Subject: Re: Diversifying away from Berkshire
I still can't resist cherry picking from the top stocks as ranked by the given criteria, even though you and James Montier (Painting by numbers- an ode to quant) have told me that doing so reduces performance. If I have a list of the top, say, 30 stocks as ranked by the given criteria, how much can I hurt my return by leaving out five based on some personal bias? Probably performance is reduced by a significant amount if I leave out, say, tobacco stocks, but I do so anyway.