“Put all your eggs into one basket and then watch that basket,” proclaimed
Andrew Carnegie a century ago. “Do not scatter your shot.
. . . The great successes of life are made by concentration.” As Graham
points out, “the really big fortunes from common stocks” have
been made by people who packed all their money into one investment
they knew supremely well.
However, almost no small fortunes have been made this way—and
not many big fortunes have been kept this way. What Carnegie neglected
to mention is that concentration also makes most of the great
failures of life.
only way to get out of it is change the basket in which all the eggs are put into
They could only stand by and wince at the sickening crunch as the constantly changing
economy crushed their only basket and all their eggs.
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