How many 株 should you 持つ／拘留する: Diversifying 事柄s but what's the 魔法 number... if there is one?

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How many different 株 should you 持つ／拘留する? We put this question to three 最高の，を越す 投資するing 専門家s and their answers were six, 12, and a few dozen...

However, they did all 追加する essentially the same rider, 'it depends'.

What it depends on is the level of diversification you manage to 達成する with the 株 you own, the 量 of 有罪の判決 you have in them, and whether you have the time and dedication to stay on 最高の，を越す of your 大臣の地位.

Our 専門家s 申し込む／申し出 plenty of practical advice on making a success of all the above, which should come in useful however many 株 you 持つ／拘留する.

Diversify: But how many eggs should you put in your 投資するing basket?

At least 20 to 25: But try to 避ける 'dabbling'

'A diversified 株 大臣の地位 should ideally 含む／封じ込める a few dozen 株,' says 略奪する Morgan, 投資s 分析家 at Charles Stanley Direct.

'However, it also depends on the nature of the 商売／仕事s you select. Reliable blue 半導体素子 companies are 一般に much lower 危険 than smaller, 特に start-up, 商売／仕事s, so a lower number of holdings is more 許容できる.

略奪する Morgan:? Many 投資家s make the mistake of building a 大臣の地位 on an 広告 hoc basis

'You should still have 20 to 25 株 as a 最小限, though, さもなければ you could be 極端に reliant on a small number of holdings.'

But Morgan says that while not putting all your eggs in one basket is very important, you also shouldn't over-diversify and 結局最後にはーなる spreading yourself too thin ーに関して／ーの点でs of keeping up to date on company news.

'If you are 建設するing your own 大臣の地位 you need to be 用意が出来ている to do the 研究 and 監視するing and having 抱擁する numbers of holdings makes this unmanageable.

'Over-diversification also 減ずるs the 肯定的な 衝撃 of your best ideas.

'If you don’t have the time or inclination to do the 研究 yourself then it may be better to buy 基金s where you get lots of diversification without the need to be 手渡すs on.'

Morgan 追加するs that you should consider your overa ll 戦略 同様に as your number of 株.

'Many 投資家s make the mistake of dabbling, building a 大臣の地位 on an 広告 hoc basis and ending up with just a handful of 株, or an incoherent mishmash.

'Consider how much 危険 you want to take, whether you are looking for income or growth, and which 部門s or markets to prioritise for your 研究.'?

A dozen: Don't chase 'hot 在庫／株s'

There is no hard and 急速な／放蕩な 支配する but a dozen 株 is a good starting point, says Susannah Streeter, 上級の 投資 and markets 分析家 at Hargreaves Lansdown.

'You need diversification of eggs and of baskets which should be taken to mean 部門s and 地理学s, not just individual companies.

'持つ／拘留するing lots of 投資s doesn’t mean your 危険 is spread 適切に. The 投資s needs to be different so that if one 明確な／細部 部門 takes a 攻撃する，衝突する, your holdings won’t all go 負かす／撃墜する in value.'

Streeter agrees with Morgan that the exact number of 株 you should 持つ／拘留する will depend on how many you can keep 跡をつける of at a time.

'It’s important to 耐える in mind that the 利益s of diversification are also 治める／統治するd by the 法律 of 減らすing returns,' she 公式文書，認めるs.

'This means that the second and third 株 you 追加する to your 大臣の地位 give much greater diversification 利益s than the 100th 株.'

She goes on: 'If you are 確信して in 研究 and your 株 選ぶs, you may want to keep more of a concentrated 大臣の地位, and 避ける diluting your holdings with 株 you don’t believe in.

'It is ありふれた for 投資家s to use 基金s to complement 株 for specialist 部門s or markets to 確実にする diversification.

Susannah Streeter:? Stick to your long 称する，呼ぶ／期間／用語, 井戸／弁護士席 thought out position

'However it is wise to be 用心深い of hot 在庫／株s. If 多重の 投資家s are chasing one particular 投資, then they’re probably buying it at a price higher than it's 価値（がある）.

'As we’ve seen with the GameStop saga, 投資家s に引き続いて the herd into a 在庫／株 on the rise, 危険 getting their fingers burnt.'

While tending your 大臣の地位, Streeter says you should keep checking your 危険, and how much you have 投資するd in any one company.

'If it’s more than 10 per cent, it may be too much. The big tech 巨大（な）s, for example, have also seen 抱擁する 伸び（る）s over the past year, but it may be 価値（がある） trimming some 利益（をあげる）s if your 大臣の地位 is too tech 激しい, 特に with greater 規則 of the 部門 ぼんやり現れるing.'

Streeter says you should take a long 称する，呼ぶ／期間／用語 見解（をとる） of your 大臣の地位, because switching and 溝へはまらせる／不時着するing 在庫／株s quickly isn’t a sound 投資 戦略.

'Don’t chase the ball or the hot 在庫／株, instead stick to your long 称する，呼ぶ／期間／用語, 井戸／弁護士席 thought out position.'

How more 株 削減（する）s 危険?

This chart shows how Elton and Gruber's 危険 削減 and 大臣の地位 Size paper illustrated how 持つ／拘留するing more 株 減ずるs total 危険.

の中で the 影響力のある work on 大臣の地位 size and 危険 done over the years has been that by New York 財政／金融 professors Edwin J Elton and ツバメ J Gruber, 令状s Simon Lambert.

In an article published in the 定期刊行物 of 商売／仕事 in 1977, する権利を与えるd 危険 削減 and 大臣の地位 Size, they looked at how the number of different 株 in a 大臣の地位 影響する／感情d 危険.

Using data from a 見本 of 3,290 安全s on the New York 在庫／株 交流, they looked at 大臣の地位 size from one 選び出す／独身 株 up to 200 different 株 and compared it to an 平等に 負わせるd 大臣の地位 of all 安全s in the 全住民. (All the 株 in the 索引 held 平等に).

This variance between 業績／成果 of the 限られた／立憲的な 大臣の地位s and the 平等に 負わせるd 大臣の地位 of all 安全s in the 全住民 was used to define total 危険.

Elton & Gruber:?危険 削減 and 大臣の地位 Size (定期刊行物 of 商売／仕事, 1977)

The chart and （米）棚上げする／（英）提議する above, using Elton and Gruber's data, shows how total 危険 人物／姿／数字 減少（する）s 劇的な as more 株 are 追加するd up to about ten 株 and then starts to 拒絶する／低下する more slowly. A ten to 20 株 大臣の地位 代表するs かなり いっそう少なく 危険 than a four to six 株 大臣の地位.

The total 危険 得点する／非難する／２０ for a 選び出す／独身 安全 大臣の地位 was 46.8, 落ちるing to 26.9 with just two 株, and more than four times smaller at 11 with ten 株.

Total 危険 fell to 7.9 with 50 株 and 7.3 with 200 株, compared to a 最小限 危険 人物／姿／数字 was 7.07.

They 公式文書，認めるd: ‘While total 危険 does go 負かす／撃墜する at a slower and slower 率 as more 安全s are 追加するd… the 減少（する） may still be of importance to 管理／経営. For example, a 15 在庫／株 大臣の地位 has 32 per cent more 危険 than a 100 在庫／株 大臣の地位.’?

Six, maybe eight: What would 過密な住居 Buffet do?

The goal behind diversifying is to 供給する downside 保護 to a 大臣の地位, because something 完全に 予期しない could happen through no fault of your own, says AJ Bell's 投資 director Russ Mould.

You should try to keep something trickling into your マリファナ to 避ける the sort of paper or real loss that could take a long time to get 支援する.

'Remember that if a 在庫／株 halves, then it has to 二塁打 just for you to reach your starting point,' he 警告するs.

'持つ／拘留するing just one 在庫／株 is not a wise move. The question therefore is how 在庫／株s 供給する the 権利 mix of downside 保護 and upside 可能性のある, and it is not as many as you might think.

'供給するing you are comfortable doing your own 研究, and 供給するing you understand the companies very, very 井戸／弁護士席, and 供給するing the 会社／堅いs have strong 競争の激しい positions, pricing 力／強力にする, good balance sheets and 技術d 管理／経営, then no いっそう少なく than 過密な住居 Buffett 示唆するs just six different 株 are needed.'

Russ Mould:?Remember that if a 在庫／株 halves, then it has to 二塁打 just for you to reach your starting point

'However, not everyone is as experienced, gifted or disciplined as Buffett.'

Mould 示唆するs 投資家s might look instead to American 投資家, academic and hedge 基金 経営者／支配人 Joel Greenblatt, who 示唆するs 選ぶing six to eight 在庫／株s across different 産業s.

This is based on 統計に基づく 分析 by Greenblatt that 持つ／拘留するing eight 在庫／株s 除去するs 81 per cent of the 危険 in owning just one 在庫／株, but 持つ／拘留するing 32 在庫／株s 除去するs 96 per cent of the 危険, explains Mould.

'公式文書，認める the importance of the comment about 持つ／拘留するing 会社／堅いs from different 産業s ? 持つ／拘留するing eight oil majors would be too much of a bet on oil, no 事柄 how 徹底的な your 研究, and 天然のまま is an 予測できない 商品／必需品 at the best of times anyway.'

Mould says another hedge 基金 legend, Seth Klarman, 示唆するs 10 to 15 shareholdings, and another, 法案 Ackman, favours 10 to twenty.

'Keeping the 大臣の地位 tight has its advantage. It 削減（する）s 負かす／撃墜する on some of the 研究 and it makes it easier to keep a 跡をつける of the holdings in your 大臣の地位, how their 操作／手術s are doing and how the 株 price is faring.

'It also keeps costs 負かす／撃墜する, so you do not 苦しむ too much by way of frictional costs, such as 取引，協定ing （売買）手数料，委託（する）／委員会／権限s, spreads, stamp 義務 and even 税金s ? all of these 構内／化合物 up, eroding 全体にわたる 大臣の地位 returns, just as （株主への）配当s can 構内／化合物 to 上げる them over time.'

Mould 追加するs that 制限するing yourself in this way means you can fight the 恐れる of 行方不明の out (FOMO) if a 株 you have never heard of, like GameStop, starts to ロケット／急騰する.

'If it does not fit with your disciplines, or you do not understand it, or you already have an （危険などに）さらす to that particular 産業 or country, then just walk on by and don’t be tempted to do something that you would 普通は not.

'A 比較して 限られた／立憲的な 名簿（に載せる）／表（にあげる） of holdings also 少なくなるs the 危険 that lower 有罪の判決 選ぶs dilute the returns from a 在庫／株 in which you really believe, where you are on to something and the long-称する，呼ぶ／期間／用語 returns, 経由で 資本／首都 伸び（る）s, （株主への）配当s or both, are starting to pile up.

'A 選ぶ where you are not やめる so comfortable could 結局最後にはーなる going wrong and leaving you with losses that detract from shrewd long-称する，呼ぶ／期間／用語 選択s どこかよそで in your 大臣の地位.

'There’s no point putting something in there just for the sake of it.'