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<p>[QUOTE=&quot;Cloudsweeper99, post: 1435880, member: 3011&quot;]The comment wasn&#039;t stupid.&nbsp; It is important to understand that Munger isn&#039;t interested in diversification.&nbsp; He has always favored concentration in a small number of high quality investments with a high ROE.&nbsp; He has publically stated that as few as 3 investments are needed to be diversified if you know what you are doing.&nbsp; It would be a good use of anybody&#039;s time to study Munger&#039;s technique and record.&nbsp; It is okay to disagree with him, but also remember that his investment record is no doubt superior to anybody here.[/QUOTE]</p><p><br /></p>

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