ADN pre-DFS target of $0.26 to $0.35, page-81

I've worked towards a better diversified portfolio. Currently diversified into 4 speculative holdings (although MSB is not really that speculative). 2 holdings are substantial due to growth and the other 2 are smaller.

My opinion is they are all 5 to 10 baggers in 12-24 months, although one of them could do much more than that.

So my general aim is to diversify across a number of multi-baggers.

At some point I may take on early positions in others.

One way to look at it is to think about probability of success of each of your holdings to achieve your personal goals and choose position size accordingly. To do that you need to look at what management is doing and determine probability they will deliver on their objectives without excessively diluting shareholders. You also need to look at market sentiment, peers and so on. Make sure market fundamentals for the business your investments are in is strong.

You don't want to be too heavily invested in segments where commodity prices are in a slump.

For biotechs you need to look at market growth of the therapeutic areas the companies are focused on.