PGRO - Perspectives: Risk Liquidity Duration + Concentration - Weekly Blog # 690

• It is impossible to avoid all risks. I attempt to identify as many risks as possible and manage these risks by addressing them. All assets have embedded risks, whether we can identify them or not.
• Should one invest in growth or value? In examining eleven time periods, the average growth fund did better than the average value fund eight out of eleven periods.
• Examining the long-term performance of mutual funds and less-public portfolios, the better ones tend to be more concentrated. This is easy to understand - the wining positions get bigger and the losers get smaller or disappear.

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