MI241: The Acquirer’s Multiple Strategy w/ Tobias Carlisle
The Intrinsic Value Podcast - The Investor’s Podcast Network
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Is There an Optimum Number That We Shouldn't Buy?
There's a lot of research on this. The more concentrated you are, the more volatile your portfolio. At 30, you get comparable performance with slightly less volatility. So the optimal is somewhere between 20 and 30. If you don't feel comfortable putting 5% into the ugliest name in the list, which is sort of the way that I think about it a little bit, make it 30.
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