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The average fund manager likely has no clue how an investment will work out, so Nick states that they over diversify for marketing purposes. The problem with this approach to having a concentrated portfolio is that you don't know the true probability that an investment actually works out. In 2006, one sixth of assets were invested in Amazon from the Nomad fund as they had high conviction that it would be a strong out performer. Just like how many of the world's wealthiest people got rich off one company think of Jeff Bezos, Warren Buffett, Bill Gates.
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