Yes absolutely. I don't advocate it for those with limited investment experience. Most actively managed funds will have 30 - 50.
As i pointed out in my post, even those with experience this can be very very difficult to manage. I simply cannot. So adding more stocks increases my risk since I'm not across them as comprehensively.
It's really really genuinely hard to come up with good ideas at the right price. This is extremely important because if the stock moves against you, confidence is key to holding your nerve and not liquidating. This often leaves investors to cut winners short and let losers run.
