If I have to bite at stuff that is out of my happy zone, I’m not a .334 hitter
What a value investor’s concentrated portfolio looks like.
But I am not building up a baseball bullpen of game-ready companies
Clearly it is not a moaty Warren Buffett enterprise. But, over the next five years or so it has the potential to become one.
The top-performing 2.4% of firms account for all of the $US 75.7 trillion in net global stock market wealth creation from 1990 to December 2020
Many investors have lost money trying to tie their fortunes to a trend such as demographics and an aging population.
This approach has worked
In sports, in war and in the battle for investment survival it is helpful to distinguish between strategy and tactics.
Today the Millennial generation is engaged in earning, saving and investing.
As the play, The Merchant of Venice, unfolds, all of Antonio’s ships sink, his business collapses and Shylock demands his pound of flesh.