We want exactly 100% of the companies to be excellent, to be the best representatives of the most promising industries. We have no time for non-excellent companies, in the name of diversity or anything else. So what am I saying? Am I anti-diversification? Well, no, not specifically. I am anti-dilution, and that is what many people tend to do in the name of diversification of assets. I am also perfectly comfortable with people who know a great deal about a specific industry to concentrate their investments within the best companies of that sector. The key factor is the level of knowledge, not the level of concentration. Bill Mann
April 24, 2000, fool.com