Investment Q&A

50% across four stocks is quite concentrated. Even in a 'run of the mill'  correction, a 20% drawdown in each of those names would not be unimaginable.  Every investor is different, so we can't really say what weighting makes sense. Overall, we try to target a level that if the name 'works' it will materially contirbute to the ovrall portfolio but if it doesn't work, the portfolio lives to see another day. For us, this tends to be a 2.5% to 5% starting weighting range, but again, is different for everyone. Letting winners run a bit is fine but we would not want to get too complacent. We have pretty high confidence in these four securities, so could easily see 5%+ for aggressive investors. But we would also note that in a 2022 type of correction there likely would not be much diversity here--they would all likely take very big hits at the same time so total exposure management is also important.