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Activists succeed because most companies are not run optimally. Management has too much job security, and boards are too friendly with management.
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Concentrated portfolios are the only way to generate outsized returns. Diversification is for people who don't know what they're doing.
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I only invest when the downside is limited and the upside is enormous.
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Find a business you understand, with a dominant market position, where management has high integrity. That's it. That's the whole strategy.
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The best investment you can make is in businesses where there is enormous complexity on the surface but the core business is actually simple.