From heavy position to diversified layout: The inevitable evolution of investment mentality

I often wonder why I used to concentrate my positions in a few stocks, but now I'm gradually shifting to a more diversified approach.
The answer isn't just 'fear of losing money,' but a change in mindset and perspective.

Too many opportunities, diversification doesn't mean lower returns
There are many good companies in the U.S. stock market. Even if I set the threshold as 'potential to double within a year,' I can still filter out quite a few.
More importantly, even if they don't double, as long as the entry point is solid, they often yield decent returns.
Diversification actually allows me to seize multiple opportunities with greater peace of mind.

Changes in capital size, security outweighs aggressiveness
As the capital scale grows, 'preserving' becomes more important than 'making big gains.' Wealth accumulation is not a sprint but a marathon.

I recently watched a talk by Howard Marks, where he cited a point from Taleb's Fooled by Randomness:

Outcome ≠ Quality of decision-making
In investing, a bad decision might make money due to luck, while a good decision might suffer short-term losses due to randomness. Luck can't mask logic.

What should happen ≠ It must happen immediately
A reasonable trend might take years to materialize. Market psychology and triggers often defy logical control.

'Survival' as the first principle
Even if the probability of a black swan event is tiny, if it can wipe you out, you shouldn't touch it. Investing isn't about 'betting to win' but 'ensuring you don't lose.'

The ultimate takeaway:
Acknowledge that you might be wrong and leave room for yourself. Diversification isn't a compromise but an upgrade in wisdom.