high conviction philosophy.
I wouldn't say that I am convinced that diversification is the way forward. I strongly believe in investing in your top 5/10 ideas (risk-rated), rather than trying to invest in 100 companies and beat the index slightly on average. Perhaps I am wrong, but I am curious about your perspective when you weigh the 2 strategies, because if I would want to diversify and protect my downside, wouldn't you just buy the index?
Thanks for your article, its interesting for me to hear this view as I come from a typical concentrated, high conviction philosophy.
I wouldn't say that I am convinced that diversification is the way forward. I strongly believe in investing in your top 5/10 ideas (risk-rated), rather than trying to invest in 100 companies and beat the index slightly on average. Perhaps I am wrong, but I am curious about your perspective when you weigh the 2 strategies, because if I would want to diversify and protect my downside, wouldn't you just buy the index?
Thanks for this write up, Michael. I learnt a lot about Gayner's philosophy.
It's interesting to see several superinvestors add to their MKL positions this year.
Thanks for the article! Strong overlaps with my (limited) view on the company.
What is your expectation on investment returns with MKL at current prices?