Part 5/10:
The investor pushes back strongly against conventional investment wisdom advocating diversification. He recounts his experience in building multiple profitable businesses, emphasizing that starting and growing successful enterprises involved concentrated effort and investment. For him, this concentrated approach—investing significant resources into a handful of ventures he understands deeply—has proven more effective.
He likens starting a business to investing: both require high commitment, focus, and expertise. Diversification, he argues, is appropriate for most, but not necessarily for those who possess the skill, knowledge, and confidence to concentrate their holdings.