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I think they mostly do so badly because they try to be too smart and pick speculative companies.

With regards to your suggestion, I think 15 companies is too many. Statisticly, when you get to abour 10 companies (I might be wrong here, but it is definitely no more than 12) the company specific risk of a portfolio is reduced to a level where there is no need to diversify further. By doing so you are likely to hurt your returns.

Foolishly
Alistair
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