Lesson 11
Portfolio Construction
Portfolio construction is the process of combining individual investments into a balanced whole.
Diversification
Diversification reduces dependence on any single company, sector, country, or theme.
Too little diversification can create unnecessary risk. Too much diversification can dilute the impact of the best ideas.
Position Sizing
Position size should reflect conviction and risk. A high-conviction company with strong evidence may deserve a larger position than a speculative idea with weak evidence.
Investors should avoid allowing excitement to replace discipline.
RW Finance Perspective
RW Finance can support portfolio construction by comparing quality, valuation, risk, opportunity, and conviction across many companies.
Key Takeaways
- A portfolio is more than a list of stocks.
- Diversification protects against single-company mistakes.
- Position size should match conviction and risk.