[[Start here]] → [[Sources]] → Newbould & Poon --- Fascinating paper whose insights challenged the prevailing rule of thumb that investors needed to only own 8-20 stocks. The key insight I take from the paper is that [[owning 20 stocks reduces the chance of significant underperformance]]. The original paper is [available here](https://www.researchgate.net/publication/247906792_Portfolio_Risk_Portfolio_Performance_and_the_Indvidual_Investor). ![[Newbould & Poon - Portfolio Risk, Portfolio Performance and the Individual Investor.png]]