集中投资，还是分散投资？ | 猫猫看市

Core Viewpoint - The article discusses the ongoing debate between concentrated and diversified investment strategies, emphasizing that true concentrated investment is often misunderstood by many investors [1][2]. Group 1: Understanding Concentrated Investment - True concentrated investment is a method used by rational investors, who view both concentrated and diversified investments as tools to achieve stable high returns without a clear distinction of good or bad [3]. - Rational investors typically start with diversified investments due to limited knowledge and gradually move towards concentrated investments as their understanding of the market improves [4][5]. - Over-diversification is seen as a preliminary stage for rational investors, who eventually recognize the subtle differences between companies and stocks, leading them to prefer concentrated investments [4][5]. Group 2: Differences in Investment Approaches - Rational concentrated investors possess the knowledge and ability to diversify but choose not to, while diversified investors lack the sharp insight required for concentrated investment [5]. - The article distinguishes between rational concentrated investment and gambling-style concentrated investment, where the latter often involves hasty decisions based on limited research or external advice [6][7]. - Rational concentrated investment is characterized by a long-term evolution of understanding and thoughtful decision-making, contrasting sharply with the impulsive nature of gambling-style concentrated investment [7][8].