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Our investment style has been given a name-focus investing-which implies ten holdings, not one hundred or four hundred. The idea that it is hard to find good investments. So concentrate in a few, seems to me to be an obviously good idea. But ninety-eight percent of the investment world doesn't think this way. It's been good for us-and you-that we've done this.What's funny is that most big investment organizations don't think like this. They hire lots of people, evaluate Merck vs. Pfizer and every stock in the S&P 500, and think they can beat the market. You can't do it.
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Peter D. Kaufman (Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, Expanded Third Edition)