We're constantly told that diversification is the only free lunch in finance. Yet most of the world's top investors choose not to eat it. 

Warren Buffett, Charlie Munger, John Maynard Keynes, Lou Simpson, George Soros. All run concentrated portfolios.

Today's guest on the Rules of Investing is similarly esteemed, with a similarly concentrated portfolio. 

Claremont's Bob Desmond runs a portfolio of just 10-15 "quality growth" stocks. And many of the stocks he owned during the 'free money' period of high liquidity and high growth are the same stocks he owns today. 

In today's episode, Bob explains why quality growth is the best strategy in all markets, why investors shouldn't react to "bear porn" headlines, why nVidia might not be overpriced despite its recent run, and the one stock he would love to own "forever".   

Note: This episode was recorded on Monday September 11, 2023.  Timestamps

0:00 - START1:46 - Surprises and uncertainty2:46 - Is nVidia overvalued?8:14 - Predicting the future is a mug's game9:40 - Trouble at Apple12:09 - Markets change, so pick companies that [mostly] stay the same15:40 - Forever stocks17:41 - High conviction bias21:50 - When's the right time to sell?26:50 - Don't get sucked in to "bear porn" headlines28:30 - Do investors sell out of growth too soon?34:10 - Sidestepping the GFC35:30 - Quality is armageddon armour41:01 - A bullet proof business model

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