Speaking in a weekly webinar held by QuotedData, Train argued that portfolios «never really stay stable long enough to get the benefit of a good investment», as a result of trading too frequently. He noted that some investors tend to overdiversify their portfolios, which can often result in unintended changes in holdings ratio. «Suddenly [you] look up and realise, ‘I thought I was running a concentrated portfolio, but actually I have got 70% stocks now and I do not really know why I own half of them',» Train stated. «We have disciplined ourselves to try and avoid those types of mista...
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