33 Tips about Focus

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We think concentration is the key to big performance, but we also have no desire to have our year depend on one or two things working out, so we have...
One reason focused investing works is that you box yourself into what I think is a very positive corner. You force yourself into the position where...
We want to have enough good ideas at work that if we’re wrong or unlucky on one or two, we haven’t lost a significant amount of capital. It’s...
Having a broadly diversified portfolio is just a more prudent way to invest in small companies. The myriad of unexpected things that can happen, which...
We just don’t see the sense in putting money in our 30th-best idea. We do pay attention to end-market diversification, within our companies and...
Our flagship mutual fund today has 300 stocks. Buying things when they meet the valuation characteristics that have worked for us in the past is our...
We have fairly strict diversification rules so that we don’t get overexposed to any one sector or industry. We state those limits in absolute terms,...
Time is a precious resource and if you make it your task not to “miss” anything, you set yourself up for failure. There are too many opportunities...
We want each decision we make to have a meaningful impact on our results and to be rewarded when we’re right, so our portfolio is concentrated in...
Never give up. Almost nothing works the first time it's attempted. Just because what you're doing does not seem to be working, doesn't mean it won't...
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