If I am going to add a new position to my portfolio, it needs to be “significantly better” than what I already own. When we are truly disciplined and highly demanding in the required hurdle rate for incoming ideas, then the best stock to buy at any given time is usually among the ones we already own in our portfolio. Don’t diversify just for the sake of it. Avoid adding anything to your life, your investment portfolio, or your business unless it makes them better.
