if I were still young I wouldn't have a speculative portfolio, nor would I have a managed fund.
Use the years to your advantage - pick a small number of top quality small to medium sized companies that are making money and paying dividends - reinvest and wait - just wait. Keep up with the companies - talk to them, get to know them well. Build your networks. Replace them if the wheels fall off. Why do I say dividend paying companies? Because it displays a mindset that says they are going to look after the shareholders and when you pick a really good one - one that you stick with forever - you don't have to cash out of it to capitalize - nothing worse than picking a great winner and then having to sell the bugger - all you have to do is go hunting again - far better to have your cake and eat it too. Work out how much return you get from say 8% pa over 40 years - why go speculative? Slightly higher risk possibly - but speculative is really for mugs.
