Is It Really the Right Thing to Do When You're Running Other People's Money?

When you own six or eight names, one of the issues there is that every two, three years, pretty much like clockwork, I'd wake up and lose 20 or 30% of my net worth in a couple of days. So when we developed the strategy to take advantage of our principles, meaning buying good cheap businesses and shorting expensive ones,. We discovered that we can actually make more money having diversified portfolios. That was, A, it wouldn't degrade our own returns taking other money when we had hundreds of stocks on the long and short side. More diversity helped our returns because when you don't get what you expect, meaning you get aberrationally bad returns, sometimes that