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Chris Cerrone - A Simple, Quality Discussion
The Business Brew
Importance of Concentrating Capital in Exceptional Businesses
The key insight is that exceptional businesses with durable competitive advantages are rare and should be held tightly in the portfolio. It is important to concentrate capital in a few truly exceptional businesses and have the sense to leave them alone. However, burying these exceptional businesses in a portfolio of less exceptional ones and trimming them as they grow larger prevents them from making a significant impact. The speaker suggests that the rarity of exceptional businesses should be acknowledged by concentrating capital in them, rather than dispersing it over a large number of less exceptional businesses.
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