If you don’t have a lump on your skull from our bludgeoning of this point, we need to switch to a 4 iron. A huge part of the 63 tests your judgment in evaluating the notion of “appropriate”.
Think through Stiffy’s proposed portfolio – tons of small companies with no dividends and high price-to-earnings ratios – that is, there are great expectations of very high growth; if a company misses its mark, there is huge potential for downside.
Unproven areas. Illiquid trading. Weak analyst ...
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