Studies show approximately how many securities need to be in a portfolio for practical diversification. This pursuit is actually a vague effort for most investors.
Diversification to overcome risk varies by investor needs and characteristics. It has relatively little to do with the number of securities in a portfolio,whether there are thirty or 100 or more invested.
Moreover, investors also tend to seek diversification by purchasing several mutual funds. In doing so, they may be duplicating a good amount of their holdings. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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