Fair enough.
What is not clear to me is why, given the amount of research they do and their stock picking prowess, they don't choose say their 15 or 20 best picks and concentrate their portfolio into those rather than spread it so wide. As Buffett says, broad diversification is for those who either don't know what they are doing or don't have the time to work it out.
Ann: September 2019 Investment Update, page-9
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