There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
Although we deal with probabilities and expectations, the actual results can deviate substantially from such expectations, particularly on a short-term basis.
We changed again, and yet again, and it was now too late and too far to go back, and I went on. And the mists had all solemnly risen now, and the world lay spread before me.
You cannot live with expectations because life has no obligation to fulfill your desires. You can live with an open heart, but you cannot live with expectations. The more expectations you have, the more frustrated you will be.