集中还是分散？

Group 1 - The core viewpoint emphasizes the shift from concentrated investment strategies to diversified portfolios, highlighting that diversification can mitigate risks associated with individual stock performance [1][2] - A diversified portfolio showcases the value of investment philosophy, framework, process, and discipline, which are crucial for long-term success [2] - Relying on a few stocks may yield success through luck or key insights, but managing a larger number of stocks (e.g., 50) requires a more systematic approach [3] Group 2 - Average fund managers managing a portfolio of 50 stocks are likely to achieve mediocre returns, while those managing only 5 stocks may outperform some exceptional managers [4] - Evaluating the excellence of an investment team should consider their ability to manage a diversified portfolio of over 50 stocks or their long-term performance exceeding the market [5] - True diversification must involve low correlation among assets; merely holding 50 stocks in a single sector or country does not constitute genuine diversification [7][8] Group 3 - The argument against relying solely on luck is reinforced by the notion that even in the face of global crises, a well-structured portfolio can mitigate risks, such as including short positions [9][10] - While luck plays a role in investment success, a strong investment philosophy aims to minimize its impact on outcomes [10]