Fannie Mae (FNMA)

[navycmdr]

Don't put ALL yer EGGS in one basket ..
unless you have the PERFECT BASKET !

We recall Charlie Munger’s (WB's brother) advice:

Students learn corporate finance at business schools.
They are taught that the whole secret is diversification.
But the rule is exactly the opposite.

The ‘know-nothing’ investor should practice diversification,
but it is crazy if you are an expert.

The goal of investment is to find situations where it is safe
not to diversify. If you only put 20% into the opportunity
of a lifetime, you are not being rational.

Very seldom do we get to buy as much of any good idea
as we would like to.