That point is valid but does not handle company specific risks. Also, as a retail investor, you are hardly likely to be able to judge 10 companies from 10 entirely different sectors with equal amount of efficiency or accuracy of judgement. For example, I do not understand the banking sector as well as I do the Pharma sector(that too not well enough ) or the QSR sector.
IMHO, lots of very good investors have written very good books about investing …but all of them are not suitable for same style of investing or the same person .If I had crores to invest and I were already wealthy, I would be happy with 15% return and I would invest in sector leaders. Not much research is needed to buy Asian Paints\TCS\reliance\HUL or the likes. Its much easier to hold them and never sell as well and many people do it successfully.
Things become difficult when you buy relatively unknown stocks and they do not perform immediately (even businesswise) and a bear market starts .People like Buffet will say just buy more and he is absolutely right but it is very difficult all the same in practice. Its like reading about Dravid’s forward defensive stroke. You may read all about it and even practice at home , but playing it successfully in different conditions and against different bowlers is an entirely different ball game .
So with all due respect to Fisher, Buffet, Mayer et al , one should not follow all these stalwarts at the same time . Too many cooks will surely spoil the soup . Its much more important to know oneself(temperament, mental biases and weaknesses) and invest accordingly . This self awareness will not come all of a sudden or by reading books(they can help though - Parag Parikh will do…no need to read Kahneman or Taleb), it will only come with experience and introspection about ones own decisions(why I bought so soon… why I sold in panic , why could not I add more at higher prices etc. or why did I buy so little of it) .
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