The latest episode of The Albatross is here.
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We got a nice little shout out from Meb Faber on X recently.
Most people know that holding their wealth in one stock is risky.
What surprises many, however, is that concentration also has a cost.
Call it concentration drag.
The intuition comes from venture capital.
Most startups fail; a handful pay for the whole fund.
We get into the weeds in this episode with former finance professor Antti Petajisto.
p.s. I'll be at Future Proof on Tues Sept 15 for the day hanging out around the ETF.com tent with Dave Nadig. I'm speaking around noon about ETF tax efficiency and diligence... there will be memes.