Risk in an investment

The risk of an investment is described by both the probability and the potential amount of loss. The risk of an investment-the probability of an adverse outcome-is partly inherent in its very nature. A dollar spent on biotechnology research is a riskier investment than a dollar used to purchase utility equipment. The former has both a greater probability of loss and a greater percentage of the investment at stake.

- Seth Klarman

Long list of securities

Usually a very long list of securities is not a sign of the brilliant investor, but of one who is unsure of himself.

- Philip Fisher