Extended Quote: "The know-nothing investor should practice diversification, but it is crazy if you are an expert. The goal of investment is to find situations where it is safe not to diversify. If you only put 20% into the opportunity of a life-time, you are not being rational."https://twitter.com/iancassel/status/1040733600642154497 …
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Yeah well...this is kind of bullshit. Suppose your once in a lifetime opportunity is an apartment building over the gas line that exploded. You're fucked. Also, Munger likes to boast that he only holds three things: 1. Costco 2. Berkshire 3. Li Lu partnership
It's not fair to view 2 or 3 as a single stock. They're effectively highly diversified.
