If the investment strategy is well employed, the gains from the multi-bagger winners will tend to drive the majority of overall gains, overwhelming the losses from all the losers by many times over. Diversification is the strategy, and growing concentration then becomes the outcome.

An investment portfolio should naturally become more concentrated over time, driven by the largest positions that have earned the right to be so. After all, if a stock is going to be the next multi-bagger, a little is all we need, if not, a little is all we want.

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