The portfolio is 40 million diversification — as well as.

25 сентября, 2021 от fake Выкл

«Let a hundred colors bloom.»

(c) Mao Zedong

I think that my regular readers discovered this article with a light fraction of Skepticism.

«Whose cow is mine» or «We know your diversification» — first purchase Yandex or Gazprom on the whole cutlet, and then I will pray for the right prices until God)))

I do not argue — it was both in my all-service list. But, first, as one of my colleague said, «nothing prevents us to be smarter today than yesterday,» but, secondly, as they write in advertising — «Tricks are performed by professionals, do not try to repeat their homes»)))

In general, let’s talk about how to properly build a portfolio, and not to remember the author of the sins of barbed youth. And then after all: who will remember the old one — the eye is won))


For the benefits and importance of diversification, everyone, even the most new investors now, are so well aware that I will not read the first article that it is «excessive diversification» now it becomes a frequent problem of portfolio of beginner investors.

Well, it means that we will appropriate to understand more precisely, what kind of beast is such — diversification and what it is in principle. And at the same time, and understand which diversification is useful, and what is excessive or even harmful.

Diversification of the investment portfolio is a decrease in the total risk of a portfolio, by increasing the range of investment instruments used in the portfolio.

Diversification can go in several directions:

As you can see, you can hardly and bizarrely diversify the portfolio — there would be a desire.

The overall idea of diversification is understandable — lay eggs on different baskets.

Why would this «sage Omaha» such terrible words say? Is it really not understanding how smart it is to fold eggs in different baskets?


But the fact is that with the shares, everything is not as simple as with eggs and baskets.

Shares because we should not only save from losses — as in the situation with the notorious «eggs in different baskets». We also want to grow. What happens when we diversify your portfolio?

Let’s study the portfolio diversification in the laboratory conditions of our minibir.



Each costs 100 rubles.

During the year



At the beginning of the year you had 300 rubles that you invested in stocks.

First option.


Third option.

We will not paint medium options — I think everyone understood the idea.

That’s just protect yourself from losses, and from profits at the same time — this system is arranged.

Actually, precisely about this, as a «excessive» diversification and speak smart observers in their articles.

But personally, I would consider an excessive diversification of not only such a level when it is already, in fact, close to the index level. I do not like the «canonical» embodiment. What do I mean?

As we have seen above, one of the directions of diversification is the distribution of investments in various sectors of the economy.

But for some reason, in our time, the idea is very popular that all sectors of the economy should certainly be presented in the portfolio. Here are the right-open text network people «

I can not understand this.

Here I have no retreat and builders in my portfolio. Recently explained in detail why they are not there. So that’s great. I do not see any though. «Less people — more oxygen,» as Conductors say in Odessa))

Also redundant need to recognize the situation when the sake of diversification into the portfolio «stuff» two issuers from one sector. The most common example is NLMK and Severstal.

In fact — I have nothing against both companies. Both are very good. And if you both like them — take them both in the portfolio. But it is — if both are like, and not because it is necessary to directly have two companies from one industry, just for the sake of diversification. This is too. So you will have to take the sake of the sake of diversification for the sake of diversification — and there will be no nerves of such mockery of common sense))

Let’s understand one important thing — these are these different industries and different issuers in the portfolio — they are not just there. They should add something to the portfolio. And it always makes sense to think — how it will work together together — in the system. Then you may not have a bunch of issuers to stuff in the portfolio, so that the diversification is sufficient (yes — we are smoothly approaching the question — how many issuers should be in the diversified portfolio)))

A simple example is LUKOIL and transneft.

That is, ideally, with a reasonable diversification, the portfolio must acquire new characteristics — which there were no papers separately. As the alloy of metals acquires new, unique qualities. Yes … sounds too good to be true))

But you can always try.

We look at the prerequisites for growth and fall from different issuers. Combine them. We look at what happened. Making «Solitaire».

Example of reasoning: Polymetal wins very much from «experiences» and uncertainty, i.e. From those factors when gold grows. But he has a weak stimulus for growth in silver prices — if the economy grows. That is, the polymetal «pulls» the portfolio in a pandemic when many issuers are not sweet.

Norilskel is growing great in the prosperous economy — when everyone is preparing to superly actively transplancing on electric vehicles, but it is not entirely idle into a pandemic.

NMTP — in a pandemic hesitates — no turnover. In the prosperous economy — on horseback.

RusHydro is sufficiently resistant to any redirect, but also a sharp growth is not foreseen in any conditions.

Etc. etc. For all issuers in the portfolio and in all candidates for him.

Further on the finished portfolio, we look at how he reacts to one or another turn in the economy and trying to understand what we want to change.

For example, I understand that I want to increase the share of companies with high dividends — I have a share of «stocks» exceeds me from the same limits. At the same time I do not want to introduce new issuers — I will simply increase the proportion of available.

Yes, the most important question is how much hang in grams? )))

As for directly the number of issuers — Graham advised — at least 10 no more than 30. It looks absolutely reasonable. Especially in our time of the public Internet)) I think each of us is ready to devote a little time and study a dozen other companies — in order to get rich — and become