Focus

Margin of safety is to render a forecast unnecessary.

1. 01Total Return
2. 02Specifically non-diversified
3. 03Ownership mentality
4. 045–7 year investment horizon
5. 05Time-compression viewpoint
6. 06Bottom-up analysis
7. 07No leverage
8. 08Can be invested 100–0%
9. 090–7 stocks
10. 10If a holding has a 30% decline, we will consider adding to the position