Eterno debate el de concentrar o diversificar. A raíz de unas palabras de @TTAR sobre su cartera concentrada me ha dado por reflexionar y, la verdad es que no he llegado a ninguna conclusión. Soy así de limitado. De modo que he recogido por la web unas cuantas citas de algunos ilustres (creo que hay un poco de todo pero tampoco he intentado ser ecuánime jeje) para después pedirles su opinión.
There is a close logical connection between the concept of a safety margin and the principle of diversification.
Benjamin Graham
Diversification is a protection against ignorance. It makes very little sense for those who know what they’re doing.
Warren Buffett
Diversification and all that stuff they’re teaching at business school today is probably the most misguided concept anywhere.
Druckenmiller
Once you attain competency, diversification is undesirable.
Gerald Loeb
Don’t buy too many different securities. Better to have only a few investments which can be watched.
Bernard Baruch
The more positions you have, the more average you are.
Bruce Berkowitz
You can’t make money with a diversified approach.
David Tepper
A well-diversified portfolio needs just four stocks.
Charlie Munger
Diversification covers up ignorance.
Bill Ackman
Diversification is something that stock brokers came up with to protect themselves, so they wouldn’t get sued for making bad investment choices for clients. Henry Ford never diversified, Bill Gates didn’t diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.
Jim Rogers
Here is part of the tradeoff with diversification. You must be diversified enough to survive bad times or bad luck so that skill and good process can have the chance to pay off over the long term.
Joel Greenblatt
Diversification is an established tenet of conservative investment.
Benjamin Graham
Diversification is an established tenet of conservative investment.
Benjamin Graham
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by glorifying the idea of diversification. Because I just think the whole concept is literally almost insane. It emphasizes feeling good about not having your investment results depart very much from average investment results. But why would you get on the bandwagon like that if somebody didn’t make you with a whip and a gun?
Charlie Munger
If you want to make a lot of money, resist diversification.
Jim Rogers
We’re non-diversified. We focus. Why not buy more of your best idea rather than your 60th best idea? How many companies can I really know well over time and focus on, on a daily basis?
Bruce Berkowitz
To suppose that safety-first consists in having a small gamble in a large number of different companies where I have no information to reach a good judgment, as compared with a substantial stake in a company where one’s information is adequate, strikes me as a travesty of investment policy.
John Maynard Keynes
In choosing a portfolio, investors should seek broad diversification, Further, they should understand that equities–and corporate bonds also–involve risk; that markets inevitably fluctuate; and their portfolio should be such that they are willing to ride out the bad as well as the good times.
Harry Markowitz
In my 45-year career as an investment counselor, humility did show me the need for worldwide diversification to reduce risk. That career did help me to become more and more humble because statistics showed that when I advised a client to buy one stock to replace another, about one-third of the time the client would have done better to ignore my advice. In other endeavors, humility about how little I know has encouraged me to listen more carefully and more wisely “
Sir John Templeton
As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven’t done enough research into any of their companies. If managers have 200 positions, do you think they know what’s going on at any one of those companies at this moment?
Bill Ackman
Diversify. In stocks and bonds, as in much else, there is safety in numbers.
Sir John Templeton
Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.
Ron Chernow
Don’t look for the needle in the haystack. Just buy the haystack.
John C. Bogle.
¿Concentrar o diversificar?
- Estoy aquí para ganar dinero y con un puñado de acciones es suficiente.
- Ni siquiera sé cuantas acciones tengo en cartera.
- Concentro en gestores (buenos hay cuatro contados) y que ellos diversifiquen lo que quieran.
- Diversifico en gestores (buenos hay cuatro y yo no voy a tener la suerte de encontrarlos) y que ellos diversifiquen lo que quieran.
- Soy un ciudadano del mundo que se indexa con un ETF/fondo indice global y se olvida de todo.
- Soy el verdadero ciudadano del mundo y me indexo pero también a RF, oro, inmobiliario…
- Dadme un depósito y quedaros con el resto.
- Todas las anteriores.
- Ninguna de las anteriores.
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