For a single manager setup, high concentration is one of the best ways to beat the market. Not necessarily the best way to invest, but if you want to have a shot at beating the market (and you're not using a specific trading strategy(ies) a la Rentech) you need to hold concentrated portfolio. Then you just try to get as much attention on CNN as possible when you're picks are doing well and stay out of the limelight as much as possible when you picked wrong.