Diversification of risk and reward can take many forms: geographic diversity, industry diversity, highly leveraged investments or modestly leveraged ones. Cyclical exposures and non-cyclical, start-ups versus mature businesses, diversity of asset class equities, commodities, property, gilts or junk bonds. Many of us, if we are busy on a number of fronts, may avoid looking for too much diversity and sometimes cut corners for want of time. In my experience, I have almost always regretted a...
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