PORTFOLIO

Concentrated portfolios are the only way to generate outsized returns. Diversification is for people who don't know what they're doing.

Trade small. Trade often. Diversify across underlyings. Never let one position define your year. That is the whole framework.

If you want to make a lot of money, resist diversification.

Through Kima Ventures, I invest in about 100 startups per year. Most will fail. Some will change the world. The math works because the winners pay for all the losers ten times over.

We launched over 100 companies in 100 countries. Most failed. The ones that survived — Zalando, Delivery Hero, HelloFresh — created more value than the failures destroyed. That is the game.

Most investors undersize their crypto allocation because they treat it like speculation rather than conviction.

If you believe in the technology, size your position accordingly.