Investing in a Trusted Fund or Manager

I don't believe broadly sharing or dispersing portfolio management responsibility is likely to lead to highly superior returns. It's common for portfolios to have rules stating that they can't invest more x % per manager or per fund. In my opinion, most portfolios are spread too thin. Only large positions can get you into trouble, it's equally true that only large positions can make a big contribution. Avoid common mistakes made by investors and investment committees. Hopefully this will help stamp out some of them.