With that in mind, we run diversified portfolios because there is a lot more risk in small-cap companies.

怀着如此心态，我们的组合比较分散，因为小盘股有更多的风险。

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Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

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Wallman's variation on this invention is to let the investor hold widely diversified portfolios directly.

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Overall, the planners are advising their clients to stick with their long-term investment strategies, with widely diversified portfolios.

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But we do think that diversified portfolios of securities intelligently chosen for long-term holding will produce above average returns.

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