Warren buffet study: level of conviction of businesses you own in a portfolio
Nepsis focuses on 20-40
Risk is spread due to the allocation
if you have tons of positions; your portfolio is not efficient
too risky in certain areas, underweighted
Portfolios are inefficient
Wealth managers are not money managers: when you pick ETFs and Mutual Funds you are not a money manager
makes the actual decision of the businesses owned
The more clarity an investor has in where their money is actually invested the better
Turn key Asset management platforms have become big in the financial services firm
allows fee based advisors to outsource money management
What is the criteria being used from one portfolio manager to another?
they end up moving the money from (for example) warren buffet to the S&P without knowing the risks
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March 20, 2019