Your note on diversification reminds me of a video I recently saw from Eric Sprott. In it he said the following.

"I focus in on things. I get deep into things that I like. I dont worry about diversification. I think it was Warren Buffet who coined the term 'diworsification'. I dont belive in diversification. For example on the long side of our funds we are well through 70% into precious metals. For me, I am probably into 70-80% gold. For me it does not bother me because I know that is the place where I have to go."

He is a man of conviction.